Hanoi (VNA) – Hanoi’s authorities will work to promptly solvepetitions of Korean-based Charmvit Group so that it can effectively carry out ahorse racecourse project after being licensed, said a municipal official.

Receiving Charmvit Group Chairman Lee Dae-bong on February 21, Chairwoman ofthe municipal People’s Council Nguyen Thi Bich Ngoc said that the project hasbeen submitted to Prime Minister Nguyen Xuan Phuc for approval. However, thisis a new project in Vietnam so it needs careful consideration, she said.

Ngoc expressed her belief that with considerable experience and robust businessachievements in Vietnam, the Charmvit Group will successfully implement theproject.

Lee, for his part, said that the group has prepared necessary procedures, andexpected to receive support from the municipal administration for the earlyimplementation of the project.

Last year, Prime MinisterNguyen Xuan Phuc approved the addition of the multi-purpose entertainmentcomplex – horse racecourse project into Hanoi’s master plan on socio-economicdevelopment by 2020, with orientation to 2030.

Under Decision 1823/QD-TTg, Hanoi will increasethe mobilisation of social investment sources for building sports facilities incombination with high-quality tourism and service activities.

The city will study the application of hightechnology in developing the sports, culture and entertainment sectors.

The 420 million USD project will be built on anarea of more than 100 hectares in Tan Minh commune, Soc Son district. It willalso include a park, tourism and entertainment centres and many otherfacilities.

The project was first put on the table in 1999.It was initially planned to be built in Dai Kim ward of Hoang Mai district andThanh Liet commune of Thanh Tri district. However, as the legal framework forsports betting and horse racing hadn’t been completed at the time, the foreignpartner withdrew from this project in 2005.
 
In 2007, the Hanoitourist Corporation and theRepublic of Korea’s Global Consultant Network proposed the project again.

In August 2016, they inked a joint venturecontract to invest in the project, which is set to meet five-star standards.

The project is expected to create jobs for about1,000 direct labourers and tens of thousands of indirect ones and contribute upto 1.5 trillion VND (64 million USD) to the local budget each year.-VNA