The Vietnam Association of Foreign Invested Enterprises (VAFIE) has suggested the development of casino services as a means of economic recovery, in a document submitted to the Government.
The Vietnam Association of Foreign Invested Enterprises (VAFIE) has suggested the development of casino services as a means of economic recovery (Photo: riverscasino.com)
Casino tables and gaming machines are currently in operation at 43 hotels and resorts around Vietnam, with the size of the market doubling since a legal framework on casino operations was issued.
The casino sector, however, has yet to meet its socioeconomic potential, according to VAFIE President Nguyen Mai.
In the eyes of investors, Vietnam boasts huge potential in casinos given its population of nearly 100 million and rising incomes.
Vietnamese people spend some 3 billion USD a year on lotteries and 1 billion USD on gambling overseas. The country also attracts millions of tourists each year, and many would like the opportunity to gamble at casinos.
The Government issued Decree No 03/2017/ND-CP in 2017 on the casino business, which stipulates that Vietnamese citizens earning a monthly income of at least 10 million VND (440 USD) would be eligible to gamble at a casino.
The regulation, however, creates hassles for many domestic tourists as few remember to bring documents proving their income. Combined with high taxes imposed on the casino business, the relatively small number of eligible gamblers is an issue for many investors.
VAFIE has put forward the establishment of a national council on the field, which would be under the auspices of a Deputy Prime Minister. The council will be tasked with counselling the Prime Minister on institutions, policies, legislation, and the management of casinos and similar gaming.
It would also review and grant permission to suitable investment projects and keep a close watch on their operations to mitigate any social evils./.VNA
The VN Association of Foreign Investment Enterprises (VAFIE) has proposed the Government to encourage the development of casino businesses and gambling activities in hotels and resorts to attract more foreign tourists.
Prime Minister Nguyen Xuan Phuc has approved Van Don District in the northern province of Quang Ninh as a multisectoral sea economic zone and entertainment hub that will include a casino.