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Ministry gets authority to grant casino licenses

Vietnam’s Ministry of Finance has been given the authority to grant casino and gaming service licenses in the country, under a newly-issued circular, VietnamNet reports.

Vietnamese casinos were traditionally foreigners-only - however, starting from March this year, a provision was made to allow the entry of locals into certain casinos through a three-year pilot program.

Under Decree 03/2017/NĐ-CP, eligible investors wishing to invest and operate in services, tourism and entertainment businesses with casinos must invest a minimum capital of US$2 billion and submit plans to manage the negative impacts of casino operations.

Last December, Prime Minister Nguyen Xuan Phuc announced two casinos are approved under the pilot scheme, one on Phu Quoc Island, and one in the Van Don Special Economic Zone near the Chinese border.

There is speculation that Ho Tram may also be allowed to be part of the pilot program.

More news from this jurisdiction

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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.

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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.

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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.

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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.

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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.

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Commercial banks will be allowed to trade and provide foreign exchange services related to casinos from October.