Hong Kong-based SIBC International Ltd has proposed to the Can Tho authority a project to build a racecourse and an entertainment and tourism complex in the country’s southern city.

On Wednesday, the group and other consultants worked with the city’s People Committee to introduce the project. Accordingly, the wholly foreign invested project will cover an area of 150ha in Binh Thuy District with total investment of US$500 million.

The racecourse will be open every Friday to Sunday from 8am to 10pm. Those who want to bet must be over 21 years old. They can bet from VND10,000 (US$0.45) to VND1 million ($45).

The investor’s representative said the project is estimated to create jobs for 20,000 locals, generate revenue of VND50 trillion per year and contribute some VND10 trillion to the State budget.

Vo Thanh Thong, chairman of the city’s People’s Committee, said this was a large project, thus it required permission from the Government. He added that the investor must ensure environment, traffic and resettlement issues were addressed during the project’s construction.

Thong asked the investor to study the feasibility of the project within three months to be able to report to the committee on October 4 at the latest. If the project was feasible, the city authority would instruct the investor to complete necessary procedures. — VNS