Northern Vietnam plans $2.18 bln casino, tourism complex
The Ministry of Planning and Investment has asked Prime Minister Pham Minh Chinh to grant in-principle approval to a $2.18 billion high-end tourism project with a casino in Van Don Economic Zone, Quang Ninh province.
According to the provincial People's Committee's proposal, the project will have a high-end entertainment, resort and tourism complex, with casino, real estate, hotel and resort villa segments. It is expected to cover 245 hectares in Van Yen commune, Van Don district.
A corner of Van Dong island district, Quang Ninh province, northern Vietnam. Photo courtesy of Tuoi tre (Youth) newspaper.
Once operational in the third quarter of 2032, it will be the second project in Vietnam allowed by the Politburo - the Party’s premier decision-making body - to include a casino for Vietnamese citizens on a pilot basis.
In its latest proposal submitted in July 2023, Quang Ninh authorities said they would select an investor for the project by the end of this year if the government gives the nod.
Once the project comes into operation, it is expected to generate an average annual after-tax profit of nearly VND8.16 trillion ($336.53 million), with a capital recovery period of 32.8 years.
This province estimated that during its 70 years of operation, the project will contribute more than VND228 trillion ($9.6 billion) to the local budget and employ 6,000 workers at casinos and hotels.
At present, Corona Resort and Casino in Phuc Quoc island is the only casino in Vietnam to allow Vietnamese players on a pilot basis. Located in a prime location on the “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.
It served 240,560 customers between 2019 and 2021, 65% of them Vietnamese, according to a Finance 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 in early 2019 to September 2021.
The government had licensed eight casino projects before Decree 03/2017 on casino businesses came into force in 2017.
These were the Do Son Resort & Casino in Hai Phong; 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 province; and the Nam Hoi An Casino Resort in Quang Nam province.
Corona Resort and Casino in Phuc Quoc is the only casino project to be licensed since Decree 03/2017 came into effect.
- Related News
- Read More
Exit ban proposed for legal reps of companies in Vietnam with $20,000 tax debts
Vietnam’s Ministry of Finance (MoF) has proposed an exit ban on legal representatives of businesses with tax debts exceeding VND500 million ($19,660) for more than 120 days, starting from 2025.
Finance - Thu, December 26, 2024 | 9:39 pm GMT+7
Carbon market: An opportunity for Vietnam businesses to engage in green economy
Carbon is an intangible commodity, but it is a product with significant value and potential for investment and business opportunities. However, it also presents many challenges for Vietnamese businesses that are not yet fully prepared, said experts at a seminar in Hanoi on December 25.
Southeast Asia - Thu, December 26, 2024 | 9:26 pm GMT+7
Vietnam businesses launch Lunar New Year gifts at affordable prices
In the context of a gradual economic recovery and people tending to tighten spending, a series of affordable Lunar New Year (Tet) gift baskets have been launched by businesses in Vietnam with diverse designs.
Southeast Asia - Thu, December 26, 2024 | 9:22 pm GMT+7
Thai fintech firm plans to complete acquisition of Home Credit Vietnam in early 2025
Thailand’s fintech giant SCB X has announced a plan to complete its acquisition of Home Credit Vietnam Finance Co, the consumer finance arm of Home Credit NV (Home Credit Group), in the first half of 2025, pending regulatory approval.
Southeast Asia - Thu, December 26, 2024 | 9:12 pm GMT+7
Vietnam’s aviation industry soars towards growth
Vietnam’s aviation industry is experiencing a recovery and promising growth opportunities, boosted by falling fuel prices and surging travel demands.
Travel - Thu, December 26, 2024 | 9:10 pm GMT+7
Russia’s major automobile brand AvtoVAZ seeks to enter Vietnam
AvtoVAZ, the biggest automobile producer in Russia, is sending nine automobile models to Vietnam for inspection and licensing, in order to export the cars to Vietnam, Russian Embassy to Vietnam said at press conference on Thursday.
Companies - Thu, December 26, 2024 | 6:12 pm GMT+7
10 outstanding international events in 2024
Vietnam News Agency has selected 10 stand-out international events in 2024
Southeast Asia - Thu, December 26, 2024 | 6:04 pm GMT+7
Thailand’s exports in 2024 poised to hit record high
Thailand’s exports are on track to achieve a historical high of $300 billion this year, up 5.2% year-on-year, according to the Ministry of Commerce.
Southeast Asia - Thu, December 26, 2024 | 5:08 pm GMT+7
S Korea pins high hope on FTA with Philippines
The South Korea-Philippines Free Trade Agreement (FTA), set to take effect next week, will help the former further bolster its trade portfolio and contribute to maintaining a stable supply chain, South Korean Minister of of Trade, Industry and Energy Cheong In-kyo said Thursday.
Southeast Asia - Thu, December 26, 2024 | 4:51 pm GMT+7
Taiwan electronics firm Lite-On to build $690 mln project in Vietnam next quarter
Taiwan-based Lite-On Technology Corporation, a world's leading provider in optoelectronics and power management, is set to begin building the first phase of its $690 million project in Vietnam’s Quang Ninh province in Q1/2025.
Industries - Thu, December 26, 2024 | 4:17 pm GMT+7
Vietnam's F&B sector to see modest recovery in 2025: broker
Vietnam's food and beverage (F&B) sector has seen growth since Q2/2024 - the first signs of recovery, and the sector is expected to see modest recovery in 2025 due to consumer caution, according to leading broker SSI Securities.
Economy - Thu, December 26, 2024 | 4:05 pm GMT+7
Jewelry major SJC appoints acting CEO after six employees subject to investigation
Saigon Jewelry Company Limited (SJC), Vietnam's leading jewelry maker, has appointed deputy CEO Dao Cong Thang as acting CEO, replacing Le Thuy Hang.
Companies - Thu, December 26, 2024 | 2:36 pm GMT+7
Vietnam to slap 97% anti-dumping duty on China’s wind towers
Vietnam’s Ministry of Industry and Trade will apply an anti-dumping duty at 97% for five years against wind towers imported from China.
Economy - Thu, December 26, 2024 | 2:02 pm GMT+7
Vietnam overcomes Bangladesh to become world’s 2nd-biggest apparel exporter
Vietnam’s apparel-textile sector is set to earn an export revenue of $44 billion this year, up 11% year-on-year, and will likely surpass Bangladesh to become the world’s second-biggest exporter in the sector.
Economy - Thu, December 26, 2024 | 11:14 am GMT+7
Vietnam steel heavyweight Hoa Phat opens internal coffee shop
Vietnam's top steel manufacturer Hoa Phat Group on Tuesday opened a coffee shop in its Hanoi office, named H.A.Y.
Companies - Thu, December 26, 2024 | 10:01 am GMT+7
Vietnam's real estate market to perform much better in 2025: Hoa Binh Construction chairman
Vietnam’s leading contractor Hoa Binh Construction Group will see the growth of its construction segment double in 2025, driven by real estate and tourism markets recovery, robust public investment, and increased foreign investment, says chairman Le Viet Hai.
Executive Talk - Thu, December 26, 2024 | 9:38 am GMT+7
