Vietnam implements new regulations
A circular enforcing a decree approved in March was released in order to implement new regulations for gaming operations in Vietnam.
Vietnam.- A new guide for the casino industry will start to be enforced as the Ministry of Finance’s Department of Banking and Financial Institutions has released a circular that implements the new regulations announced in the Decree 03/2017/NĐ-CP, issued in March. The ministry has now the authority to grant business licenses to casino and gaming services and has set the parameters for investing in the industry.
The decree not only gives the ministry said authority but also sets a minimum capital of US$2 billion for elegible investors that wish to operate in the country in services, tourism and entertainment businesses. From now on, they will also have to submit plans to manage the negative impacts that casino operations may cause and they will only be allowed to provide a casino in one location, separated from other business areas of entertainment.
Currently, casinos only allow foreigners and that’s why experts assess that an ease in regulations for the business will prevent Vietnamese capital to flee towards Cambodian and Macanese venues. It would also help manage better the social order in the entertainment sector and attract foreign tourism.
With the new regulation, the authorities expect to integrate internationally, attract foreign investors to bolster growth and turn tourism into a key sector to future development.
