Charmvit Group is the first company to receive investment licence for a horse-racing track in Vietnam.
Chairman of Hanoi People’s Committee Nguyen Duc Chung on October 14 granted the investment certificate for Charmvit chairman Lee Dae Bong to build a multi-functional entertainment complex – horse racing track in Tan Minh and Phu Linh commune, Soc Son district.
The licensing follows Prime Minister Nguyen Xuan Phuc’s permission to add the project into the Hanoi socio-economic development master plan by 2020, with a vision to 2030.
The project covers 125 ha, including a horse racing track with a capacity of 30,000 audiences, a hotel, a convention centre and a villa complex.
The project is expected to complete construction in 2024 at the development cost of around $420 million. However, Chung has asked Soc Son district authorities to speed up site clearance so that the horse-racing track can be operational in October next year.
Horse-racing track is Charmvit’s third largest project in Vietnam. Currently, the Korean investor is operating the complex Grand Plaza Hotel with 586 rooms and Charmvit Tower office building in Hanoi, as well as the Phoenix golf course with 54 holes in Luong Son district, Hoa Binh province.
The first horse-racing track project was proposed 20 years ago, which was expected to be built in Thanh Tri district. However, the foreign investors withdrew from it in 2005 due to the lack of a legal framework for gambling.
Another horse-racing track is being deployed by Phu Yen Horse Racing Company Limited in An My commune, Tuy An district, Phu Yen province. The project was approved in 2016 by People’s Committee of Phu Yen province with a total investment cost of $100 million but it is still in site clearance process.