The Hanoitimes – 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.
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.
The MPI has already sent reports to the NA Standing Committee, who will decide if the casinos should be built.
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.
“TuanChauIsland’s King” unveils USD7.5-billion casino project
Dao Hong Tuyen, Chairman of Tuan Chau Group and also named as “Tuan Chau Island’s King” said various partners are keen on cooperating with him on a USD7.5-billion casino project on the island in Quang Ninh Province.
“We plan to implement the project on a marina which is expected for completion this October. The project has received management agencies’ approval,” he said.
He added, “We finished procedures to prove our financial capacity, design and planning of the project over the past two years. We intend to submit these to authorities soon.”
Tuyen also revealed plans, with partners, to open another casino in Van Don Island District, saying that Singapore is a good model for development of the tourism trade.
“Casinos are necessary for Vietnamese people and the management for this service is simple. Any Vietnamese person who wants to go to a casino would have to pay USD200,” he said.
Currently, more than 80% of Vietnamese people who go to Cambodia, Hong Kong and Macau gambled at casinos, “This is a drain on the Vietnamese economy. Why not take advantage of these revenues?” he said.
By Nguyen Ngan
Đăng ký: VietNam News
