Hanoi has plans to build a racetrack complex in Soc Son district that offers horse betting, local media reported.

Total investment capital for the project is estimated at US$500 million, accounting for 1% of total social investment of the capital city. The complex is expected to become operational beyond 2021. 

Once operational, the project would directly employ 5,000 people and other 20,000 – 25,000 indirectly, generating a steady revenue for Hanoi state budget. 

In 2018, Hanoi is expected to receive 26 million tourists, up 9% year-on-year, of which 5.7 million are foreign tourists, up 16%. 

In June, Vietnam’s National Assembly approved the revised Law on Physical Training and Sports, which now allows local to wager on a variety of sports events.

The revised law was legalized following the endorsement from 93.84% of National Assembly deputies and is set to come into effect in 2019.

Following the law, gambling firms are now permitted to operate in Vietnam if being licensed by competent authority. Bookmakers are allowed to take bets on selected events approved by the government, and only the local currency is permitable. 

Sports betting was considered illegal in Vietnam, which led to many locals to turn to international gambling websites. The Illegal betting market in Vietnam is estimated to be worth US$1 - US$1.5 billion on an annual basis .

The move now is seen as the government's effort to prevent money from flowing out of the country. 

The government approved a decree last March allowing citizens to bet on specific sports, such as international football matches, horse and greyhound races. Additionally, locals must be over 21 years of age, having an account with a licensed bookmaking company, and a wager limit of VND1 million (US$44) per day.

Hanoitimes