47,000 Vietnamese visited casinos last year

Revenue from casino businesses has increased significantly over the last one to two years. However, the casinos that are open to Vietnamese still have reported losses.

The Ministry of Finance (MOF) has released a report on amending some provisions of Decree 03/2017 on the casino business.

47,000 Vietnamese visited casinos last year

Before the decree took effect, the country had eight licensed casinos, of which seven had been operational.

After the decree took effect, three integrated resort projects with casinos were approved by the Prime Minister and they were granted licenses by provincial authorities. These are Laguna Lang Co, Phu Quoc and Cam Ranh Casinos.

MOF reported that the eight businesses had revenue of VND1.19 trillion from casino services in 2017 and paid VND645 billion in tax to the state.

In 2018, the revenue reached VND1.56 trillion, an increase of 31 percent over the year before. The casinos paid nearly VND900 billion to the state, an increase of 39 percent.

Two casinos, Van Don in Quang Ninh and Phu Quoc in Kien Giang province, have got the nod from the Party Politburo to receive Vietnamese people under a pilot program. The casino in Phu Quoc has been open to Vietnamese since January 2019.

In 2019, the figures were VND2.5 trillion and 60 percent, respectively. Casinos paid VND1.34 trillion to the state budget, up by 49 percent.

Two casinos, Van Don in Quang Ninh and Phu Quoc in Kien Giang province, have got the nod from the Party Politburo to receive Vietnamese people under a pilot program. The casino in Phu Quoc has been open to Vietnamese since January 2019.

Over 105,000 people went to Phu Quoc casino in 2019, including 47,400 Vietnamese (45 percent).

The cumulative revenue of Phu Quoc casino was VND1.433 trillion, of which the revenue from taxed casino business was VND1.381 trillion.

 

The 2019 audited finance report of Phu Quoc Tourism Investment and Development JSC showed the loss of VND2.529 trillion from casino and other business activities.

MOF has proposed amending some provisions of the Decree 03 that it finds unreasonable.

The requirement for licensing is that investors have to finish the disbursement of at least 50 percent of total investment capital. The ministry believes that this is unfeasible for casino projects located in areas with incomplete infrastructure.

In this case, investors have to both satisfy the requirements stipulated in Decree 03 and invest in transport infrastructure items. Meanwhile, the investment in transport infrastructure is not counted as investment capital when state management agencies consider the investors’ disbursed capital.

The requirement on the minimum capital of $2 billion for integrated resort projects with casinos will remain unchanged.

MOF has also proposed amending the current regulation that businesses can advertise at casino points only, because the regulation makes it difficult for businesses to introduce their business to international travellers and Vietnamese.

The ministry believes that it would be better to allow businesses to advertise within the locations where the investment projects with casinos are implemented. 

Luong Bang

How much have Vietnam’s casinos earned during Covid-19?

How much have Vietnam’s casinos earned during Covid-19?

Since 2013, the state budget has collected VND1.9 trillion a year from casinos and prize-winning electronic games.

Experts, government officials call for legalizing casinos, betting services in Vietnam

Experts, government officials call for legalizing casinos, betting services in Vietnam

The Vietnamese entertainment market is seen as a gold mine which, if exploited well, could bring billions of dollars to the State each year.

 
 

Other News

.
Vietnam expects to welcome more investors next year
Vietnam expects to welcome more investors next year
BUSINESSicon  13/10/2020 

Vietnam is still regarded by investors as an attractive destination thanks to its stable politics and macro economy, favourable geographical location, and advantages in land and human resources.

Long Thanh Airport project awaits disbursement of funds
Long Thanh Airport project awaits disbursement of funds
FEATUREicon  13/10/2020 

The government’s report to the National Assembly on the implementation of the Long Thanh International Airport project on October 9 shows that little has been done over the last five years.

Experts unhappy with cement exports, but industry says unavoidable
Experts unhappy with cement exports, but industry says unavoidable
BUSINESSicon  12/10/2020 

In the first eight months of the year, cement companies exported more than 23.5 million tonnes of cement and clinker, an increase of 13.7 per cent year-on-year.

Half of local businesses use IFRS
Half of local businesses use IFRS
BUSINESSicon  12/10/2020 

More than half of companies in Vietnam have been adopting international financial reporting standards to meet investors’ expectations and improve their corporate governance, a survey showed.

