Dai Nam JSC, the developer of the Dai Nam tourism park complex in the southern province of Binh Duong, expedited a mammoth $100-million racecourse in Dai Nam complex, capturing newspaper headlines.
Accordingly, it was reported that construction of the 60-hectare racecourse has started last July and will be completed within two months.
The racecourse also includes a 30-hectare parking lot and a grandstand that can accommodate 50-60,000 people.
Dai Nam JSC’s chairman cum general director Huynh Uy Dung recently told the media that the company had sent the complete legal documentation and reported the project to Binh Duong province’s management authorities.
After completing the legal and administrative hurdles, the construction of the racecourse will be wrapped up in about mid-October 2016, and the racecourse will be ready to operate.
Dung also said that the racecourse will welcome local and international visitors and become a hotbed to the country’s new generation of talented racers. Also, the company has strict policies prohibiting gambling at the racecourse.
The picture painted to and by the media is rather rosy; however, something is out of place behind the scenes.
In a talk with the VIR late last week, director of the Binh Duong Department of Planning and Investment Nguyen Thanh Truc said that he only learned about the project through the media.
Truc affirmed that the department had yet to receive any files or legal documents related to Dai Nam JSC’s racecourse.
Earlier, deputy director of the Binh Duong Construction Department Nguyen Loc Ha said that he was told the racecourse project already had a construction proposal and is in the process of legal setup for the licensing procedures.
An investment consultant told VIR that in light of the amended 2014 Investment Law, if Dai Nam’s racecourse project does not include gambling, it will only need to secure approval by the province’s People’s Committee.
According to Clause 33 of the 2014 Investment Law, the investor must submit the project records to the local investment registration agency (here the Binh Duong Department of Planning and Investment).
After receiving these documents, the agency will go through the necessary procedures to submit them to the provincial People’s Committee for approval.
If the media reports were true, Dai Nam JSC has not followed the regulations on investment activities.
Since the project is of a large size and involves the building of a grandstand with a carrying capacity of several dozen thousands of spectators, strictly adherence to investment and construction regulations is very important