Vietnam Approves Trial Period and Edges Closer to Casino Regulation
The Vietnamese government issued the first-ever gambling permission by approving a Decree aimed to regulate casino activities for locals after spending nearly a decade in reviewing and polishing regulations regarding gambling businesses.
History in the Making
Vietnam made a firm step towards regulating the casino business by launching a pilot program which will allow Vietnamese residents to place bets in land-based casinos from the moment the first Vietnamese casino successfully obtains a license.
Vietnamese casinos were thus far open for business strictly for foreign players and overseas Vietnamese, whereas the Decree which becomes effective in full starting from 15 March 2017 will allow locals to place bets as well.
Not all residents will be able to visit the casinos however as the Decree stipulates that all players must be older than 21 and that they must have regular monthly income starting at $454.
Business Expected to Bloom
Regulations and conditions stipulated by the Decree must be met by casinos as well. Operators who wish to be included in the pilot project need to have the investment capital of at least $2 billion, among other requirements.
After the three-year period is completed, the Vietnamese government will review the Decree and make its verdict on whether the project had been successful. Ultimately, Vietnam law makers will then decide whether to extend the period.
The newly-proposed actions will have a big effect on casino businesses in Vietnam who are expecting an influx of foreign investments into the casino business.
Foreign companies, including Las Vegas Sands are reported to have already expressed their interest in investing in Vietnam.
There are less than 10 casino resorts currently operating in Vietnam and the latest government’s decisions are likely to impact the introduction of new ones. What is more, the government itself made firm steps towards the expansion of casino industry by allowing the development of two casino projects in the country.