Vietnam’s reactivated Van Don casino proposal marks a pivotal moment in the country’s evolving gaming policy, with industry expert Tim Nguyen stating it’s “only a matter of time” before access for local players becomes a permanent feature—at least for selected, well-regulated projects.
In an interview with AGB, Nguyen, Director of Fortuna Investments and a 20-year veteran of the casino industry, called the development a “very encouraging signal” for Vietnam’s maturing gaming landscape.
“This reflects that Vietnam now has a more dynamic and pragmatic government—one that is increasingly open-minded about leveraging integrated resorts as a tool for economic growth,” said Nguyen. “The reactivation of the Van Don project, especially with the likely extension of the locals entry pilot, signals a strong move toward a more commercially viable gaming sector.”
Vietnam’s Ministry of Finance recently re-submitted a proposal to Prime Minister Pham Minh Chinh for the long-delayed Van Don integrated resort. First approved by the Politburo more than a decade ago, the VND51.5 trillion ($2.16 billion) project would be located in Quang Ninh province’s Van Yen commune, near the UNESCO-listed Ha Long Bay.
The large-scale integrated resort—expected to be developed in three phases over nine years—would include luxury accommodations and gaming facilities. A key component of the proposal is the inclusion of Vietnamese nationals under the country’s pilot program allowing limited local access to casinos.
Sun Group likely to lead investment
The Ministry has suggested that the Quang Ninh Provincial People’s Committee be empowered to select the project’s investor. While no final investor has been announced, Sun Group Corporation—Vietnam’s second-largest conglomerate—is reportedly leading the proposal. Of the total investment, VND7.7 trillion ($297 million) would be directly funded by the investor, with the remaining amount financed via bank loans.
Nguyen noted that while attracting foreign investors to a $2 billion casino project remains difficult, Sun Group is uniquely positioned.
“I think Sun Group will possibly take this on. It’s not just about economics—it’s also about politics and their long-term investment strategy in Quang Ninh,” he said. “They already have significant developments in the province, so it aligns with their portfolio.”
Still, Nguyen acknowledged that international investor interest remains cautious amid geopolitical uncertainties. “Look at the Ho Tram project. Its location isn’t ideal, yet a US investor committed billions. So anything is possible. Let’s see.”
Regional competition heating up
As Vietnam weighs its next steps, regional competition is intensifying. Thailand is moving ahead with legislation to legalize integrated resorts, which could transform the regional gaming landscape.
“Vietnam still holds a strong geographic and demographic edge,” Nguyen said. “But without a policy shift to allow regulated local access, it risks being left behind as Thailand, Japan, and the Philippines modernize their gaming industries.”
He added, “The window for competitive positioning is open—but closing fast. If Thailand allows local participation, it would become an instant regional powerhouse.”
Nguyen remains skeptical, however, about Thailand’s proposed model for local access. “I’m concerned that high entrance fees and strict conditions could become major obstacles to the success of Thailand’s casino industry.”
Rethinking Vietnam’s casino model
When asked how Vietnam can define its role in the regional gaming ecosystem, Nguyen emphasized that permitting local access is only part of the solution.
“Allowing locals is necessary but not sufficient,” he said. “Vietnam must define its casino industry by offering controlled but meaningful local access, strategic tourism zones, policy clarity, and a vision that integrates gaming into a broader hospitality and economic development model.”
Currently, Vietnam’s gaming industry consists of a limited number of integrated resorts including Hoiana and the Corona Casino on Phu Quoc, the only property that participated in the now-expired local access trial.
“If Vietnam doesn’t implement these reforms, it risks being squeezed between Thailand’s ambitions and the maturity of markets like Singapore and the Philippines,” Nguyen warned. “There is still a long way to go to catch up with regional leaders like Macau, Singapore, or even the Philippines.”
The proposed Van Don project, with a 70-year operational term and an aggressive three-phase rollout plan, could play a central role in Vietnam’s strategy to strengthen its entertainment and tourism offerings—if it secures regulatory approval and investor backing.
As discussions around local participation and investment mechanisms continue, Nguyen sees Van Don as a potential benchmark for the country’s future gaming policy.
“It’s a test case,” he said. “If Van Don proves successful under a regulated model with local access, it could set the stage for broader reforms and unlock the next phase of Vietnam’s gaming potential.”
