According to the Foreign Investment Department and Ministry of Planning and Investment, a 570 million USD project by International Horse Race Track in Vinh Phuc has been submitted to the Prime Minister for consideration.

This 100% foreign capital project from G.O. Max I&D (G.O. MAX Corporation, Korea) will be located in Cao Minh commune (Phuc Yen town) and Ba Hien commune (Binh Xuyen district), Vinh Phuc province, including one horse race track and one sport complex, according to the proposal.

Head of the Foreign Investment Department, Phan Huu Thang said that the project has received support from most services and departments and is does not violate any regulations. On the other hand, countries in the region like Singapore have already developed the sport so as a newcomer, Vietnam will have to find innovative ways to attract foreign investors.

Under investment procedures, Vinh Phuc’s People’s Committee has been seeking advice from ministries and services to submit to the PM.

However, the project will encounter hurdles when expanding branches in other localities once it is licenced.

The race track, if granted a permit, will be one of the most modern in the world.

Source: Vnexpress

Translated by Hoang Anh