Three localities have proposed new casino projects and to pilot allowing Vietnamese people to play, Vietnam News reported on February 25, 2022. The central coastal province of Khanh Hoa proposed a casino business project on Hon Tre island in Nha Trang City, the central city of Da Nang proposed a project at the Sun World Ba Na Hill tourist area, and the south-central province of Binh Thuan proposed a project in the Dai Duong valley tourist area in Phan Thiet City1.
The Ministry of Finance has submitted a report to the Prime Minister on casino management and draft alternatives to Decree 03/2017/ND-CP on casino businesses. In that report it backed supplementing casino businesses in only two of the projects: Ba Na Hill tourist area, invested by Sun Group, and Hon Tre island, invested by Vinpearl JSC1. The two projects are expected to aid tourism development and attract international visitors and financial investors1.
| Project | Location | Investor | Investment reported |
|---|---|---|---|
| Sun World Ba Na Hill | Da Nang | Sun Group | VND16 trillion (US$695 million)1 |
| Hon Tre island complex | Nha Trang City, Khanh Hoa | Vinpearl JSC | VND25.7 trillion so far1 |
| Dai Duong valley | Phan Thiet City, Binh Thuan | Not reported | Not reported1 |
The Hon Tre complex includes a hotel, an amusement park, a golf course and a convention center1. The report said there has been no large-scale casino in Da Nang city so far1. On Binh Thuan, the ministry said that although the locality had grown in tourism, the number of international visitors was not enough, and it noted that the Ho Tram casino project in Ba Ria-Vung Tau Province, which is operating inefficiently, is located near Binh Thuan1.
Two casinos on Phu Quoc Island and one on Van Don Island are currently being piloted for Vietnamese people to play. The pilot period runs from 2019 to 2022, but due to the impact of the pandemic the Ministry of Finance has proposed extending the trial period until 20241. By the end of September last year there were 240,560 visitors to the Phu Quoc casino, of which 35 percent were foreign and 65 percent Vietnamese. Revenue minus payment costs at that casino is VND3.2 trillion, and it has lost about VND3.9 trillion1.
"the proposals for casino investment needed to be considered carefully because the current casino business was not effective or even loss-making"
Lawyer Diep Nang Binh of the HCM City Bar Association said the casino business had two sides: attracting tourists, adding revenue to the budget and solving labor and employment issues, against negative issues that should also be carefully considered. He said cash flow management and tax collection needed a strict inspection and supervision mechanism, and that caution should be exercised when licensing new casino projects in some localities1.
What it means for players
Nothing has changed yet. These are proposals from three localities and a ministry report to the Prime Minister, not licenses, so no new casino floor is open to anyone on the strength of them1. The practical question for Vietnamese citizens is the pilot that already exists: entry for locals is currently limited to the two Phu Quoc casinos and the Van Don casino, and that trial was due to end in 20221. If the Ministry of Finance's proposed extension to 2024 is adopted, local play at those three properties continues on its present terms; if it is not, the position after 2022 has not been reported1. Foreign visitors and expats are unaffected by the pilot's scope, which concerns Vietnamese players only1. For detail on who may enter and where, see Casinos in Vietnam: Who Can Go In and Can Vietnamese Citizens Enter a Casino?.
What happens next
The Ministry of Finance has submitted its report and draft alternatives to Decree 03/2017/ND-CP to the Prime Minister, and a decision on which projects to supplement, and on extending the local-play pilot to 2024, has not been reported1. New and planned projects are tracked in New and Planned Casinos in Vietnam.
Sources1 sources
- Three localities propose opening casinos, bizhub.vietnamnews.vn
