The administration of Can Tho City in southern Vietnam has taken back a 4.5-hectare plot of land in Ninh Kieu District, where a Vietnamese company had broken ground on a water park project worth VND1.28 trillion (US$53 million).

The municipal administration made this move as the project developer failed to fulfill financial obligations and comply with administrative penalties, as well as left the plot of land unused for many years.

The city’s Department of Finance was told to work with relevant agencies to determine the remaining value of the properties associated with the plot and report it to the municipal People’s Committee for approval.

The Can Tho Land Fund Development Center was tasked with managing the plot and suggesting plans to put it into service to the municipal administration for consideration and approval.

Nguyen Thanh Tao, director of the Can Tho Land Fund Development Center, told Tuoi Tre (Youth) newspaper on Thursday that the center had yet to map out any plan to use the plot as the project developer’s properties remain on the plot.

After the withdrawal, the plot of land will still serve commercial and tourism purposes, Tao said.

Previously, Electricity Investment - Service - Trade JSC leased this plot of land to develop a water park project.

The company held a ceremony to break ground on the project in May 2019 but no more work has been carried out since then.

The project was earlier expected to feature a water park, a water music stage, a resort, a wellness hotel, a premium shopping center, and other auxiliary works.

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