Hanoi Tourist has signed an agreement with South Korean firm Global Consultant Network to build a US$500 million sports complex that will include a horse racetrack, the media reported.
The project in the capital city will also have a golf course, entertainment venues, a shopping mall and hotels.
A source from the Hanoi company told the media that the joint venture is seeking guidance from local authorities before taking further steps to carry out the project.
Hanoi Tourist obtained a license from the Ministry of Planning and Investment in 1999 to build a racetrack on an area of 40 hectares in Thanh Tri District. In 2005, the company negotiated with an investor from the UK but they did not reach an agreement.
The company then obtained Hanoi’s approval to change the location to Soc Son District and expand the scale to a massive area of 1,200 hectares.
Hanoi Tourist took the latest move as the government is widely tipped to issue a decree on sports betting for the first time.
In the southern province of Binh Duong, Dai Nam JSC is also planning a $100 million racetrack for horse, greyhound, car and motorbike racing.