Because of the impact of Covid-19, revenue from casinos and attendance at casinos have declined. All nine casinos reported losses for 2021, according to the Ministry of Finance (MOF).
In preparation for a full reopening of international borders, some Vietnamese provinces are proposing to build brand new casinos in an attempt to lure in new tourists after years of economic uncertainty in the tourism sector.
The Ministry of Finance (MoF) has proposed the Government extend the casino pilot program until 2024 due to the impact of the pandemic and add two casinos in Da Nang City and Khanh Hoa Province to the trial list.
Da Nang and Khanh Hoa have received support for their casino projects, but Binh Thuan has no support from the Ministry of Finance (MOF).
The Government has issued Decree No. 121/2021/ND-CP on business in prize-winning electronic games for foreigners in Vietnam.
The Ministry of Finance’s proposal on reducing conditions for casino investment, if adopted, could ease burdens for financiers as the entertainment sector scrambles for a way out of the pandemic mire
Casinos are considered a ‘sensitive business’ in Vietnam. Though regulations have been loosened, they are still very strict.
Since 2013, the state budget has collected VND1.9 trillion a year from casinos and prize-winning electronic games.
Strong development of the night economy, including prize-winning games businesses, could help Vietnam’s tourism compete with regional peers.
In a document to the government, the Vietnam Association of Foreign Invested Enterprises (VAFIE) suggested developing casino services and prize winning games as a solution to recover the economy after the epidemic ends.
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.