Ministry of Finance issues decree for Vietnam casinos

Vietnam’s casinos will soon be required to adopt new measures that ensure all transactions and winnings are properly recorded and stored for security and tax collection purposes, local media reports.

The Ministry of Finance Decree No. 3 is set to take effect on February 12, 2018, with the aim of ensuring that casinos are run properly and winnings are recorded for tax collection purposes.

The decree also puts forth regulations related to the management of money, conventional currency and organization.

It also states that businesses are only allowed to exchange and return conventional currency at the cashier for players before they start playing. All transactions related to domestic, foreign and conventional currency must also be monitored by computer software, with the data collected put into revenue summaries.

The MoF has also instructed the use of specialized containers to hold cash, which would be sealed immediately after being removed from the game tables and before being taken out of their vault.

The decree also states that casino businesses shall declare and pay taxes in accordance to the Law on Tax Administration, the Law on Value Added Tax, and the Law on Special Consumption Tax, the Law on Corporate Income Tax.

More news from this jurisdiction

Vietnam, CambodiaThursday, Feb 08, 2018

Transport officials from Vietnam and Cambodia are looking to build a railway connecting Ho Chi Minh City with Bavet City, linking Vietnamese outbound travellers to the Cambodian casino hub.

VietnamWednesday, Jan 03, 2018

Prime Minister Nguyen Xuan Phuc has agreed in principal to allow a casino to be added to the Laguna Lang Co. resort in central Vietnam, with a likely 2021 opening date, local media reports.

VietnamFriday, Dec 15, 2017

The Ho Tram Project Company said it had begun construction work on the next phase of the $4.2 billion Grand Ho Tram IR project in Vietnam, breaking ground for the Kahuna Ho Tram Strip Condotel and Villa Development.

VietnamThursday, Nov 23, 2017

Suncity Group Holdings has received shareholder approval for its acquisition of a 34 percent stake in the US$4 billion integrated resort project located in Hoi An, Vietnam.

VietnamThursday, Nov 02, 2017

Suncity Group Holdings on Wednesday confirmed its plans to acquire a 34 percent stake in a US$4 billion integrated resort project located in Hoi An, Vietnam.

VietnamWednesday, Oct 11, 2017

The chief executive officer of state-owned lottery company, Vietnam Lottery Co. Ltd. (Vietlott) resigned earlier this month, according to an announcement from the Ministry of Finance.

VietnamMonday, Sep 25, 2017

Suncity Group Holdings on Friday announced that it has entered into a Technical Services Agreement with the developer of the integrated resort in the Quang Ninh Province in Vietnam.