The Finance Ministry has asked for a two-year extension of the pilot scheme that allows Vietnamese citizens to gamble at Phu Quoc Island’s Corona Resort and Casino.
The extension will allow “economically-qualified” locals to gamble at the casino till the end of 2024.
The Politburo, the Party's premier decision-making body, in 2016 approved in principle for the Corona Resort and Casino in Phu Quoc and a casino in Quang Ninh province's Van Don Economic Zone to receive Vietnamese players. But the pilot scheme has been deployed at the Phu Quoc casino only as Van Don casino investments remain an idea.
The ministry argues in its proposal that the scheme has proved to be a sound one that meets the needs of a group of citizens and helps increase state budget revenues, while doing no harm to public security and order.
The ministry started considering extending the time period for the scheme on the basis that pandemic-related disruptions to domestic and international tourism had made it hard to assess its merits.
That Corona Resort and Casino served 240,560 customers between 2019 and 2021, 65% of them Vietnamese, according to a ministry report.
The facility, invested in by Phu Quoc Tourism Development and Investment JSC, incurred a loss of VND2.76 trillion ($121 million) from its debut early 2019 to September 2021.
Located in the prime location of Phu Quoc, called “Pearl Island”, the complex houses nearly 2,000 five-star hotel rooms, world-class restaurants, an 18-hole golf course, the VinWonders park, and the country’s most modern casino.
The Vietnamese government had licensed eight casino projects before its Decree 03/2017 on casino business came into force in 2017.
These were: the Do Son Resort & Casino in Haiphong; Lilai International Hotel, Royal Casino and Hong Van Casino Hotel in Quang Ninh Province; Aristo International Hotel in Lao Cai Province; Crowne International Casino at the Silver Shores International Resort in Da Nang City; The Grand Ho Tram Resort & Casino in Ba Ria-Vung Tau; and the Nam Hoi An Casino Resort in Quang Nam Province.
The Politburo has also green-lighted four other casino projects in the provinces of Thua Thien-Hue, Khanh Hoa, Quang Ninh (Van Don Island) and Kien Giang (Phu Quoc Island).