Party Resolution boosts marine economy and defence
Party Resolution boosts marine economy and defence
BUSINESSicon  12/10/2020 

The sustainable development of the marine economy in association with the consolidation of defence and security is among the important sections of a resolution from the Communist Party of Vietnam

Japanese enterprises want to expand supply chains in Vietnam
Japanese enterprises want to expand supply chains in Vietnam
BUSINESSicon  12/10/2020 

About 15 out of 30 Japanese firms with overseas production bases say they want to expand and diversify their supply sources in Vietnam, according to a survey by the Japan External Trade Organization (JETRO).

The last quarter’s momentum
The last quarter’s momentum
BUSINESSicon  11/10/2020 

If the Covid-19 pandemic will continue to be well put under control as it is now, Vietnam’s GDP growth in the fourth quarter is likely to be higher than the first three quarters.

Positive outlook ahead for economic growth in 2020
Positive outlook ahead for economic growth in 2020
BUSINESSicon  11/10/2020 

There remains plenty of room to accelerate economic growth moving into the fourth quarter of the year, with domestic consumption and investment set to be the key drivers for Vietnam’s growth during the remainder of the year, according to insiders.

Vietnam to develop livestock sector
Vietnam to develop livestock sector
BUSINESSicon  11/10/2020 

PM Nguyen Xuan Phuc has approved a plan to develop the livestock sector for the 2021-2030 period with a view to 2045.

72% of EU businesses plan to expand in Viet Nam
72% of EU businesses plan to expand in Viet Nam
BUSINESSicon  11/10/2020 

A majority of European businesses in Viet Nam expect to increase their operations in the country, the sixth Business Sentiment Survey of the EU-ASEAN Business Council released on Thursday shows.

VN eyes boosting processed meat industry
VN eyes boosting processed meat industry
BUSINESSicon  11/10/2020 

The husbandry industry is hoped to become a modern economic sector industrialised in all stages from production, processing, preservation and...

Vietnam vows to develop eco-friendly chemical industry
Vietnam vows to develop eco-friendly chemical industry
BUSINESSicon  10/10/2020 

Nguyen Van Thanh, director general of the Vietnam Chemical Agency, speaks about some of the strengths and weaknesses in the 2007 Law on Chemicals.

Banks put pedal to the metal in digital transformation
Banks put pedal to the metal in digital transformation
BUSINESSicon  10/10/2020 

The banking industry has been recently abuzz with digital transformation as lenders embark on their journey to become more tech-enabled to keep pace with disruptive technologies.

12 loss-making mega-projects proceed slowly
12 loss-making mega-projects proceed slowly
BUSINESSicon  10/10/2020 

The assets of the 12 loss-making mega-projects under the Ministry of Industry and Trade (MOIT) total VND59.1 trillion, while total accounts payable is VND63.3 trillion.

Vietnamese businesses wait for new rescue package
Vietnamese businesses wait for new rescue package
BUSINESSicon  11/10/2020 

Most enterprises say they are still experiencing a sharp decrease in revenue, cash flow imbalance and decline in confidence.

Equitisation doesn't necessarily mean a better future for SOEs
Equitisation doesn't necessarily mean a better future for SOEs
BUSINESSicon  10/10/2020 

Equitisation should be a magic wand to improve the performance of a State-owned enterprise (SOE), but in some cases, it is not.

VIETNAM'S BUSINESS NEWS HEADLINES OCTOBER 12
VIETNAM'S BUSINESS NEWS HEADLINES OCTOBER 12
BUSINESSicon  12/10/2020 

Vietnam-UK trade relations will change

Banks push bancassurance amid low credit growth
Banks push bancassurance amid low credit growth
BUSINESSicon  09/10/2020 

Banks are pushing the sale of life insurance products (bancassurance) in the context of low credit growth since the beginning of this year due to the impacts of the COVID-19 pandemic.

Sound direction for Vietnam’s chances of economic revival
Sound direction for Vietnam’s chances of economic revival
BUSINESSicon  09/10/2020 

Despite heavy aftermaths caused by the global health crisis, the Vietnamese economy remains in positive growth in the first nine months of the year on the back of the government’s sound responses to curb the pandemic return.

Reforms to cut unwanted administrative processes
Reforms to cut unwanted administrative processes
BUSINESSicon  09/10/2020 

In a bid to boost institutional reforms towards a modern market economy, further abolishing and reducing business regulations to create a bigger space for the private sector to develop will serve as a new driving force 

 
 
 
Leave your comment on an article

OR QUICK LOGIN