Vietnam To Open Casino Gambling To Residents Next YearThree-Year Pilot Program Will See A Casino On Phu Quoc Island Open To Vietnamese Citizens |
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Vietnam plays home to a number of large casino resorts built in recent years, but so far all of them have catered to foreign gamblers. That is about to change, as it was recently announced that real estate developer Vingroup’s casino located on Phu Quoc Island has been approved to provide gambling offerings for Vietnamese citizens as a part of a three-year pilot program. This test period will likely be offered to one other casino and is the result of a long debate over how to move forward on the issue of legalized gambling for locals.
During the pilot program, Vietnamese citizens who wish to gamble at the casino will have to meet a number of criteria: prospective gamblers must be at least 21 years of age, be able to show a monthly income of at least 10 million Vietnamese dong (approximately $432 USD). Those interested would also have to either pay a daily entrance fee of 1 million dong ($44 USD) or buy a monthly pass for 25 million dong ($1,080 USD).
Vietnam has reportedly been losing roughly $800 million per year as a result of citizens traveling to Cambodia in order to gamble under current laws, which disallow them from doing so at the casinos currently operating in their home country. The legalization process for gambling in Vietnam has been streamlined in recent years as the government looks to find ways to increase tax revenues through curbing the current need for local gamblers to leave the country in order to bet.
According to the Nikkei Asian Review, seven casino projects licensed for operation: Doson in the city of Haiphong, Aristo International Hotel & Casino in Lao Cai Province, Phoenix International Club in Bac Ninh, Crown International Club in Danang, the Grand Ho Tram Strip in Ba Ria-Vung Tau Province, and the Loi Lai Casino and Royal International Gaming Club in Quang Ninh Province. There are another three casino projects that are either awaiting licensing or under construction: Laguna Lang Co in Hue, Nam Hoi An in Quang Nam Province, and Corona Resort & Casino on Phu Quoc Island. These projects have attracted large amounts of investment capital from countries like Canada, Australia, Hong Kong, Macau and Singapore.
With a population of nearly 90 million people and the possibility to see continued growth as a tourist destination, Vietnam will likely to continue to draw interest from global casino companies and local investors.
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