The project was mentioned in a report to voters and after the seventh session of the Hanoi People’s Council meeting. The report said the investment received the Prime Minister’s approval in September 2019. 

In October 2019, the Hanoi Planning and Investment Department granted an investment registration certificate to the project for the first time. The certificate has been amended three times with the latest amendment in March 2020.

The entertainment complex and horse race track would cover an area of 125 hectares in Tan Minh and Phu Linh communes of Soc Son district. The initial purpose of the project was a horse track and 3-star hotel. The project was registered with investment capital of $9.576 trillion, or $420 million.

The investor is H&G Co Ltd, a joint venture between Hanoi Tourist and Global Consultant Network Co Ltd from South Korea.

H&G Co Ltd was established in November 2019 with charter capital of VND2.736 trillion, or $120 million, of which the South Korean partner contributed VND2.325 trillion, or 85 percent of charter capital, while the Vietnamese partner gave 15 percent.

The legal representative of H&G Co Ltd is Lee Dae Bong, who is also president of South Korean Charmvit Group.

In October 2019, the then Hanoi Mayor granted the decision approving the project to Charmvit.

The horse racetrack was planned to become operational after 2021, but it has faced difficulties.

In mid-2022, Hanoi proposed that the Prime Minister help remove difficulties in recovering 125 hectares of land to implement the project.

In August 2023, Hanoi Mayor Tran Sy Thanh received Charmvit’s Lee Dae Bong who paid a courtesy visit and discussed cooperation, during which Lee mentioned the racehorse project. He affirmed that the project, when completed, will contribute to the city’s infrastructure and bring revenue for community development.

Charmvit introduced itself as a multi-field economic group which invests in hotels, golf courses and real estate. In Vietnam, Charmvit runs a complex of offices, shopping mall and hotel, comprising two towers – Grand Plaza (hotel) and Charmvit Tower (hotel).

Grand Plaza Hotel was inaugurated in September 2010. The 5-star gold-plated hotel was one of the works built on the occasion of the 1000th anniversary of Thang Long -Hanoi. 

Charmvit also invests in construction and golf projects. Phuong Hoang golf course in Hoa Binh became operational in 2009.

In 2017, the government inspectorate discovered some violations made by provincial authorities in reclaiming land for the development of Phuong Hoang.

Manh Ha