South Korean investor keen on Bac Ninh racetrack

                                                             Photo: Duc Anh

$500 million racetrack complex to be built in northern province pending PM's approval.

South Korea’s Horse Race Group proposed investing in a horse racetrack in northern Bac Ninh province at a meeting with local authorities a few days ago.

A representative from the Bac Ninh Department of Planning and Investment (DPI) confirmed with VET that “the South Korean investor plans to build a $500 million entertainment complex, including a racecourse.”

The complex will cover an area of more than 20 ha in Thuan Thanh district and consist of the racetrack, a grandstand, stables, and an entertainment facility. A car park will also be set aside for a business center and hospitality services, according to Mr. Choi Hank Soo, Chairman of the Group.

“We have been working on this project for several years and it’s finally coming to fruition,” Mr. Soo told the meeting. “We hope to receive support from local officials to make it all come together.”

The racetrack, if approved and built, will create 5,000 to 10,000 jobs and contribute greatly to the province’s tax collections. It will also enhance the cooperative relationship between Vietnam and South Korea in general and between Bac Ninh and South Korea in particular, said Mr. Nguyen Tu Quynh, Chairman of the Provincial People’s Committee.

The preliminary development plans are still to be approved by the Prime Minister before any construction can begin. Funding for the $500 million project still needs to be secured, Mr. Quynh added. He also committed that the province would complete all legal procedures within ten days of the Prime Minister’s decision.

“Bac Ninh province has much potential for growth with an advantageous business and investment environment,” said Mr. Soo, and is seeing rapid development.

In the first nine months of this year Bac Ninh licensed 111 FDI projects with total registered capital of around $600 million. South Korea topped the list with seven projects and $477 million in capital.

The province now has 908 FDI projects with capital of $12 billion, 400 of which are from South Korean investors with capital of $8 billion.

South Korea’s G.O.Max I&D, meanwhile, is pursuing a project to build a horse racetrack in northern Vinh Phuc province after proposing to increase the project’s capital from $570 million to $1.5 billion last month.

The project will be an international racecourse and sports and entertainment complex and include the racetrack, a 72-hole golf course, a sports and entertainment area, an equestrian center and polo club, and housing and villas, located on 750 ha.

The racetrack will cover around 200 ha, with race meetings held three times a week, and stables and training paddocks will also be built. The company also hopes to open 70 betting shops in 54 cities and provinces around the country and open online gambling sites.

by Hong Nhung / vneconomictimes