Hong Kong investment firm Matrix Holdings has proposed the development of a horse-racing course and horse breeding center in the Vietnamese city of Da Nang.
According to local media outlet VnExpress, the construction of the facilities would begin this year and cost a combined US$200 million if approved.
A US$500 million entertainment complex and horse racing course is already under construction near Hanoi after the National Assembly legalized sports betting in 2017 and enacted laws that opened the door for greater foreign investment 12 months later.
However, the proposed Da Nang facility is yet to be confirmed with the government still in negotiations with Matrix Holdings.
“The biggest difficulty for investors is finding land suitable for the size of the projects,” said Huynh Lien Phuong, Deputy Director in charge of the Investment Promotion and Support Board under the Da Nang City People’s Committee.
“The city no longer allocates land directly to investors as before. Instead, they will have to participate in a public auction or bidding process.”