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Public input sought for $420mn horse racing complex in Hanoi

Public input sought for $420mn horse racing complex in Hanoi

Friday, January 12, 2024, 15:00 GMT+7
Public input sought for $420mn horse racing complex in Hanoi
A bird's-eye view of agricultural land zoned for the construction of a horse racing complex in Tan Minh and Phu Linh Communes, Soc Son District, Hanoi. Photo: Thu Ha / Tuoi Tre

The People’s Committee of Soc Son District in Hanoi is currently soliciting feedback on the detailed plan for a multi-purpose entertainment complex and a horse racing project valued at nearly US$420 million.

The committee intends to collect public input until February 4, focusing on aspects such as the necessity, purposes, community impact, land use appropriateness, design, and accessibility of the proposed complex.

Seeking out such input is meant to help ensure that the project aligns with local desires and regional developmental needs. 

In December 2018, then-Prime Minister Nguyen Xuan Phuc approved the inclusion of a horse racing complex in Hanoi’s 2020 socio-economic development master plan.

The project, which secured an initial investment of about $420 million from the Hanoi Tourism Corporation and Global Consulting Network Co. Ltd. in South Korea, is projected to span 125 hectares in Soc Son’s Tan Minh and Phu Linh Communes.

It is envisioned as an international sports center capable of hosting future Asian Games or Olympics editions. 

Current plans call for the complex to employ an estimated 5,000 direct workers and 20,000-25,000 indirect workers.

Hanoi initially planned to open the complex in 2021 and anticipated collecting corporate taxes in the range of $40-50 million annually together with a special consumption tax of $100-200 million per year from its operations, yet site clearance issues have caused serious delays.

In mid-2022, Hanoi sought the prime minister’s assistance in overcoming those obstacles.

The first horse racetrack in Vietnam opened at Dai Nam Wonderland, one of the country’s largest tourism complexes, in the southern province of Binh Duong in 2017.

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Bao Anh - Pham Tuan / Tuoi Tre News


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