Da Nang mulls $200 million investment in horse-racing course

Huynh Lien Phuong, deputy director in charge of the Investment Promotion and Support Board under the Da Nang City People’s Committee said that the two projects were proposed by investor Matrix Holdings Limited, an investment company based in Hong Kong. 

Both projects still need to be negotiated, she said.

"The biggest difficulty for investors is finding land suitable for the size of the projects. The city no longer allocates land directly to investors as before. Instead, they will have to participate in a public auction or bidding process," Phuong said.  

In November last year, Hanoi authorities have also approved construction of the long-delayed Soc Son multi-purpose entertainment complex and horse racecourse project. The complex will be built in a planned tourist area about 40 kilometers north of Hanoi.

The total investment for this project is currently estimated at about $500 million. The project is expected to go into operation after 2021.

The decision comes after the National Assembly legalized sports betting in 2017, and the Government enacting a legal framework for the business in early 2018, throwing open opportunities for foreign investors to build racecourses in the country.