Hanoi's Soc Son District authorities have planned to turn a 100-hectare site which mostly consists of agricultural land into a USD500m horse race course to boost the local economy.

The horse race course and betting are included in the city's master plan for socio-economic development to 2020 with a view to 2030.

The area is located behind Tan Minh A Nursery School. Since the area only consists of agricultural land and a small graveyard, the city will not have to spend a huge amount of money on ground clearance. A part of the area is being used as rice fields, fruit gardens and a plain to raise the local cattle. 

In November, Hanoi People's Committee has sent the proposal to gather opinions from various departments and submitted the proposal to the prime minister several times. According to the committee, the race course could attract investment and boost tourism. It will also solve the employment problems as 5,000 jobs will be created directly and the local workforce will be prioritised.

The project is also hoped to help connect and boost the economy in Thai Nguyen, Bac Giang, Bac Ninh and Vinh Phuc provinces. 

The authorities expect increased revenues with an annual corporate tax of USD10m to USD50m. The project has the potential to contribute up to USD250m to the city's budget annually.

Dtinews