Global investors keeping watch
After Japan, Vietnam could be one of the next big gaming destinations as the country opens up to locals gambling.
The government has approved a three-year pilot program that will test the viability of locals gambling in the Southeast Asian country in Special Economic Zones (SEZ). The trial, reportedly at three casinos in special economic zones could do much to recapture the estimated $800 million lost by Vietnamese gamblers at casinos in Cambodia, Singapore and Macau.
Vietnam Net News reports the SEZs will be located in Phu Quoc in Kien Giang, Bac Van Phong in Khanh Hoa and Van Don in Quang Ninh. The casinos in the three SEZs are expected to enjoy big tax incentives, the news outlet reported, including a “preferential” 10 percent tax rate that will help attract tourists and investments.
“International practice shows that casinos can bring significant sources of revenue to the countries which develop casinos,” said Minister of Planning and Investment Nguyen Chi Dung. “The late Singaporean PM Lee Kuan Yew said he made two mistakes in his political life and one of them was the disagreement on the opening of casinos. However, Singapore later changed this view.”
