Hanoi authorities to facilitate deployment of horse racetrack project

Hanoi’s authorities will work to promptly solve petitions of Korean-based Charmvit Group so that it can effectively carry out a horse racecourse project after being licensed, said a municipal official.

hanoi authorities to facilitate deployment of horse racetrack project hinh 0
Hanoi’s authorities will facilitate horse racetrack project. (Photo: baodautu.vn)

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

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

Lee, for his part, said that the group has prepared necessary procedures, and expected to receive support from the municipal administration for the early implementation of the project.

Last year, Prime Minister Nguyen Xuan Phuc approved the addition of the multi-purpose entertainment complex – horse racecourse project into Hanoi’s master plan on socio-economic development by 2020, with orientation to 2030.

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

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

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

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 and Thanh Liet commune of Thanh Tri district. However, as the legal framework for sports betting and horse racing hadn’t been completed at the time, the foreign partner withdrew from this project in 2005.
 
In 2007, the Hanoitourist Corporation and the Republic of Korea’s Global Consultant Network proposed the project again.

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

The project is expected to create jobs for about 1,000 direct labourers and tens of thousands of indirect ones and contribute up to 1.5 trillion VND (64 million USD) to the local budget each year.

VNA

Other News

SBV raises short-term capital lending cap to 40%

SBV raises short-term capital lending cap to 40%

The new circular will help credit institutions have more room to provide capital to businesses and investment projects to support high economic growth in the next few years, while increasing flexibility in the SBV’s monetary policy management.

Business confidence in Vietnam rebounds strongly: UOB

Business confidence in Vietnam rebounds strongly: UOB

The study found that 85% of Vietnamese enterprises reported positive business sentiment, a sharp increase from 48% in 2025, when business confidence was weighed down by uncertainties surrounding US tariff policies and related trade developments.

Bac Ninh seeks high-quality foreign investment for sustainable growth

Bac Ninh seeks high-quality foreign investment for sustainable growth

According to Vice Chairman of the provincial People’s Committee Pham Van Thinh, the province aims to maintain stable and sustainable growth, improve the competitiveness of both the economy and local businesses, and make better use of free trade agreements (FTAs) to expand and diversify export markets.

Green building trend flourishes in Ho Chi Minh City's real estate landscape

Green building trend flourishes in Ho Chi Minh City's real estate landscape

The International Finance Corporation (IFC) highlighted the city's dominance in green-certified building floor space in Vietnam, reflecting the rapid expansion of the green building market with 780 completed green buildings encompassing over 18.69 million sq.m by 2025, predominantly certified by EDGE and LEED.

UK supports Vietnam in wind power and green finance development

UK supports Vietnam in wind power and green finance development

The United Kingdom officially announced two new climate cooperation initiatives to support Vietnam in its energy transition and green growth journey. These programs focus on offshore wind power development and the creation of a sustainable green financial ecosystem.

Ample room remains for Vietnam–India logistics cooperation

Ample room remains for Vietnam–India logistics cooperation

The GTTCI expert noted that alongside logistics and integrated warehousing, e-commerce is expected to be a particularly high-growth sector in the coming years. He described it as a multi-billion-dollar market with significant untapped opportunities for cooperation between Vietnam and India.

Exports gain momentum from high-tech growth drivers

Exports gain momentum from high-tech growth drivers

According to the Ministry of Industry and Trade, Vietnam’s exports reached 215.66 billion USD in the first five months of 2026, up 19.5% year-on-year. Twenty-six export items generated more than 1 billion USD in revenue each, including seven with turnover exceeding 10 billion USD.

Vietnam–China crossings see spike in ASEAN fresh produce

Vietnam–China crossings see spike in ASEAN fresh produce

Since the start of the summer harvest season, China's two major border gates with Vietnam, Youyi Guan in Pingxiang and Beilun 2 Bridge in Dongxing, have entered their peak period for handling imports of fresh agricultural and seafood products from member states of the Association of Southeast Asian Nations (ASEAN).

Cargo handling operations at Berths 3 and 4 of the Hai Phong International Gateway Port. (Photo: VNA)

AI reshapes logistics, raising bar for workforce skills

According to the Vietnam Logistics Business Association (VLA), the logistics sector will require around 2.2 million workers by 2030, including 1.6 million employees for logistics service providers and nearly 600,000 personnel supporting logistics operations in manufacturing and trading enterprises.

Robust dispute resolution framework key to Vietnam's IFC ambitions

Robust dispute resolution framework key to Vietnam's IFC ambitions

The development strategy for VIFC-HCMC envisions a comprehensive financial ecosystem encompassing green finance, carbon credits, financial technology (fintech), blockchain technology, digital assets, digital banking and other innovative business models. These highly internationalised sectors involve complex cross-border transactions and sophisticated legal structures.