$100-million Phu Yen racecourse project still paralyzed

By Minh Anh - Sep 16, 2018 | 02:10 PM GMT+7

TheLEADERAlthough investor proposed to offer bets on dog and horse racing, the project has not commenced yet and around $400,000 only has been disbursed up to now.

Phu Yen provincial People's Committee asked in writing for comments from several ministries and departments regarding the proposal that bets on dog and horse racing will be added to Phu Yen racecourse project to submit to the Prime Minister for approval.

With regard to the proposal, in early August, the Ministry of Construction (MoC) replied to Phu Yen provincial People's Committee.

According to the ministry, the proposal is in line with the Prime Minister's decision on the master plan for socio-economic development of Phu Yen province by 2020, vision to 2030.

However, in order to get approval from the Prime Minister, MoC suggested that Phu Yen Provincial People's Committee should instruct the investor to supplement and complete feasibility research report of the project and other documents.

Phu Yen racecourse project, located in An My commune, Tuy An district, Phu Yen province, is invested by Phu Yen racecourse one-member Co., Ltd. with the expected investment capital of $100 million. The project was approved by the People's Committee of Phu Yen province in 2016.

The project, which covers over 82 hectares of land and 13 hectares of seaside, will include a grandstand, horse and dog racing tracks, a high-class tourism zone, etc.

As scheduled, the first phase of the project would have been implemented in 2017 including site clearance, infrastructure, half the tourism zone.

The second phase consists of the construction of the racecourse and all the remaining facilities and is to be completed in March 2019.

However, Deputy Director of Phu Yen Department of Culture, Sports and Tourism, Pham Van Bay said that the project has not yet commenced, adding that only around $400,000 has been disbursed to date.

Bay explained the reason why the project remains behind the schedule is partly the incomplete investment preparation procedures. The investor has not made a deposit worth $5 million for investment and site clearance.

Therefore, the province will urge the investor to quickly complete investment preparation procedures in accordance with regulations and commence the project to catch up the schedule, Bay emphasized.