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Over $1bn to be poured into race tracks across Vietnam

Over $1bn to be poured into race tracks across Vietnam

Friday, March 01, 2019, 19:14 GMT+7
Over $1bn to be poured into race tracks across Vietnam
Men ride horses at an festival in northern Vietnam. Photo: Vu Tuan / Tuoi Tre

Several businesses operating in Vietnam have the intention to build tracks for racing animals and vehicles across the country in ambitious projects collectively worth over US$1 billion.

In Hanoi, a horse racing track expected to carry a price tag of $348 million is slated to be built in the city’s suburban Soc Son District.

Plans for the 99.5 hectare track include space for 30,000 spectators. 

It is expected to be located next to a large reservoir, a three-star hotel, a convention center, and tourist resort. 

The entire VND9.6 trillion ($412 million) project will cover 125 hectares of what are currently paddy fields. 

Hanoitourist Corporation and South Korea’s Global Consultant Network, the project’s developers are still awaiting approval from the prime minister.

Also in the capital, FLC Group – owner of Vietnam’s fledgling Bamboo Airways – has officially proposed building a VND25 trillion ($1.07 billion) complex consisting of stadiums, a Formula 1 circuit, and horse race course.

Meanwhile, the administration is Ha Tinh Province, north-central Vietnam, is seeking permission to run betting at VND300 billion ($12.9 million) local greyhound racing course built by a private company.

Further to the south, another enterprise has submitted a plan to build a 95-heactare racing complex, one fourth on sea, that costs around $100 million.

The track’s developers hope to increase their return on investment by cooperating with a domestic television network to broadcast the track’s events internationally.

Nguyen Duc Chung, chairman of the Hanoi administration, told Tuoi Tre (Youth) newspaper that the Soc Son race course will create jobs for around 5,000 people and benefit the businesses surrounding the facility.

Chung hopes this will assure the public that the track replacing vast agricultural land will not leave farmers jobless.

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