GGRAsia – Vietnam eases capital rules on large casino schemes: report

Vietnam eases capital rules on large casino schemes: report

Sep 03, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

The Vietnam government is reportedly planning to ease the conditions for investment in major casino projects – the sort of schemes that in theory might be eligible to take part in a pilot scheme allowing economically-qualified locals to gamble.

The minimum capital commitment of US$2 billion – mentioned in media articles back in 2017 following a relevant government decree – remains in place, according to a new report from the VnExpress news outlet. But investors will be entitled to apply for an investment registration certificate – an essential step in the local process – after making a 50 percent disbursement of the capital cost, i.e., US$1 billion.

Importantly, capital investment in other projects in special administrative economic zones (SAEZs) – or infrastructure projects linked to such zones – will be taken into account when calculating the minimum capital an investor must disburse in a large-scale casino project, according to VnExpress.

The news platform added – citing the country’s Ministry of Finance – that the idea was to “help resolve difficulties for investors, and attract investment into casino and infrastructure projects connected to SAEZs, especially Van Don, a locality deemed to have underdeveloped infrastructure”.

Van Don is a rural district of Quang Ninh province in northeast Vietnam. Sun Group – described as one of the country’s biggest real estate firms – is reportedly developing a casino resort in Van Don.

Corona Resort and Casino, on Phu Quoc island, close to Vietnam’s border with Cambodia, opened in January with permission for economically-qualified Vietnamese to use the gaming facilities.