Charmvit Group is looking to develop a horse racetrack in Hanoi.
During a meeting with Hanoi People’s Council Chairwoman Nguyen Thi Bich Ngoc yesterday, Charmvit Group Chairman Lee Dae-bong said the South Korean company had prepared necessary procedures to develop the racecourse.
The project got greenlight from Prime Minister Nguyen Xuan Phuc last year when he approved the addition of a multi-purpose entertainment complex to Hanoi’s masterplan on socio-economic development by 2020.
Accordingly, the complex that will include a horse racetrack will be built on an area of 100 hectares in the outlying district of Soc Son, near Noi Bai international airport. Total development cost is estimated at $420 million.
Hanoi has failed to develop a horse racetrack although it has been pursuing plans for the betting facility over the last two decades.
A joint venture was set up 20 years ago with the aim to build a horse racetrack in two communes spanning Hoang Mai and Thanh Tri districts. However, due to the legal framework for horse racing has not been finalized, the foreign partner pulled out of the project six years later.
Two years ago, the government issued a decree on sports betting, including horse and dog racing, and international football. Last year, the National Assembly amended the Law on Sports and Physical Education, allowing the government to decide on sports betting.
These regulations are paving the way for Hanoi to restart the racetrack development that the municipal authorities have long been looking for.
Charmvit Group currently owns the biggest hotel in Hanoi, the 585-room Grand Plaza, in addition to the adjoining Charmvit office tower.
The Korean investor is also the owner of the 54-hole Phoenix golf course in Hoa Binh province, about 50 kilometres from Hanoi.
