VietNamNet Bridge – Amid the information that foreign investors ask Vietnam to allow Vietnamese people to go to casinos, or they would not pour capital into Vietnam, Minister of Planning and Investment Bui Quang Vinh has affirmed that this will not be the subject to haggle about.
Casino question: Should Vietnam try to “gamble?”
Casinos: government keeps cautious, investors get impatient
Casino question: Should Vietnam try to “gamble?”
While economists and sociologists call on the government to say “no” to casino projects, government officials seem to think the other way. The moves taken recently by high ranking officials show that Vietnam is considering accepting the projects, if it can set up reasonable management policies.
In early March 2012, Minister of Finance Vuong Dinh Hue paid a working visit to Singapore. One of the main goals of the trip was learning Singaporean experience in organizing sports betting, lotteries and prize games.
The Wall Street Journal has commented that the event shows a more open viewpoint of the government of Vietnam on the betting and prize games. Vietnamese officials now share the same thought that the existence of a reasonable legal framework over the activities would help minimize the consequences that illegal gambling can bring.
The Wall Street Journal commented that the biggest question now is that how open the casinos in Vietnam will be.
It seems that whether to accept casino projects is not the burning topic for nowadays any longer. It is now the time to talk about the openness of the policy.
Minister of Planning and Investment Bui Quang Vinh said on March 16, if Vietnam can set up a reasonable management mechanism allowing to ensure the social security, there is no reason to refuse casino projects. He said that the casinos that attract foreign travelers would help isolated economic zones and the localities with great tourism potentials to develop economies and create jobs.
Vinh has admitted that the biggest problem now is how to prevent Vietnamese people from entering casinos. However, the operational casinos in Vietnam all are being organized well with no Vietnamese player.
When asked about the information that foreign investors would only pour capital into Vietnam if the government of Vietnam opens casino to Vietnamese citizens, Vinh has said that this will not be the matter for negotiations, simply because the current laws do not accept this.
“Only the investors who accept the Vietnamese laws will be able to do business in Vietnam,” he said.
Vinh has affirmed that casino is not the business field that Vietnam encourages investments. “In principle, Vietnam has only accepted to call for the investment in a big scale casino project in Phu Quoc Island,” he said, adding that the other casino projects, which have been suggested by local authorities, still need thorough consideration.
Regarding the casino project tin the Van Don Economic Zone in Quang Ninh, Vinh said that this is a project with great potentials, because it is located in a sea economic zone where special mechanism is applied. If the entertainment complex project with casino can be implemented, this would help promote tourism to the area.
Vinh has emphasized that the project not only comprises of the casino, but also other items, such as high grade hotels and entertainment areas.
Official sources say that the project is being discussed before it is officially submitted to the government and the Communist Party’s Politburo for consideration. However, Vinh has revealed that most of the relevant agencies believe that Vietnam can license the project to be located in an isolated area which is put under a strict control.
Source: VnExpress
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