Australian consortium to build horse track in Vietnam
HANOI - Vietnam's government has allowed an Australian consortium
to replace a French company in building a horse track in Hanoi after financial
problems delayed the venture by more than three years, an executive said
Wednesday.
Australian Club Development Pty Ltd. will contribute 70 percent of the US$57
million project, while two Vietnamese partners will contribute the remainder in
the form of 40 hectares (100 acres) of land in Thanh Tri district outside Hanoi,
an executive of one of the Vietnamese companies said.
The race track will include a 30,000-seat stadium and take three to four years
to complete, he said, speaking on condition of anonymity.
Vietnam's communist government prohibits most forms of gambling. Currently,
there is a dog racing track in the southern resort city of Vung Tau and a run
down horse track in southern Ho Chi Minh City.
The two Vietnamese partners in the new joint venture are Hanoi Sport
Production, Service and Tourism Co. and Vietnam Turf and Sporting Club Joint
Venture Co. Ltd.
The original venture was licensed by the Ministry of Planning and Investment in
1999, but the French company, Trotting Promotion S.A., pulled out earlier this
year because of financial problems, said the executive.
The Associated Press - September 25, 2002.
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