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Apr 17, 2023 / 20:15

Northern province to build US$350-million horse racecourse

The project is on the list of priority projects calling for non-state investment of the northern province of Thai Nguyen.

The northern province of Thai Nguyen will build a US$350-million horse racecourse around Van Mountain - Vo Mountain relic in Dai Tu District.

The project is part of Thai Nguyen's master plan for 2021-2030, with a vision to 2050, which has recently been approved by Deputy Minister Tran Hong Ha.

 Thai Nguyen will build a complex of commercial services, tourism, and a horse racecourse. Photo: Dai Nam JSC 

The complex will be built on 100 hectares in two communes of Ky Phu and Van Yen, Dai Tu District. It is on the list of priority projects calling for non-state investment.

Last March, the People’s Committee of Van Yen Commune announced the planning to preserve and restore the relics of Van Mountain - Vo Mountain. 

According to the planning, new construction works will develop many tourism products such as studying history, exploring natural landscapes, climbing mountains, visiting caves, and racing horse.

By 2025, Thai Nguyen will become a modern-oriented and smart industrial and economic hub in the northern region and Hanoi Capital Region.

Earlier, Hanoi approved a $420 million racetrack complex in Tan Minh Commune, Soc Son District, covering an area of more than 100 hectares. The project, invested by South Korea-based Charmvit, is part of the capital's socio-economic development master plan for 2020, with a vision for 2030.

City authorities have been helping the South Korean investor resolve legal issues over the past few years, with the expectation that the project will be implemented soon.

Once the racetrack complex is operational, Hanoi expects to collect $40-$50 million in corporate income tax and $100-$200 million in special consumption tax annually.

Apart from the two projects, the Dai Nam International Standard racecourse in the southern province of Binh Duong, the first of its kind in Vietnam, opened in 2017.