Horseracing Center given the green light in Vietnam

Economic growth:

According to a report by Retail News Asia, the coming development for its mostly rural area located some 25 kilometers from downtown is part of a master program that’s been designed to increase tourism and socio-economic growth in the region over the course of the next decade.

Tourism on the rise:

Citing official government figures, Retail News Asia reported that 2018 has so far seen Hanoi draw over 26 million vacationers including some 5.7 million from abroad, which signify year-on-year earnings of 9% and 16% respectively. The local government is keen to continue this growth and anticipates the horseracing part of the coming complex to phase its first match sometime in 2021.

Improvement to create tasks:

A Tuesday report by the Vietnam News Agency published by VietnamPlus.vn predicted the finished development is expected to employ approximately 5,000 locals and create up to 25,000 direct tasks. Its operation is to also lead to a significant rise in tax revenues and help the region of over 16 million inhabitants to draw even more foreign visitors.

Retail News Asia reported that the notion of building a horseracing track near Hanoi was first floated in 1999 together with the city’s southern Thanh Tri District and adjacent Hoang Mai District then thought to be the most likely locations. Butthis inaugural proposal ultimately failed because of a purported absence of neighborhood sportsbetting regulations in addition to rules governing the sport.

However, the possibility of bringing a first horseracing track to Vietnam reportedly resurfaced some eight years after after local travel firm Hanoi Tourist partnered with South Korean consultancy Global Consultant Network to request consent to research just such an idea. Retail News Asia explained they were subsequently told that the sport would be hailed after principles to govern sportsbetting were approved by the Asian nation’s 500-seat National Assembly, which finally took place earlier this year.

Retail News Asia reported that the possibility of a horseracing facility opening on the outskirts of the nation ’s second biggest city has prompted speculation that numerous foreign companies are now investigating the feasibility of premiering similar operations around the even larger Ho Chi Minh City, which was known as Saigon until 1976, in addition to from the northern states of Vinh Phuc and Bac Ninh.