3 big Vietnam resorts pending casino go-ahead: report

October 18, 2022 Vietnam Emerging Markets Industry Updates

Three major Vietnam coastal resort schemes headlined to have gaming elements have not yet been able to deploy sufficient capital investment to be allowed to run casino operations, according to VietNamnet, citing the country’s Ministry of Finance.

Sunday’s report said that the ministry had clarified that under its guidelines, only projects certified to have investment capital utilised that was equal to or greater than US$2 billion, were to be allowed to operate a gaming licence.

The most prominent of the schemes said to be still awaiting gaming is Van Don, in Quang Ninh province, in the northeast of the country towards the border with China. The main backer is reported to be Sun Group.

The scheme was said to have had total initial investment capital of nearly VND47.482 trillion (just under US$2 billion at current exchange rates), and to cover nearly 2,536 hectares (6,266 acres).

Another scheme earlier reported on by GGRAsia – and which was said to have received a gaming licence in 2018 – is Laguna Lăng Cô beach resort, in Thua Thien Hue province, on the north central coast.

VietNamnet stated in its update, that in 2018 the country’s then-prime minister had approved a pledged investment of VND45.103 trillion.

The news outlet said that “because of Covid-19, the negotiations to choose partners and the establishment of joint ventures with partners,” had been “delayed”.

VietNamnet added: “The accumulated investment capital of phases 1 and 2 is US$260 million, not enough to be eligible to run a casino business” at this stage.

A third resort scheme touted to have a casino is at Cam Ranh in Khanh Hoa province, on the south central coast, where in 2019 the-then prime minister had signed off on a VND46.371-trillion investment.

VietNamnet said that although the project was due to become operational in 2025, as it was “still under construction, the Ministry of Finance still has not granted the certificate on meeting the requirements to run a casino business”.