Casino integrated projects required at least US$1 billion investment
The new draft Law on Special Administrative-Economic Units stipulated that US$2 billion is the minimum capital requirement to integrate a casino into an investment project.
Consequently, the disbursement progress must be in accordance with the schedule, but not exceed 8 years since the issuance of investment certificate.
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On previous version, strategic investors are allowed to take into account investment capital from other projects in a specific economic zone, providing that the total investment capital of all projects is over VND44 trillion (US$2 billion).
In this version, investors are still allow to add up investment capital from other projects, but not exceed 50% of total investment in casino - integrated project. Consequently, investment capital for this project must be at least US$1 billion.
Additionally, the draft Law also stipulated new requirements on investors' financial capabilities, governance experience. More importantly, investors must commit on transferring modern and friendly technologies, training and develop human resources.
The Ministry of Planning & Investment, which compiles the Law, will add new business lines to the economic zones, instead of just 108 business lines in the previous version. However, investment procedures will be simplified toward transparency.
Last January, the Government Decree No.03, which provides a legal framework for casino businesses took effect.
This was seen as the government's effort to step by step legalize casino businesses and grant permission for locals to play at casinos in a 3-year pilot scheme. Previously, only foreign passport holders were allowed to gamble in the country's 30 casinos and electronic gaming parlors.
Meanwhile, Decree No.03 will allow local Vietnamese citizens who are 21 or older and who have a regular income of at least VND10 million (US$441) per month to access and play at Vietnam-based casinos.
In order to access a casino in Vietnam, Vietnamese players must buy an entrance ticket at the cost of VND1 million (US$44) per 24 consecutive hours, or VND25 million (US$1100) per month. The entire proceeds from ticket sales shall go to the provincial budget where the casino is located.
Recently, Prime Minister Nguyen Xuan Phuc has given permission for Laguna Lang Co in Thua Thien-Hue province to operate a casino, following the decision of the investor Bayan Tree Holdings (Singapore) to raise the project's investment capital to US$2 billion.
In 2016, US$4-billion South Hoi An integrated casino resort located in the central province of Quang Nam started constructions through a collaboration among VinaCapital, Chow Tai Fook Enterprises (Hong Kong) and SunCity Group (Macau). The first phase of the project is expected to be completed by early 2019.
Once completed, it will be the second largest casino in Vietnam after the Grand Ho Tram Strip resort and casino complex located in the southern province of Ba Ria-Vung Tau.
Additionally, there are other 03 billion-dollar casino projects in the pipeline at Van Don, Bac Van Phong and Phu Quoc.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
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