Vietnam's only casino allowed to let in Vietnamese players incurs big loss
Corona Resort & Casino is Vietnam's most modern casino. Photo courtesy of the casino.
Vietnam’s casino that allows Vietnamese citizens to gamble on a trial basis for the first time in Phu Quoc island has incurred hundreds of US dollars of loss amid the Covid-19 pandemic.
Latest figures show Corona Resort & Casino, invested by Phu Quoc Tourism Development and Investment Joint Stock Company, incurred a loss of VND2.76 trillion ($121 million) from its debut in early 2019 to September 2021.
Located in the most prime location of Phu Quoc, called “Pearl Island”, the complex boasts nearly 2,000 5-star hotel rooms, world-class restaurants, 18-hole golf courses, VinWonders park and the country’s most modern casino.
Revenue of the Corona casino business in the first nine months of 2019 was more than $49.5 million, down 29% year-on-year and down 26% compared with the same period of 2019. Its total payment to the state budget, including fees collected from ticket sales for Vietnamese people, was $72.3 million. Of this, total proceeds from ticket sales to Vietnamese people was $5.7 million.
From its debut to September 2021, the total number of visitors to the casino is 240,560, of whom 156,533 were Vietnamese citizens or 65% while the remaining was foreigners.
In the first nine months of 2021, the number of arrivals was down 27% year-on-year and down 45% against the same period of 2019 due to the pandemic.
According to the Ministry of Finance, revenue and tax payment of the Corona casino business in Phu Quoc were the highest among casino businesses across the country thanks to the entry of Vietnamese people, followed by The Grand Ho Tram Resort & Casino in Baria-Vungtau province and the Crowne International Casino in Silver Shores International Resort in Da Nang City.
However, the casino has not yet attracted many high-end players. Among its Vietnamese players, most are small players and there are no players with monthly tickets.
In its report lodged with the Prime Minister for submission to the Polibureau, the Ministry of Finance said allowing Vietnamese citizens to play at the casino in Phu Quoc is a rational policy, meeting people’s entertainment needs. “The pilot implementation has not negatively impacted on social security, order and safety.”
“However, the pandemic has crippled the casino business, so the pilot scheme on allowing Vietnamese to play needs to be extended to assess it comprehensively and completely.”
The government had licensed eight casino projects before its Decree 03/2017 on casino business came into force in 2017. These include Do Son Resort & Casino in Haiphong; Lilai International Hotel, Royal Casino, Hong Van Casino Hotel in Quang Ninh Province; Aristo International Hotel in Lao Cai Province; Crowne International Casino in Silver Shores International Resort in Da Nang City; The Grand Ho Tram Resort & Casino in Baria-Vungtau; and the Nam Hoi An Casino Resort in Quang Nam Province.
The Polibureau has also green-lighted four other casino projects in Thua Thien-Hue province, Khanh Hoa province, Van Don island district in Quang Ninh province and Phu Quoc city in Kien Giang province.
The Covid-19 pandemic has rattled all the casino businesses in Vietnam. Photo courtesy of the Corona Resort & Casino.
According to the Ministry of Finance, in the period 2017-2019, casino business grew over the years, with an average annual revenue of about $74.5 million and an average tax payment to the state coffers of about $37.6 million.
Specifically, revenue from the country’s casino services in 2018 and 2019 increased by 134 percent and 165 percent respectively year-on-year. Correspondingly, the revenue and tax payment rose by 139 percent and 163 percent.
However, from 2020 to now, casino business has sharply decreased as some companies have had to temporarily suspend their services due to social distancing and travel restrictions amid the pandemic.
In 2020, casino revenue dropped sharply to $75.8 million, a decrease of 28% year-on-year, due to the pandemic. The tax paymemt plunged 48% to only $30.6 million.
In the first half of 2021, revenue from casino business of the eight licensed enterprises reached $59.6 million, up 58% year-on-year. Tax paymenmt to the state budget reached $30.5 million, up 90% as Nam Hoi An Casino Resort came into operation from the end of June 2020. However, these numbers are low compared to the time when there was no Covid-19.
