Korean Firm Seeks Approval for US$570Mln Racetrack Project

South Korea's Gomax Group is waiting for the Vietnam Ministry of Planning and Investment’s license to carry out a US$570 million horse racetrack project in northern Vinh Phuc Province, the first-ever foreign-invested racetrack in the country, said Nguyen Cong Loc, Head of the provincial Industrial Zones Management Board.

 

The project will include an international-standard horse racetrack, a hotel, a trade center, and other recreational facilities, which locate in an area of US$100 hectares in the local Phuc Yen town, 50km from Hanoi.

In late March, the South Korean company inked a preliminary agreement in principle with the provincial government of Vinh Phuc to build the horse racetrack.

 

Accordingly, it planned to pump over US$500 million to build the track in the first phase, and will later boost capital to around US$1 billion.

 

If licensed, this will be the largest racetrack in Vietnam, and the second of its type in the country behind the Phu Tho Race-track in Ho Chi Minh City.
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