Vietnam's Ministry of Finance reported to the National Assembly that the pilot casino on Phu Quoc island accumulated losses of VND 3,720 billion over four years of operation, in a report submitted before a questioning session on 18 March1. The ministry attributed the losses to large early-stage depreciation and interest costs and to difficulties caused by the Covid-19 pandemic in 2019 to 20211.
Their share was higher in 2020 and 2021, when pandemic travel restrictions kept foreign visitors away, but the number of Vietnamese players halved last year and stood at only 87 percent of the pre-pandemic level1. The most common age of Vietnamese casino players was 391.
The Phu Quoc property is one of nine casinos operating nationwide, with two other projects under construction and not yet running1. Under current rules a casino project needs minimum investment capital of USD 2 billion, approval of its location by the Politburo and of its policy by the Prime Minister, and investors may only operate after disbursing at least 50 percent of the capital1.
The pilot allowing Vietnamese citizens to gamble in casinos has run past its original three-year term1. The ministry said it reported to the Politburo seeking continued piloting on a cautious basis1.
"Chưa mở rộng dự án thí điểm cho người Việt chơi casino. Trước mắt vẫn duy trì tại hai dự án được duyệt là Phú Quốc và Vân Đồn"
The ministry also said it plans to amend regulations on the casino business to complete the legal framework for the sector1.
What it means for players
The pilot that lets Vietnamese citizens enter casinos remains limited to the two approved sites, Phu Quoc and Van Don, and has not been extended to other projects1. For Vietnamese players, that means access rules are unchanged for now, and any wider opening depends on a Politburo decision that has not been reported. Foreign visitors and expats are not covered by the pilot restriction, which applies to Vietnamese entrants. The Phu Quoc casino's reported losses and its falling Vietnamese visitor numbers are financial and operational figures; they do not change entry requirements, game offerings or the rules inside the property, none of which were addressed in the report1. The ministry's stated plan to revise casino regulations could eventually alter licensing and operating conditions, but no draft or timetable has been reported1.
What happens next
The Ministry of Finance has asked the Politburo to allow the pilot for Vietnamese players to continue on a cautious basis, and says it intends to amend the rules governing casino business1. No date has been reported for a decision on the pilot or for the amended regulations.
