Foreign investors target Vietnam’s huge sports betting market
Since sports betting has been legalized, foreign investors are scrambling to build racecourses in Vietnam.
Choi Hak Soo, president of South Korea’s Golden Horse, said during a meeting with leaders of Bac Ninh last week that his company plans to set up a subsidiary in the northern province to build a racecourse.
He expected the $500 million investment plan to be ready by October for submission to the government for approval, saying his company is in the process of mobilizing funds.
Golden Horse had first proposed the plan to Bac Ninh last year when the National Assembly (NA) was wrapping up its discussion on legalizing sports betting.
A traditional horse race in the central province of Phu Yen
The 400-hectare entertainment complex will include a horse racecourse, a resort and a residential area, and create 5,000-10,000 jobs.
The NA late last year approved a bill legalizing sports betting, and last month the government promulgated a decree regulating the sports-betting business, throwing open opportunities for foreign investors.
Illegal sports betting used to be rampant in the country.
A year earlier the government had also cautiously opened casino doors to locals.
There are no official reports on the value of illegal sports betting, but a study by Prof Ha Ton Vinh, who has spent much of his professional life studying Vietnam’s gambling and sports betting activities, said Vietnamese used to spend an estimated $800 million a year overseas on gambling.
The police have in the last two years busted dozens of illicit online gambling and sports betting operations worth hundreds of millions of US dollars.
At the meeting in Bac Ninh, Choi said Golden Horse faces many rivals in sports betting in this country.
Amplefield, a Singapore-listed company, is the latest name to enter the industry here. Last April it signed a memorandum of understanding to set up a joint venture for building a racecourse in HCMC.
Amplefield will hold a 60 percent stake in it while Malaysia’s Equine Sanctuary, a provider of horse care services and horse-racing consultancy services in Singapore, will hold the rest.
According to Amplefield, the joint venture will build a 300-hectare racecourse and property complex in Sing Viet City. It will include a residential component with some 16,000 units, horse racing, gaming and golfing facilities.
“This is the first step towards the development of the racino facilities, and we are excited about what lies ahead as this has tremendous potential to be a huge draw for both tourists and locals and stimulate further development activities in the area,” Yap Weng Yau, executive director of Amplefield, said in a statement.
Another South Korea firm, G.O.Max, is also pursuing a giant horse racing and entertainment complex in the province of Vinh Phuc at an estimated cost of $1.5 billion.
It had been proposed to the Vinh Phuc People’s Committee as long ago as in 2005 as a $570 million investment, but was not approved. Now, following the new developments, the investor has again decided to throw its hat in the ring.
G.O.Max has projected building a horse racecourse on a site of 200 hectares and running three races a week. Seventy betting points will be set up in 54 cities and provinces around the country, as well as an online betting system.
Jung Young Jin, strategy director of G.O. Max, has indicated to the media there will be revenues of $972 million and taxes of $100 million a year in the first five years.
- FDI in Vietnam – Where is the Investment Going? (12/08/2019)
- HCM City solicits investment in infrastructure (30/07/2019)
- Vietnam - Japan Business Matching Symposium 2019 (29/07/2019)
- RoK’s rural development group to invest in smart farming in Vietnam (15/07/2019)
- FDI reaches record level in four months (08/07/2019)
- Powering 220 kV Southern Sai Gon - Urban District 8 transmission line (27/06/2019)
- EVFTA Press Release - Official Announcement from the EU (26/06/2019)
- PM calls on Korean investors to expand operations in Vietnam (12/11/2018)
- E-commerce golden pass for logistics (12/11/2018)
- Hoa Phu Industrial Park - The destination of success (12/11/2018)
- Long Thanh airport’s feasibility study approved (12/11/2018)
- Renewable energy projects spur foreign investment surge (02/11/2018)
- New innovation centre to provide grounds for Vietnam 4.0 (02/11/2018)
- National Assembly set to ratify historic trade deal (02/11/2018)
- Overseas financiers outline obstacles (02/11/2018)
- Moody’s upgrades ratings on Vietnamese banks (01/11/2018)
- Foreign investors expand networks in Vietnam (01/11/2018)
- Altus Capital funded to invest in distressed Southeast Asian companies (01/11/2018)
- More FDI to reach southern region (01/11/2018)
- Foreign fashion giants set footprint in Vietnam through M&A (31/10/2018)
- [EuroCham Webinar] Decision 13 – Final FIT for Renewable Energy in Vietnam (23/04/2020)
- THE SITUATION OF ATRACTTING FOREIGN INVESTMENT IN THE FIRST 3 MONTHS OF 2020 (19/04/2020)
- Key infrastructure projects calling for investment in HCMC (08/07/2019)
- Bac Ninh licenses 116 FDI projects in seven months (22/08/2018)
- Binh Phuoc licenses 24 projects worth $1 billion (22/08/2018)
- Hue targets $56mil in investment this year (15/08/2018)
- Hanoi seeks approval for Vingroup’s $300 million IT park (31/07/2018)
- List of Project Calling For Investment in Lam Dong Province in 2018 (31/07/2018)
- Kien Giang calls for investment in 12 resort projects (31/07/2018)
- Decree amendments open paid TV firms to foreign investment (30/07/2018)
- Vietnam: Opportunities in the Waste-to-Energy Sector (24/07/2018)
- Can Tho City seeks investment for 54 projects worth $5.4 billion (20/07/2018)
- Hoa Lac High-tech Park aims for $1 billion investment in 2018 (19/07/2018)
- Large-scale undersea tunnel to be constructed next year (19/07/2018)
- THU THUA INDUSTRIAL ZONE (15/01/2020)
- Map of industrial parks in Vietnam (23/07/2019)
- 493 Projects Invested in Nghi Son Economic Zone and Industrial Zones (09/02/2018)
- Thai Binh Strives to Attract Investment Capital of VND 5000 billion in Industrial Parks and Economic Zones (07/02/2018)
- Vinh Phuc Adds 4 New FDI Projects in Industrial Zones (07/02/2018)
- Dung Quat EZ and Quang Ngai IPs Attracted 258 Projects with a Total Investment Capital of More Than US$ 11 Billion (30/01/2018)
- Solutions to attract Investment Capital into Industrial Parks in Bac Giang Province (19/01/2018)
- Nghi Son Economic Zone and Industrial Zones Received 66 new Investment Projects (08/01/2018)