"The cake" is delicious, but hard to swallow.

Since 2017, with the approval of the National Assembly Standing Committee and based on the provisions of the Investment Law, the Government has issued Decree 06 on the business of betting on horse racing, dog racing, and international football.

The completion of the legal framework has made many domestic and foreign investors eager to participate in this market. However, most projects are still in the investment proposal stage, with no construction underway or deposits made yet.

Reporting at the 31st session of the National Assembly Standing Committee, Minister Ho Duc Phoc stated that regarding horse and dog racing betting, from 2017 to the present, seven provinces and cities have requested the Prime Minister to approve the investment policy for horse and dog racing betting business projects.

Specifically, the Prime Minister has approved the investment plan for a horse racing track project (with betting) in Soc Son district, Hanoi .

This is a multi-functional entertainment complex and horse racing track project being built in Tan Minh and Phu Linh communes, Soc Son district, with an investment capital of up to 9,577 billion VND, equivalent to 420 million USD, covering an area of ​​125 hectares.

In 2007, Hanoi Tourism and Global Consultant Network submitted a proposal to study the project.

According to the revised outline of the overall socio-economic development plan for the capital city until 2020, with a vision to 2030, published in 2018, the Hanoi People's Committee believes that when the project becomes operational, it will attract approximately 5,000 direct jobs and 20,000 to 25,000 indirect jobs; bringing in a relatively large and consistent source of revenue for the city's budget.

In addition, the construction of the project in the tourist area north of the capital will add high-quality tourism products to Soc Son district in particular and Hanoi in general.

At the same time, licensing, investing in, and putting into operation the Soc Son horse racing track project will help Hanoi collect 40-50 million USD in corporate income tax and approximately 100-200 million USD in special consumption tax annually from horse racing business activities.

In October 2019, the then Chairman of the Hanoi People's Committee awarded the investment decision for the multi-functional entertainment complex and horse racing track project in Soc Son district to Charmvit Group - South Korea.

After years of the investment plan being put on hold, this project has recently begun to show initial signs of implementation.

In fact, many businesses have seen the potential in this "gamble," but when it comes to investment and construction, they abandon the project midway, leaving dog and horse racing tracks just a dream.

Madagui Heavenly Horse Racing Track

First and foremost is the Thien Ma – Madagui Horse and Dog Racing Track – Polo Club and Equestrian Show project, located in Da Oai commune, Da Huoai district, Lam Dong province, invested in by Thien Ma Company.

This project received its initial investment certificate in early 2011, which is almost 14 years ago.

The project covers an area of ​​approximately 69.81 hectares, with a total estimated investment of around 1,548.6 billion VND. The project aims to invest in the construction of a horse racing track, a dog racing track, a polo club, and a show horse club in Da Huoai district.

The project has been underway for a long time and has undergone numerous adjustments, particularly regarding the timeline.

The Thien Ma Madagui racetrack covers an area of ​​nearly 70 hectares.

The Ministry of Planning and Investment has reported that the Thien Ma – Madagui horse racing track project has not progressed as planned despite being licensed very early; however, the project has taken 9 years to complete land clearance.

To date, despite numerous changes in policy and implementation objectives, the project has yet to complete the legal procedures for construction to commence.

Most recently, in November 2023, the People's Committee of Lam Dong province approved the adjustment of the project's investment plan. In addition to adding the objective of building a dog racing track, the project's timeline was extended by 24 months, meaning it will be completed by November 2025.

Notably, the company was previously fined by the regulatory authority for arbitrarily constructing 16 projects and items on land that had not been authorized by the competent authority for land use conversion in accordance with regulations.

Accordingly, Thien Ma Company received a fine of 80 million VND; was ordered to demolish 3 out of 16 structures that did not conform to the planning regulations; and for the remaining 13 structures, the company must complete the procedures for changing the land use purpose.

Xuan Thanh Dog Racing and Sports Service Center

The Xuan Thanh Dog Racing and Sports Service Center project is being implemented on an area of ​​over 29,000 square meters in Xuan Thanh commune (Nghi Xuan district, Ha Tinh province) with a total investment of 300 billion VND , owned by Xuan Thanh Dog Racing Joint Stock Company.

The project received an investment certificate from the People's Committee of Ha Tinh province in mid-2007 and was officially completed at the end of 2014.

Despite being completed more than a decade ago, the 300 billion VND dog racing and sports entertainment center in Ha Tinh province has yet to become operational due to a lack of a betting business license.

The Xuan Thanh dog racing and sports entertainment service center has an investment capital of 300 billion VND.

The main reason the dog racing center had to temporarily suspend operations after its pilot opening in 2018 was due to the fact that Ha Tinh province had not yet received the Prime Minister's approval to include this project in the list of priority investment projects for the period 2021-2030, with a vision to 2050.

In a document sent by the People's Committee of Ha Tinh province to the Ministry of Planning and Investment in December 2023 regarding the proposed adjustment of the Xuan Thanh Dog Racing Sports and Entertainment Service Center project, the province stated that the project could not yet operate because it had not completed the procedures to add the business objective of dog racing betting.

Phu Yen Horse Racing Track

The Phu Yen Horse Racing Track project received investment approval from the Phu Yen Provincial People's Committee in 2016 with a total estimated investment of approximately 100 million USD, and was expected to be operational in 2019.

This project is planned to be built in the northern part of Bai Sung, An My commune, Tuy An district, Phu Yen province, by the investor, Phu Yen Horse Racing Track One-Member Limited Company.

The total project area covers approximately 82.4115 hectares of land and 13 hectares of sea, with a design scale including: a stadium, grandstands, horse and dog racing tracks covering approximately 50 hectares; a horse and dog breeding and training area, livestock area, training track, veterinary and care facilities for horses and dogs covering approximately 10 hectares; a service area, administration building, and club covering approximately 10 hectares; and technical infrastructure (fences, electricity, water, roads, landscaping) covering approximately 12.4115 hectares.

The Phu Yen Horse Racing Track project died prematurely because the investor abandoned the project.

Subsequently, although the project implementation schedule approved by the Provincial People's Committee had expired, the investor had still not completed all procedures related to land, environment, construction, and conversion of forest land for investment and construction.

Despite repeated requests from the Provincial People's Committee and the Department of Planning and Investment for the investor to contribute sufficient equity capital and provide documentation proving financial capacity to ensure project implementation and to carry out the procedures for adjusting the investment policy as prescribed, the investor has still failed to comply.

The final outcome of the project was that the investor voluntarily decided to terminate the project in accordance with regulations and returned the original investment registration certificate to the Phu Yen Department of Planning and Investment.

Not only the three projects mentioned above, but also large-scale projects ranging from millions to billions of dollars are still on paper, such as those in Vinh Phuc province (US$1.5 billion), Bac Ninh (US$500 million), Da Nang (US$200 million), etc.

Among the projects that have been invested in and approved, only the Dai Nam horse racing track (Binh Duong) owned by this tourist resort owner is currently operational, having been running since the end of 2017. The majority of other projects registered for investment, stretching from North to South, have "died prematurely".

From the above reality, it can be seen that although investing in racetracks is a lucrative opportunity that many investors are targeting, it seems to be not an easy thing to swallow.

Source: https://www.nguoiduatin.vn/dau-tu-truong-dua-mieng-banh-ngon-nhung-kho-nuot-204241005042448973.htm