Vung Tau revokes land at tourism market

The People’s Committee of Ba Ria – Vung Tau Province has recently issued the decision to revoke more than 3.6 hectares of land of the Vietnam Science and Technology Joint Stock Company (Busadco) in Thang Tam Ward in Vung Tau City.

The land has been leased to Busadco by the provincial People’s Committee for 10 years since November 2012 to build the Vung Tau tourism market. Busadco signed around 370 contracts to lease stalls for catering services, entertainment, and sales of handicrafts. However, due to sluggish business, most units have canceled the contracts and returned the premises.

Assuming that the term of the lease is too short, making it unable to attract investors, in 2013, Busadco proposed to extend the term of the lease to 50 years and asked to build some more building projects, of which, there is a 20-30-story building but the provincial People’s Committee only allowed to extend the term of the lease to 50 years.

Until now, the land cannot continue to be used after the province approved the enterprise's land-use plan before equitization, so it must be taken back.

Busadco is responsible for fulfilling its financial obligations as prescribed for the area of more than 3.6 hectares of land from the time it was given the land to the time the land is revoked and the Provincial People's Committee entrusts the provincial Land Fund Development Center to set up a plan to auction the land use rights according to the regulations.

Recently, in a meeting with the provincial leaders, FLC Group suggested the idea to build a 70-story commercial and services building on the land that the province revokes from Busadco.