The Soc Son Commune People's Committee approved the 1:500 detailed planning scheme, which aims to support the capital's long-term development strategy, make more efficient use of land and create a new attraction for residents and tourists.
The USD 420-million project is bordered by an inter-regional road to the north, Doi Mountain to the south, Xuan Duc residential area to the east and the Hanoi-Thai Nguyen railway to the west.
About 93.7 hectares, or 75 per cent of the site, will be allocated to the racecourse, with a maximum building density of 65.5 per cent and buildings of up to six storeys.
Plans include a 30,000-seat grandstand, two sand tracks, one 25-metre-wide grass track, and facilities for horse care and training.
The complex will also include a 3-hectare commercial area featuring 30 four-star rental villas, a 254-room three-star hotel, a shopping centre, an artificial lake, green spaces and pedestrian walkways.
The project is being developed by H&G Co., Ltd, a joint venture between HanoiTourist and South Korea's Global Consultant Network Co., Ltd.
Authorities said the developer must complete all required investment, land, construction and sector-specific procedures before construction or operations can begin.
The commune government stressed that the approval covers only the planning scheme. The developer remains responsible for ensuring the accuracy of project documents and complying with all legal and regulatory requirements throughout the project's implementation and operation.