Keeping cautious with casinos
VietNamNet Bridge – Local authorities have received a lot of proposals from investors to develop casinos on their several-billion-dollar resorts. However, the government of Vietnam maintains its consistent standpoint that it does not encourage casino business.
All big projects want casinos
Earlier this year, the HCM City People’s Committee, at a conference discussing issues to develop the city’s tourism, mentioned a plan to call for investment into an entertainment-tourism complex on Binh Quoi-Thanh Da peninsula in Binh Thanh district, which was designed to consist of a hotel, restaurant, water-based entertainment areas, and casino.
In Dong Thap province, the Thai Binh Hotel and Housing Development Company Ltd is also planning to invest in a hotel-casino complex at the Dinh Ba international border gate.
Binh Thuan provincial authorities have received a proposal from Cascadia Home Products Asia Ltd on building and developing a high-grade resort, which consists of a casino in Cu Lao Cau, Tuy Phong district.
Meanwhile, investment brokers say that many foreign investors have sent word, expressing their desire to make investment in big tourism-entertainment complexes, which include casinos. Big entertainment service groups in the world always consider casinos as a main investment item in their projects, in order to attract rich clients, develop luxury services and maximise profit.
An investor from the US is trying to lobby for a project on a $2bil resort with a casino on Phu Quoc Island. Another investor, through an investment promotion company, is planning to develop a high-grade tourism project at the Lao Bao-Quang Tri border gate, which is expected to cost $3bil, including the expenses for a casino.
The Cai Gia-Cat Ba urban area, which has called for investment recently, is also catching the eyes of several investors, who are seeking to develop tourism projects with casinos.
To all these proposals, the government has given only one answer: the building and development of casinos must be implemented in accordance with Notice No 96 dated May 4, 2007 by the Government Office. The notice says that Vietnam will consider granting licences to build casinos in tourism-entertainment complexes which have the investment capital of $4bil and higher.
Casino jackpot and gambling are currently listed as ‘sensitive projects’ which are not encouraged in Vietnam. Casino development has been carried out on a trial basis so far, and casinos all are located in isolated areas and reserved for foreigners only.
Keeping cautious with building up policies
In fact, Vietnam does not have any legal documents on casino operations. The licencing of casino projects has been implemented in individual cases and decided upon by the Prime Minister. Currently, gambling business management is being carried out in accordance with Decision No 32/2003 dated February 27, 2003. However, the decision is being amended and stricter regulations will be set up.
There are now four operational casinos in Vietnam, one in Hai Phong, two in Quang Ninh (Loi Lai and Hoang Gia), and one in Lao Cai. The four all are small scale and are open to foreigners only. Licences on gambling business have been granted to several hotels, while licences on horse and dog betting have been given to projects in HCM City and Vung Tau.
As requested by the government, the Ministry of Planning and Investment (MPI) is compiling a project on casino development and management and amending Decision No 32/2003 dated February 27, 2003. Meanwhile, the Ministry of Finance (MOF) has been assigned to compile the project on betting business development and management.
The first draft of casino project has been submitted to the government for consideration. The completed version of the draft will be submitted again to the government, which will then be submitted to the Communist Party’s Politburo.
MPI and MOF both said that the government kept a skeptical viewpoint on the issue, which is considered very sensitive. Casino development will only be allowed when casinos are located in isolated areas, and open only for foreigners for easier control.
Regarding the project on betting games, MOF plans to submit it to the government in the fourth quarter of the year. The ministry said that it had to thoroughly consider the possible impact of the project, especially the social impacts. In all cases, the government will maintain very tight control over gambling activities.
All big projects want casinos
Earlier this year, the HCM City People’s Committee, at a conference discussing issues to develop the city’s tourism, mentioned a plan to call for investment into an entertainment-tourism complex on Binh Quoi-Thanh Da peninsula in Binh Thanh district, which was designed to consist of a hotel, restaurant, water-based entertainment areas, and casino.
In Dong Thap province, the Thai Binh Hotel and Housing Development Company Ltd is also planning to invest in a hotel-casino complex at the Dinh Ba international border gate.
Binh Thuan provincial authorities have received a proposal from Cascadia Home Products Asia Ltd on building and developing a high-grade resort, which consists of a casino in Cu Lao Cau, Tuy Phong district.
Meanwhile, investment brokers say that many foreign investors have sent word, expressing their desire to make investment in big tourism-entertainment complexes, which include casinos. Big entertainment service groups in the world always consider casinos as a main investment item in their projects, in order to attract rich clients, develop luxury services and maximise profit.
An investor from the US is trying to lobby for a project on a $2bil resort with a casino on Phu Quoc Island. Another investor, through an investment promotion company, is planning to develop a high-grade tourism project at the Lao Bao-Quang Tri border gate, which is expected to cost $3bil, including the expenses for a casino.
The Cai Gia-Cat Ba urban area, which has called for investment recently, is also catching the eyes of several investors, who are seeking to develop tourism projects with casinos.
To all these proposals, the government has given only one answer: the building and development of casinos must be implemented in accordance with Notice No 96 dated May 4, 2007 by the Government Office. The notice says that Vietnam will consider granting licences to build casinos in tourism-entertainment complexes which have the investment capital of $4bil and higher.
Casino jackpot and gambling are currently listed as ‘sensitive projects’ which are not encouraged in Vietnam. Casino development has been carried out on a trial basis so far, and casinos all are located in isolated areas and reserved for foreigners only.
Keeping cautious with building up policies
In fact, Vietnam does not have any legal documents on casino operations. The licencing of casino projects has been implemented in individual cases and decided upon by the Prime Minister. Currently, gambling business management is being carried out in accordance with Decision No 32/2003 dated February 27, 2003. However, the decision is being amended and stricter regulations will be set up.
There are now four operational casinos in Vietnam, one in Hai Phong, two in Quang Ninh (Loi Lai and Hoang Gia), and one in Lao Cai. The four all are small scale and are open to foreigners only. Licences on gambling business have been granted to several hotels, while licences on horse and dog betting have been given to projects in HCM City and Vung Tau.
As requested by the government, the Ministry of Planning and Investment (MPI) is compiling a project on casino development and management and amending Decision No 32/2003 dated February 27, 2003. Meanwhile, the Ministry of Finance (MOF) has been assigned to compile the project on betting business development and management.
The first draft of casino project has been submitted to the government for consideration. The completed version of the draft will be submitted again to the government, which will then be submitted to the Communist Party’s Politburo.
MPI and MOF both said that the government kept a skeptical viewpoint on the issue, which is considered very sensitive. Casino development will only be allowed when casinos are located in isolated areas, and open only for foreigners for easier control.
Regarding the project on betting games, MOF plans to submit it to the government in the fourth quarter of the year. The ministry said that it had to thoroughly consider the possible impact of the project, especially the social impacts. In all cases, the government will maintain very tight control over gambling activities.
