VietNamNet Bridge – The government has confirmed it has
received the report from the Ministry of Planning and Investment on the casino
development plan. Meanwhile, the Ministry of Finance (MOF) has completed the
drafting of the decree on the management over the electronic games for prizes
specifically reserved for foreigners.
However, just a little of
information about the decrease has been published on the MOF’s information
portal. A vague conclusion has been made that the requirements on the hotels – service
providers would be heightened. Besides, the ministry would also clearly
stipulate the kinds of products and the business procedures, as well as the
power of the watchdog agencies towards the service providers.
The decree would replace the
Prime Minister’s Decision No. 32 dated on March 27, 2003, while the draft
decree would be submitted by the government to the National Assembly’s Standing
Committee for consideration before it is promulgated.
Since the draft decree has not
been made public yet, no one knows if the draft decree covers the management
over casino, which has always been a very sensitive topic in Vietnam.
The debate about whether to allow
casino development in Vietnam still continues. Some ministries and
organizations advocate the existence of casinos in Vietnam, while others insist
that casinos should not be developed in Vietnam because they would cause big
social problems.
In August 2011, the Prime
Minister released a document, urging MOF to complete the draft decree on the
management over the electronic games for prizes specifically reserved for
foreigners, which does not include the regulations relating to casinos.
Meanwhile, prior to that, the
ministry had built up a draft decree with the regulations covering the casino
management as well.
The draft decree was then
submitted by MOF to the government and made public on the website in 2009 for
public opinions.
In the latest happening, when
answering the questions of the press on the issue, Vu Duc Dam, Minister, Chair
of the government office, said the government has assigned the Ministry of
Planning and Investment to preside the pilot program on Phu Quoc Island. The
ministry has also been assigned to consider the casino project in Van Don
district of Quang Ninh province.
Dam said the government has
confirmed it has received the report from the Ministry of Planning and
Investment on the casino development plan; then it has assigned the standing
committee to consider and analyze the conditions for final decision.
Regarding other types of betting
services, Dam said the government is considering the lessons and experiences of
other countries to find out the most reasonable way which needs to both ensure
the economic development and prevent possible bad social consequences.
Though the legal framework on the
betting and gambling activities has not been built up, a lot of foreign
investors have shown their willing to develop casino services in Vietnam.
Most recently, Las Vegas Sands
has expressed its intention to set up two resort complexes in Hanoi and HCM
City which comprise casinos. The US group intended to inject a huge sum of
capital of six billion dollars in the projects, which is really attractive to
Vietnam.
Malaysian Genting Group, which is
considering investment opportunities in Vietnam, has also thought of developing
a big scale 4 billion dollar entertainment complex with casino in Van Don
district in Quang Ninh province
The foreign investors understand
well that Vietnamese people are not allowed to enter casinos. However, they
still hope that the current regulation would change in the future.
Compiled by Kim Chi
Business & Investment Opportunities
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