The Vietnamese government is considering building a $2.2 billion casino resort in Van Don Special Economic Zone
Vietnam is considering building an integrated resort casino worth nearly $2.2 billion in the Van Don Special Economic Zone in Quang Ninh province in the northeast of the country.
Vietnam's Ministry of Planning and Investment submitted a report to Prime Minister Pham Minh Chinh this week asking for approval of a VND51.55 trillion ($2.18 billion) project that includes casinos and resorts. The project targets Van Yen Village in the Special Economic Zone.
Special Economic Zones in Vietnam are enclosed areas established to attract investment and promote socio-economic development to better fund defense and security projects.
Vietnamese government officials at the Ministry of Planning and Investment estimate that Van Don’s integrated resort and casino complex will employ 6,000 people and generate VND8.16 trillion ($336 million) in annual revenue for the state government. The ministry's proposal did not include specific details of what the resort might involve.
Vietnam Casino
Legal casinos have existed in Vietnam for decades, but venues were restricted to foreigners only. In an effort to crack down on underground gambling networks, Vietnamese lawmakers approved two casinos for residents in 2017.
Vietnam residents can also participate in the national lottery and legal sports betting. Local players must be 21 years or older and can bet up to VND1 million ($42) per day.
The first casino for locals, Corona Resort & Casino, opened in 2019 in Phu Quoc City, Kien Giang Province, southern Vietnam. The casino has approximately 1,000 slot machines and 100 gaming tables.
Foreigners can enter and are entitled to compete in the competition if they prove a monthly income of at least VND10 million ($412) or more. The daily entrance fee is VND 1 million and a monthly pass is VND 25 million.
Corona Casino Resort is owned by Vietnamese conglomerate Vingroup Company and operated by Dutch-based Upfinnity Gaming Management.
The Ministry of Planning and Investment believes that the second and final local casino should be built in northeastern Vietnam. If the Prime Minister approves the plans, construction will begin next year and the resort will be open in 2032, according to the Department of Planning and Investment.
Despite international warnings and proceed
Since Vietnam legalized casinos, international officials have expressed concerns about the country's lack of adequate anti-money laundering protections. Although Vietnam introduced an anti-money laundering law in March 2023 requiring large-value transactions to be reported to the government, the United Nations Office on Drugs and Crime wrote in a September policy report that “the transnational landscape of organized crime in Southeast Asia Asia has developed rapidly in recent years.”
The latest mutual evaluation report of the Vietnam Financial Action Task Force shows that existing regulatory and enforcement mechanisms related to casinos and special economic zones are insufficient to deal with the increase in risks related to money laundering in the casino industry. ” The U.N. report goes into more detail.
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Source: www.casino.org
