Prime Minister passes $420 million racecourse project in Hanoi

By Trung Ngoc - Dec 27, 2018 | 09:03 AM GMT+7

TheLEADEROnce the $420-million multi-purpose entertainment complex - Horse racing course project is put into operation, it will contribute around $40 million to the State budget each year.

Prime Minister Nguyen Xuan Phuc has just approved the addition of the multi-purpose entertainment complex – horse racing course project into Hanoi’s master plan on socio-economic development by 2020, with the orientation to 2030.

The multi-purpose entertainment complex – horse racing course project has a total investment of about $420 million and is expected to be located on an area of over 100ha in Tan Minh commune, Soc Son district.

In addition to the racetracks, the project also consists of utilities such as hotels, villas, resorts, shopping centre, cultural parks, etc.

The implementation of the project will promote investment activities, diversify tourism products and services, attract domestic and foreign visitors, contribute to promoting economic and social development of Soc Son district in particular and Hanoi city in general.

At the same time, the project also promotes the regional connection and adjacent development because Soc Soc district is adjacent to Thai Nguyen, Bac Giang, Bac Ninh and Vinh Phuc provinces which are developing many industrial zones.

The project was first laid on the table in 1999 and was initially planned to be located in Dai Kim ward (Hoang Mai district) and Thanh Liet commune (Thanh Tri district). At the time, the legal framework for sports betting and horse racing had been incomplete. As a result, the foreign partner withdrew from this project in 2005.

In 2007, the Hanoitourist Corporation and Korea-based Global Consultant Network proposed in writing the project again.

In 2016, Hanoitourist and Global Consultant Network entered into a joint venture contract to invest in the project, which is set to meet five-star standards.