Vietnam may legalize horse racing soon. Photo: massgaming.com
Tourist Corporation (Hanoitourist) and South Korea’s Global Consultant Network Co., Ltd. have inked a joint venture agreement to carry out a $500-million project that embraces a a horse racing track, the Dau Tu (Investment) newspaper reported.
The project includes a hotel, commercial, recreation centers and a golf course.
The project received a license in 1999 to be implemented on an area of 44 hectares in Hanoi’s inner city. However, the foreign partner quit in 2005 as it had not been licensed for horse racing business.
The Hanoi government has decided to move the project to a land plot on 1,200 ha in the outlying district of Soc Son and Global Consultant Network was chosen as its partner.
The joint venture will ask the Hanoi People’s Committee for guidelines to carry out the project, said a representative from Hanoitourist.
The Ministry of Finance is giving final touches to a draft decree on football and horse and dog racing betting, which creates a legal framework for betting in the country.
A number of investors are seeking to build horse racing tracks in several provinces in the country. Among them, Dai Nam JSC, owned by tycoon Huynh Uy Dung, has started to build an animal racing track on an area of 60 ha in the southern province of Binh Duong
at a cost of $100 million.