Many foreign investors jumped on the opportunity when the Vietnamese government has completed normative legal documents on the betting business.

Horse racing is fast becoming one of the most attractive fields in Vietnam

At the meeting with Nguyen Tu Quynh, Chairman of the Bac Ninh People’s Committee on the $500-million horse racing track project, Choi Hak Soo, executive director of Korea’s Golden Horse, revealed that his company is actively mobilising capital, enhancing performance, and completing project documents to submit to the prime minister for approval. It is expected to establish a representative office in Bac Ninh in December 2017.

The Golden Horse project’s investment strategy was approved by the Bac Ninh People’s Committee and the Korean company signed a Memorandum of Understanding (MoU) on co-operation in April 2017 with the province.

The project consists of a horse racing track, an entertainment complex, a resort, and a trading centre in Thuan Thanh district of Bac Ninh, with an area of 400 hectares and a total investment capital of $500 million, creating 5,000-10,000 jobs when it starts operation.

In additional to Golden Horse, many foreign investors are planning to open horse racing tracks in Vietnam. A prime example would be Gomax I&D, a Korean investor and its $1.5-billion horse racing track in Vinh Phuc.

On December 27, 2016, the MoU on the building complex was signed. Thereby, Gomax I&D will build the largest track in Vietnam. This project includes a racetrack, a 72-hole golf course, a sports entertainment complex, a horse riding and polo club, as well as apartments and villas built on an area of 750 hectares. Of this area, the racetrack will take up 200 hectares and will hold three races per week.

SIBC International Ltd. from Hong Kong has entered into collaboration with the Can Tho People’s Committee to construct a horse racing track and entertainment-tourism complex. It is located nearby Vo Van Kiet Street, with an area of 150ha and expected total investment capital of $500 million (100 per cent foreign-invested).

The project consists of five sections: a racetrack and auxiliary area, an entertainment area (for adults and children), resorts, and sport yards. According to the investor, the horse racing track will open three times a week, with 12-16 races per day.

In August 2016, Hanoi Tourist in collaboration with Global Consultant Network from Korea established a venture company to build a complex consisting of a hotel, trade, and entertainment centre, a horse racing track, and a golf course in Soc Son with a total investment capital of $500 million. If the Hanoi People’s Committee approves, this 5-star project will be carried out as soon as possible.

There are a number of foreign investment projects to construct horse racing tracks in other provinces, such as Ba Ria-Vung Tau, Binh Duong, and Phu Yen, with total registered investment capital of $100-158 million. Those in Binh Duong and Phu Yen had already received their approval of their investment plans from the local authorities and are expected to be launched in 2019.

Related to this sector, the Vietnamese government issued Decree No.06/2017/ND-CP on the business of betting on horse racing, greyhound racing, and international soccer in January 2017.

On October 4, 2017, the Ministry of Finance issued Circular No.101/2017/TT-BTC to provide guidance on certain articles of Government Decree No.06/2017/ND-CP.

VIR