The administration of the northern Vietnamese province of Vinh Phuc signed Tuesday a memorandum of understanding for a multibillion-dollar race track with a South Korean developer.

The MoU signing for the US$1.5 billion project was done at an investment promotion conference between the provincial administration and GOMAX I&D, Nguyen Duc Tai, deputy director of the province’s investment department, confirmed to Tuoi Tre (Youth) newspaper.

Once completed, the Vinh Phuc racecourse will be the largest of its kind in Vietnam. The current biggest venue is located in Hanoi.

The South Korean developer first submitted the proposal for the megaproject around ten years ago, with the total investment then estimated at $570 million, according to data reviewed by Tuoi Tre.

However, the project had failed to be initiated as Vietnam still had no legal framework for betting in greyhound and horse racing.

Works have been restarted following news that the Vietnamese government will release new decree on greyhound and horse racing betting, as well as betting in international football.

According to the Vinh Phuc investment department, the GOMAX I&D’s project is a complex of an international-class racecourse plus entertaining and sports venues and residence and villa areas.

The 200-hectare race track is expected to host three races a week.

GOMAX also has plans to open 70 horseracing betting points in 54 cities and provinces across Vietnam, as well as an online betting system and horse breeding and training facilities.