Vietnam Ministry of Finance requests approval for US$2bn casino complex
The casino complex would be located in the northeastern province of Quảng Ninh.
Vietnam.- The Ministry of Finance has submitted a request for approval for a US$2.16bn integrated resort (IR) with casino. The Vân Đồn casino project would be located on about 244 hectares of land in Vạn Yên Commune, Vân Đồn District, in the northeastern province of Quảng Ninh. Construction would take up to nine years from when land is allocated, and the casino could operate for up to 70 years.
The ministry said the casino would contribute about VND228.928tn (US$9.67bn) to the country’s economy, including corporate income and value-added taxes. Reports suggest it would be a high-end resort and entertainment spot with gaming facilities. The aim would be to host international events and become a major destination.
The ministry has suggested that the prime minister approve a trial programme allowing Vietnamese citizens to gamble at the casino, adhering to laws and guidance from the Politburo. It recommended that the Quảng Ninh Provincial People’s Committee choose a suitable investor who would contribute VND7.7tn (US$297m) of the financing with the remainder to be financed through bank loans.
The project would proceed in three phases: phase one from 2023 to 2027 with an estimated investment of VND25.1tn, phase two from 2027 to 2031, with an estimated investment of VND22.08tn and phase three from 2031 to 2031, with an estimated investment of VND4.3tn.
