The Ministry of Finance’s Department of Banking and Financial Institutions has been given the authority to grant business licences for casino and gaming services.
This was announced under a newly-issued circular concerning the implementation of Decree 03/2017/NĐ-CP on casino and gambling business.
Although the decree has taken effect since March this year, the ministry had so far not issued the circular on implementing the regulations.
According to the decree, eligible investors wishing to invest and operate in services, tourism and entertainment businesses with casinos must invest a minimum capital of US$2 billion and submit plans to manage the negative impacts of casino operations.
Such enterprises can provide a casino in only one location and this must be separate from other business areas of entertainment.
Currently, casinos in Viet Nam only allow foreigners, such as Do Son Casino in Hai Phong, Ho Tram Casino in Vung Tau, Casino Aristo International in Lao Cai and Silver Shore Casino in Da Nang, in addition to Casino Royal Quang Ninh, and projects Casino Hoi An, Casino Van Don, and Casino Phu Quoc.
According to experts, easing regulations for the casino business will help prevent flyout of capital by Vietnamese who visit casinos in neighbouring countries such as Cambodia and Macao, help manage better the social order in the sensitive entertainment area in Viet Nam and attract foreign tourists.
Furthermore, Viet Nam hopes to further integrate regionally and internationally, attract billions of dollars of foreign investment to sustain growth and make tourism a key sector to further development.
However, Viet Nam will face challenges in managing smuggling, illegal transportation of foreign currency, gold and silver, as well as precious stones and metals, money laundering, high-tech crime and terrorist financing.
CBR Investment AG