CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment
S.Korea’s Charmvit greenlighted for US$420-million racetrack complex in Hanoi
Ngoc Thuy 17:54, 2019/10/14
The racetrack complex, the first of its kind in Vietnam that offers horse betting, would be located in Soc Son district and cover an area of over 100 hectares.
Chairman of the Hanoi People’s Committee Nguyen Duc Chung on October 14 issued the investment license for the US$420-million racetrack complex project to be invested by South Korea-based Charmvit Group. 
 
Illustrative photo.
Illustrative photo.
The racetrack complex, the first of its kind in Vietnam that offers horse betting, would be located in Soc Son district and cover an area of over 100 hectares. 

At the meeting with Charmvit President Lee Daa Bong on the same day, Chung said the project once operational would create jobs and new services, in turn increasing city’s budget revenue. 

Chung requested Charmvit to soon proceed with the project. Hanoi’s authority is committed to handing clear site for the South Korean group for construction. 

The first race is scheduled to start in October 2020. 

Charmvit’s President Lee expressed appreciated the support from the central government and Hanoi in for the project, saying the group would ensure the completion of the project as planned. 

Charmvit is currently the investor of numerous real estate projects in Vietnam, including the Grand Plaza hotel in Hanoi and the Phuong Hoang golf course in Hoa Binh province. 

Last December, Prime Minister Nguyen Xuan Phuc approved the US$420-million racetrack complex in Hanoi after agreeing to include the project into the capital city’s socio-economic development master plan until 2020, with a vision to 2030. 

Hanoi expected to collect a corporate tax amount of US$40 million – US$50 million and special consumption tax of US$100 – 200 million per year once the racetrack complex becomes operational. 

Once set in motion, the project would directly employ 5,000 people and other 20,000 – 25,000 part-time workers, generating a steady revenue flow for Hanoi budget. 

In June 2018, Vietnam’s National Assembly approved the revised Law on Physical Training and Sports, which allows locals to wager on a variety of sports events. The revised law came into effect in early 2019. 

Sports betting was considered illegal in Vietnam, which made many local bettors turn to international gambling websites. The illegal betting market in Vietnam is estimated to worth US$1 - US$1.5 billion annually.

The law is seen as the government's effort to prevent money from flowing out of the country. 
Comments
Other news
18:03, 2025/02/22
Vietnam attracts South Korean tech investment at SEMICON Korea 2025
The event provided a platform for Vietnam to showcase its semiconductor potential and reaffirm its commitment to developing high-tech industries and strengthening international cooperation.
16:46, 2025/02/20
Swedish group plans US$1 billion investment in Binh Dinh recycling plant
By creating a large number of jobs and promoting a green economy, the initiative is important in establishing Vietnam as a global hub for the circular textile sector.
10:52, 2025/02/13
Samsung plans to invest in AI, semiconductors in Vietnam
Vietnam will continue improving its investment environment and driving strategic breakthroughs in order to usher in a new era of economic development.
17:20, 2025/02/07
Vietnam's data center construction costs among the lowest in Asia Pacific
The country has a lot of potential to become one of the most important data markets in the region.
21:05, 2025/02/03
Bright prospects for FDI inflows into Vietnam in 2025
Market size, growth potential, low labor costs, and stable political and social conditions continue to be Vietnam’s selling points in attracting foreign investors.
10:57, 2025/01/30
Foreign companies confirm investment expansion in Vietnam in 2025
Some foreign firms are optimistic about Vietnam's economic prospects in 2025 and plan to expand investment, focusing on sustainability across sectors.