Vietnam gambling laws might be loosened after the Lottery and Gambling Division submitted a draft, which would allow citizens to gamble at Vietnamese casinos.
Vietnam gambling laws don’t allow for the country’s citizens to enter Vietnamese casinos. However, the strict gambling policy might change after the introduction of a draft decree. Nguyen Huy Dat, deputy director of the Ministry of Finance’s Lottery and Gambling Division told the Vietnam Investment Review that they have high hopes for the current draft, which they worked on for seven years. “We hope that this will be the last draft, already we have seen a lot of revisions before its submission in June,” confirmed the encouraging Vietnam gambling news Dat.
Current Vietnam gambling laws don’t allow citizens to gamble
Currently, only foreigners and Viet Kieu (overseas Vietnamese) are allowed to play at Vietnamese casinos, such as the new, USD 4 billion South Hoi An casino resort. Investors have also hailed the draft, as it would bring many changes to the country’s gambling market. If the draft gets green light from the government, the investment capital of casino resort projects would be decreased to USD 2 million, instead of the current USD 4 million. Without the draft decree, the Vietnamese government would not approve new casino projects
“Casinos are our second biggest revenue maker after the hotel and resort businesses,” said Michael Kelly, chairman of Ho Tram Project Company Limited that owns Ho Tram Strip resort. By the draft decrees approval, Vietnam could collect USD 800 million in tax revenues. Furthermore, the country’s GDP could grow significantly, thanks to potential foreign casino investments.