Vietnamese tycoon plans $4b casino

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gamblingOne of the richest Vietnamese, Dao Hong Tuyen, CEO of hospitality and development company Tuan Chau Group, is planning to set up a casino on Tuan Chau, a resort island in Halong Bay in northern Vietnam once the government decree on casino management is promulgated.

The island, formerly a holiday destination for Vietnam’s late president Ho Chi Minh, is today part of the Van Don Economic Zone. Tuyen said he would spent $4 billion in the zone.

“A casino would be useful for Van Don,” Tuyen said, adding that casinos could be admissible for Vietnamese, and that it is not as difficult to manage casinos as people think.

“80 per cent of Vietnamese cross the border gates every day to Cambodia or travel to Hong Kong or Macau to gamble. This leads to the foreign currency bleeding. Why don’t we use the earnings from casinos for useful purposes, such as relief works?” Tuyen said.

“Financial institutions and commercial banks have agreed to provide loans. We are awaiting the government’s decree,” Tuyen said. “We think we would set up a casino in Van Don and another at a marina on Tuan Chau”.

On August 14, Vietnamese Minister of Finance Dinh Tien Dung presented a draft decree on casino management before the National Assembly’s standing committee. National Assembly deputies, when discussing the draft, said it “would be better not to prohibit Vietnamese to go to casinos” as this would keep foreign currency in the country.

They have suggested that the Vietnam government should allow to set up a casino admissible to Vietnamese in the Van Don Economic Zone.

However, Prof Dr. Nguyen Mai, former Deputy Minister of Planning and Investment, now Chair of the Foreign Invested Enterprises’ Association, said that he “frankly does not believe Vietnamese investors are financially capable enough to develop such a big project.”

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Reading Time: 2 minutes

One of the richest Vietnamese, Dao Hong Tuyen, CEO of hospitality and development company Tuan Chau Group, is planning to set up a casino on Tuan Chau, a resort island in Halong Bay in northern Vietnam once the government decree on casino management is promulgated.

Reading Time: 2 minutes

gamblingOne of the richest Vietnamese, Dao Hong Tuyen, CEO of hospitality and development company Tuan Chau Group, is planning to set up a casino on Tuan Chau, a resort island in Halong Bay in northern Vietnam once the government decree on casino management is promulgated.

The island, formerly a holiday destination for Vietnam’s late president Ho Chi Minh, is today part of the Van Don Economic Zone. Tuyen said he would spent $4 billion in the zone.

“A casino would be useful for Van Don,” Tuyen said, adding that casinos could be admissible for Vietnamese, and that it is not as difficult to manage casinos as people think.

“80 per cent of Vietnamese cross the border gates every day to Cambodia or travel to Hong Kong or Macau to gamble. This leads to the foreign currency bleeding. Why don’t we use the earnings from casinos for useful purposes, such as relief works?” Tuyen said.

“Financial institutions and commercial banks have agreed to provide loans. We are awaiting the government’s decree,” Tuyen said. “We think we would set up a casino in Van Don and another at a marina on Tuan Chau”.

On August 14, Vietnamese Minister of Finance Dinh Tien Dung presented a draft decree on casino management before the National Assembly’s standing committee. National Assembly deputies, when discussing the draft, said it “would be better not to prohibit Vietnamese to go to casinos” as this would keep foreign currency in the country.

They have suggested that the Vietnam government should allow to set up a casino admissible to Vietnamese in the Van Don Economic Zone.

However, Prof Dr. Nguyen Mai, former Deputy Minister of Planning and Investment, now Chair of the Foreign Invested Enterprises’ Association, said that he “frankly does not believe Vietnamese investors are financially capable enough to develop such a big project.”

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