Korean firm takes over development of $500 million hotel and racecourse complex in Hanoi

August 15, 2016 | 11:35

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On August 9, Hanoitourist Corporation (Hanoitourist) and Korean Global Consultant Network Co., Ltd. (GCN) signed an investment co-operation agreement on developing a five-star complex of hotels, a trade centre, and a racecourse in Hanoi.

Covering an area of 235 hectares in Tan Minh commune, the complex has a total investment capital of $500 million, 85 per cent of which will come from the Korean investor and the rest from Hanoitourist.

After the signing ceremony, the consortium will submit a document to the Hanoi People's Committee to secure approval for the project. Once completed, the complex is expected to become a highlight attracting both domestic and foreign visitors to the capital, promoting Hanoi’s tourism development.

Earlier in 2007, Hanoitourist and Global Consultant Network L.L.C (L.L.C) from the US signed an agreement to develop the project. The two firms requested the Hanoi People’s Committee’s approval to implement the project and the project was licensed. However, the gambling license covers the racecourse only.

At the time, the construction was expected to take place in two phases. The first phase was to develop the international-standard racecourse, and the second phase would have included a trade centre, a five-star hotel, a golf course, a water park, and a resort, as well as other infrastructure. The complex was expected to come into operation on the 1000^th anniversary of Thang Long-Hanoi on October 10, 2010.

However, the construction was not implemented according to plans.

In March 2016, according to the agreement between Hanoitourist and L.L.C, GCN will replace L.L.C to implement the project.