The People’s Committee of Quang Binh Province has officially revoked the land allocated for the 5-star Movenpick Central Hotel and mixed-use project in Dong Hai Ward, Dong Hoi City. The decision follows the failure of Viet Group Central JSC to fulfill its financial obligations, leaving an unpaid tax debt of over 98 billion VND.

The 3,000m² property, located along the prime riverside road near Nhat Le River, was designated for the 515 billion VND investment project, which aimed to develop a 5-star hotel, shophouses, and supporting infrastructure.

Despite the contract’s timeline requiring completion by March 15, 2023, the site remains undeveloped, overgrown with weeds, and devoid of any construction.

Authorities had exhausted various legal measures to recover the debt, including freezing bank accounts, suspending invoice usage, imposing exit bans, and restricting asset transfers. Despite these efforts, Viet Group Central failed to comply.

The provincial government has ordered the developer to clear assets from the site within 45 days of receiving the revocation notice.

Additionally, the Department of Finance, in collaboration with the Tax Department and other agencies, will assess the remaining value of any land investments or assets on the property for resolution in accordance with the law.

The empty site, surrounded by high-rise buildings and luxury hotels, highlights the stark contrast of undeveloped "golden land," creating an eyesore in the urban landscape of Dong Hoi City.

Hai Sam