VietNamNet Bridge – A series of racecourse projects are awaiting business licenses as the legal framework for the business field is to be released in several days.
Hanoitourist, a Vietnamese travel firm, and South Korean Global Consultant Network have signed an agreement on establishing a joint venture to develop the project on a complex with a 5-star hotel, shopping mall, entertainment area, golf course and horse racecourse. Estimated investment capital is $500 million.
The complex would be set up in the suburb district of Soc Son in Hanoi, covering an area of 1,200 hectares. Once operational, it is expected to be one of the most modern horse racecourses in the world.
The project was implemented more than 10 years ago under a government’s decision to allow the investors to develop racecourses on a trial basis. However, it had to stop in 2007 because of incomplete legal framework.
It is not by chance that Hanoitourist decided to restart the project at this moment.
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Since this is a new business field, Vietnamese investors are cooperating with foreign groups to implement projects. |
Analysts said that Hanoitourist and other investors had been encouraged that the draft government decree on football, horse race and dog race betting now being compiled by the Ministry of Finance would be submitted to the government soon.
Prior to that, Huynh Uy Dung, the owner of the well-known Dai Nam Tourism Complex in Binh Duong province, also stated he plans to build a racecourse capitalized at $100 million.
Most recently, the Phu Yen provincial People’s Committee granted an investment certificate to the Phu Yen horse racecourse project registered by Golden Turf Club.
The Company plans to build a racecourse on a 134 hectare land plot in Tuy Hoa City which is expected become operational by 2019.
Ha Ton Vinh, known as the senior advisor to many casino and entertainment projects in Vietnam, said that this was a new business field taking shape in Vietnam. Therefore, investors hope they can grab the opportunities and soon find their position in the market.
Since this is a new business field, Vietnamese investors are cooperating with foreign groups to implement projects. Vinh believes that if everything goes smoothly, after three years of development, the entertainment industry will be clearly shaped.
Some other investors also expressed willingness to develop racecourse projects as soon as the Ministry of Finance released information about football betting and racecourses.
In Binh Phuoc province, an Australian investor got the nod from the local authorities on a 100 hectare horse racecourse.
In Lam Dong province, Thien Ma-Mandagui some years ago asked for permission to build a horse racecourse with investment capital of $50 million.
However, the projects have not been implemented.
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