Chairman Lee Ho-woong, grandson of the late founder Lee Dae-bong, met with Vietnam’s Deputy Prime Minister Ho Duc Phoc on Jan. 10 to finalize details of the ambitious project. During the meeting, Ho pledged government support, emphasizing his commitment to addressing potential obstacles, the group said.
The 100-hectare complex, scheduled to open in 2028, will feature a state-of-the-art racetrack with seating for 30,000 spectators, along with comprehensive training facilities, veterinary clinics, and even an equine swimming pool.
Beyond horse racing, the development will include luxury villas, hotels, and a shopping mall, transforming the site into an integrated leisure destination aimed at attracting both domestic and international visitors.
"The economic impact of this development is projected to be 397 times greater than traditional agriculture on the same land, with over 30,000 jobs created," Lee said during the meeting.
The development represents a new chapter for a project initially approved in 2019 but left dormant during the global health crisis. Charm Vit has since partnered with a local developer to revitalize the project, positioning the complex as a centerpiece of Vietnam’s growing entertainment industry.
The leisure firm is no stranger to Vietnam. Since entering the market in the early 2000s, Charm Vit has built a strong portfolio, including the Grand Plaza Hanoi Hotel and the Hanoi Yongbong Phoenix Golf Resort. The golf course, completed in 2008, was honored in 2012 by the Vietnamese Book of Records as the country’s “most scenic golf course.”
Charm Vit’s investments in Vietnam have earned the company accolades, including recognition as one of the country’s top 100 enterprises - the first Korean company to achieve such a distinction.
The horse racing and leisure complex also carries sentimental value for the group. According to Charm Vit officials, the project was among the final wishes of the group’s founder, Lee Dae-bong, who envisioned the company expanding its global presence while contributing to Vietnam’s development.
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