Vietnam puts new casino licenses on hold
After seven casinos licenses granted in Vietnam in the recent past and six casinos already put into operation, the country’s Ministry of Finance has put the expansion of the gambling sector on hold.
The ministry, which is currently compiling a decree guiding casino operations in Vietnam, last week rejected a proposal from Khanh Hoa province in central Vietnam, which is known for its popular tourist town of Nha Trang, for a property complex containing development of a casino.
The currently operating casinos are in Lao Cai, Hai Phong, Quang Ninh, Da Nang and Vung Tau, with the latter city boasting the largest gambling complexes in the country. Apart from them, 50 other licensed gaming centers are operational in four- and five-star hotels across the country.
In the case of Khanh Hoa, the ministry claimed that any appraisal of new casino projects should wait until the finalisation of the decree guiding casino operations in the country. The decree is still being discussed among government agencies after it was opened for public comments. The compilation of the decree was first assigned to the ministry in 2010.
Among other issues, the question is being discussed who is actually permitted to gamble in Vietnamese casinos. While currently only foreign nationals and Oversea Vietnamese are allowed to play at casinos in the coutnry, in the latest draft, the ministry proposed that Vietnamese residents who are considered to be “financially capable” be allowed entry into casinos.
The draft also stipulates that only investors of a property complex worth $4 billion upwards can include a casino in their proposals.
In early May, authorities of Khanh Hoa made a proposal to the government to build a casino complex on the northern Cam Ranh peninsular. The provincial proposal is based on the projected development plan made by Ho Chi Minh City-based private firm Hung Thinh Real Estate Investment JSC.
Accordingly, the complex will be developed on a 31-hectare site including a five-star hotel and a casino, as well as villas, resorts and a marina. The company announced that it would invest around $16.6 million in this property excluding the casino investment.
The proposed complex is expected to boost the local tourism and attract international tourists so as to compete with other tourism hotspots in the region.
After seven casinos licenses granted in Vietnam in the recent past and six casinos already put into operation, the country’s Ministry of Finance has put the expansion of the gambling sector on hold. The ministry, which is currently compiling a decree guiding casino operations in Vietnam, last week rejected a proposal from Khanh Hoa province in central Vietnam, which is known for its popular tourist town of Nha Trang, for a property complex containing development of a casino. The currently operating casinos are in Lao Cai, Hai Phong, Quang Ninh, Da Nang and Vung Tau, with the latter city boasting...
After seven casinos licenses granted in Vietnam in the recent past and six casinos already put into operation, the country’s Ministry of Finance has put the expansion of the gambling sector on hold.
The ministry, which is currently compiling a decree guiding casino operations in Vietnam, last week rejected a proposal from Khanh Hoa province in central Vietnam, which is known for its popular tourist town of Nha Trang, for a property complex containing development of a casino.
The currently operating casinos are in Lao Cai, Hai Phong, Quang Ninh, Da Nang and Vung Tau, with the latter city boasting the largest gambling complexes in the country. Apart from them, 50 other licensed gaming centers are operational in four- and five-star hotels across the country.
In the case of Khanh Hoa, the ministry claimed that any appraisal of new casino projects should wait until the finalisation of the decree guiding casino operations in the country. The decree is still being discussed among government agencies after it was opened for public comments. The compilation of the decree was first assigned to the ministry in 2010.
Among other issues, the question is being discussed who is actually permitted to gamble in Vietnamese casinos. While currently only foreign nationals and Oversea Vietnamese are allowed to play at casinos in the coutnry, in the latest draft, the ministry proposed that Vietnamese residents who are considered to be “financially capable” be allowed entry into casinos.
The draft also stipulates that only investors of a property complex worth $4 billion upwards can include a casino in their proposals.
In early May, authorities of Khanh Hoa made a proposal to the government to build a casino complex on the northern Cam Ranh peninsular. The provincial proposal is based on the projected development plan made by Ho Chi Minh City-based private firm Hung Thinh Real Estate Investment JSC.
Accordingly, the complex will be developed on a 31-hectare site including a five-star hotel and a casino, as well as villas, resorts and a marina. The company announced that it would invest around $16.6 million in this property excluding the casino investment.
The proposed complex is expected to boost the local tourism and attract international tourists so as to compete with other tourism hotspots in the region.
