Southern Binh Duong Province has pulled the plug on a project to set up a modern horse racing track at its new urban area after failure to obtain the Prime Minister’s permission, the local government announced on Wednesday.

Earlier, the province, immediately to the north of Ho Chi Minh City, earmarked 230 hectares within its Binh Duong New City, a modern industrial urban complex, to be home to the US$350 million venue.

Its South Korean investors had expected a betting service, hotel, and shopping mall would be included in the project.

However, the luxury project failed to get a nod from the government.

Binh Duong’s local government said it will build a 153-ha urban area and an 81.7-ha complex of various constructions on the land plot zoned for the horseracing track.

The proposal has been approved by the construction ministry.