The draft law on casinos in Vietnam has stirred public opinion and the interest of potential investors, leaving many to hang the final decision to be made by the Ministry of Finance.
Casinos may be legalised in Vietnam
Casinos may be legalised in Vietnam
The law would set detailed regulations management and operations of businesses that run casinos and electronic gaming.
The decree will be sent to National Assembly Standing Committee for approval. It would replace Decree 32 issued in March, 2003. It is still unclear whether or not any new law would address the development of the casino industry at large.
Recently, Vu Duc Dam, Chairman of the Government Office told the press that the Government has asked the Ministry of Planning and Investment (MPI) to carry out pilot programmes for casinos in Phu Quoc and in Van Don District, Quang Ninh Province.
The MPI has already sent reports to the NA Standing Committee, who will decide if the casinos should be built.
Dam said the Government is in the process of learning from the experiences of other countries how to manage legal gambling in a socially acceptable way.
Even though a complete legal framework has not been proposed, foreign investors are still showing a lot of interest in the prospects of legal casinos in Vietnam. For example, Los Vegas Sands has been looking into opening casino resorts in both Hanoi and HCM City, which would require an investment of USD6 billion.
The Malaysian corporation, Genting, has also been eyeing a USD4 billion project to build a gambling and entertainment complex in Van Don.
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