The Vietnam Ministry of Finance is seeking approval from Prime Minister Pham Minh Chinh for an investment policy on a new large-scale casino project in Quảng Ninh province.
Dubbed the Vân Đồn casino project, the luxury tourism and services complex initiative would cost an estimated VNĐ51.5 trillion ($2.16 billion). It is proposed that venue be built in Vạn Yên Commune, Vân Đồn District, according to Viêt Nam News.
The proposal paints a picture of a “high-end resort and entertainment complex.” Its main focus will be to operate a casino and provide related services in line with regional laws in Vietnam.
The ministry also proposed a pilot project allowing Vietnamese citizens to take part in casino gaming. This, however, would need to fit in with existing laws and the directives of the government.
Investor Would Commit VNĐ7.7 Trillion to Casino Project
In the proposal, the ministry recommended Quảng Ninh Provincial People’s Committee take responsibility for selecting an investor. The successful party would then fund 15% of the entire project.
In total, the investor would commit VNĐ7.7 trillion in funding to the initiative. The remaining amount would be financed through bank loans.
It is hoped the project would be complete within nine years from the date of land allocation. This would be split into three phases: one running from 2023 to 2027, then 2027 to 2031 and 2031 to 2032.
Should the project get the green light, the ministry expects it to contribute VNĐ228.928 trillion to the budget during its 70-year lifespan. This includes VNĐ134.3 trillion in corporate income tax and VNĐ94.5 trillion in value-added tax.
