HÀ NỘI — Hà Nội’s authorities will work to promptly solve petitions of Korean-based Charmvit Group so it can effectively build out a horse racetrack after the project is licensed, said a municipal official.
Speaking with Charmvit Group Chairman Lee Dae-bong on Thursday, Chairwoman of the municipal People’s Council Nguyễn Thị Bích Ngọc said the project has been submitted to Prime Minister Nguyễn Xuân Phúc for approval. However, she said it will need careful consideration because it is a new type of project for Việt Nam.
Ngọc expressed her belief that with its considerable experience and robust business achievements in Việt Nam, Charmvit Group will successfully build the racetrack.
Lee said the group has prepared necessary procedures and expects to receive support from the municipal administration.
Last year, Prime Minister Nguyễn Xuân Phúc approved the addition of the multi-purpose entertainment complex – including the horse racing track – to Hà Nội’s master plan on socio-economic development by 2020.
Under Decision 1823/QD-TTg, Hà Nội will increase the use of social investment funds to build sports facilities and high-quality tourism services.
The city will study the application of new technology in developing the sports, culture and entertainment sectors.
The US$420 million project will be built on an area of more than 100 hectares in Tân Minh Commune, Sóc Sơn District. It will also include a park, tourism and entertainment centres and many other facilities.
The project was first put on the table in 1999. It was initially planned to be built in Đại Kim Ward of Hoàng Mai District and Thanh Liệt Commune of Thanh Trì District. However, as the legal framework for sports betting and horse racing had not been completed at that time, the foreign partner withdrew from the project in 2005.
 
In 2007, the Hanoitourist Corporation and the Republic of Korea’s Global Consultant Network proposed restarting the project. In August 2016, they inked a joint venture investment contract.
The project is expected to create jobs for about 1,000 direct labourers and tens of thousands of indirect ones, and contribute up to VNĐ1.5 trillion ($64 million) to the local budget each year. – VNS