IRs in Vietnam: Hoi An South Development to invest US$1bn in Hoiana resort
The investment will be made over the next two years.
Vietnam.- Steven Wolstenholme, the president and CEO of Hoi An South Development has announced that the company plans to invest VND25.4tn (US$1bn) in the Hoiana Resort & Golf integrated resort (IR) in Quang Nam. The investment will be made over the next two years.
Development on Hoiana Resort & Golf began in 2016. The initial phase included the construction of four five-star hotels, a casino, restaurants, and a golf course. After delays due to Covid-19, the resort held its opening in 2021. As of August this year, it has seen half a million visitors, with 80 per cent being international guests.
According to The Investor, the IR contributed VND1tn to provincial revenue in 2022-23 and VND396bn during the first half of 2024, representing 55 per cent of collections from foreign-invested enterprises (FIEs) in Quang Nam. These contributions might grow with the joint Southeast Asian visa initiative, Six Countries, One Destination., which would allow visitors to move freely between Thailand, Cambodia, Laos, Malaysia, Myanmar, and Vietnam with a single visa.
Quang Nam, known for its beaches and cultural heritage, is located 30 kilometres south of Da Nang in central Vietnam and is the only province in the country with two UNESCO World Heritage sites.
See also: Hoiana Resort & Golf appoints Melvyn Boey as CFO
Vietnam government extends trial of casino access for citizens
In August, the Vietnamese government extended the trial period allowing local citizens to gamble at select casinos. The trial period at the Phu Quoc casino, the first and only Vietnamese casino that currently allows locals to enter, has been extended until December 31, 2024. Other casinos will have a three-year trial from the date they receive their Certificate of Eligibility.
The Ministry of Finance, in collaboration with the Ministry of Public Security, the Ministry of Planning and Investment, the Ministry of Culture, Sports and Tourism, the State Bank of Vietnam and local People’s Committees where casinos will be permitted to conduct a review to decide whether to terminate or continue the trial.
Currently, there are nine casinos in Vietnam, six small-scale and three large. In 2023, they contributed VND2,541bn to the state budget and created approximately 8,500 jobs. According to Vietnamnet, the Phu Quoc casino generated cumulative revenue of VND6.4bn from 2019 to 2023, contributing VND3.6bn to the state budget. However, the venue recorded an accumulated loss of VND3.7bn due to high initial depreciation and interest costs.
The casino was visited by 295,943 Vietnamese citizens (62 per cent of all visitors) and 179,507 foreign nationals between 2019 and the end of 2023.