Royal International Corp, which operates Royal Casino Halong and is the country’s only listed casino company, incurred losses for nine consecutive quarters.
In the fourth quarter of 2021, this company made a loss of nearly $1.2 million, bringing its accumulative loss as of December 2021 to $17.8 million. This means its accumulative loss is equivalent to 58 percent of its ownership, according to the Ministry of Finance.
- Read More
Intel to continue expanding investment in Vietnam: exec
U.S. chipmaker Intel will continue expanding investment, supporting workforce training, and helping develop Vietnam’s semiconductor ecosystem as the country refines investment support mechanisms to retain large-scale high-tech projects, said its executives.
Industries - Fri, May 8, 2026 | 7:48 pm GMT+7
Vingroup’s VinMetal partners with Primetals for green steel complex in central Vietnam
Vingroup’s subsidiary VinMetal has signed a strategic cooperation agreement with global steel giant Primetals Technologies to develop a large-scale integrated steel complex in central Vietnam.
Industries - Fri, May 8, 2026 | 4:25 pm GMT+7
Hanoi pushes Sumitomo, BRG to accelerate $4.2 bln smart city project
Hanoi authorities have asked Japan’s Sumitomo and local conglomerate BRG Group to quicken the progress of the North Hanoi Smart City project as soon as legal procedures are finalized.
Real Estate - Fri, May 8, 2026 | 3:31 pm GMT+7
Moody's Ratings upgrades MBBank's deposit ratings to Ba2 from Ba3, outlook stable
Moody’s Ratings (Moody’s) has announced an upgrade of the local currency and foreign currency long-term deposit and issuer ratings for Military Commercial Joint Stock Bank (MB, HoSE: MBB) from Ba3 to Ba2, aligning with Vietnam’s sovereign rating (Ba2 positive). The outlook remains "Stable."
Banking - Fri, May 8, 2026 | 3:00 pm GMT+7
Vietnam welcomes leading Indian groups to expand energy, infrastructure cooperation: top leader
Vietnam is ready to create favorable conditions for capable Indian corporations and businesses to expand investment and operations in the country in line with its laws, while ensuring transparency and balanced interests among stakeholders, said Vietnam’s Party chief and President To Lam.
Economy - Fri, May 8, 2026 | 1:59 pm GMT+7
Vietnam airport operator ACV records slows disbursement for Long Thanh mega-airport project
Airports Corporation of Vietnam's (ACV) slow disbursement for the Long Thanh International Airport project, located in the southern province of Dong Nai, highlights implementation bottlenecks despite the company's strong profitability in Q1/2026 and substantial cash reserves for the country's largest aviation infrastructure project.
Companies - Fri, May 8, 2026 | 1:41 pm GMT+7
Vietnam property developers shift to asset-holding strategy for stable cash flow
Vietnamese property developers are increasingly shifting away from the traditional build-to-sell model and focusing instead on accumulating long-term assets capable of generating stable recurring income, as the industry adapts to lessons learned from the market downturn of 2022-2023.
Real Estate - Fri, May 8, 2026 | 12:07 pm GMT+7
Vietnamese, Indian firms exchange 27 agreements on aviation, tourism, logistics, technology
Vietnamese and Indian firms on Thursday exchanged 27 cooperation agreements aimed at boosting trade, investment, tourism and training between the two countries, thereby making bilateral partnership deeper, more practical and effective.
Economy - Fri, May 8, 2026 | 11:13 am GMT+7
MBBank ranks among Vietnam's leading lenders for SME working capital in key industries
Military Bank (MB) has emerged as one of Vietnam’s leading providers of working capital financing for small and medium-sized enterprises (SMEs) operating in key economic sectors, according to National Credit Information Center (CIC) data.
Banking - Fri, May 8, 2026 | 8:56 am GMT+7
Hanoi eyes massive replanning of Red River corridor, relocation of riverside communities
Hanoi plans to gradually relocate and reorganize all residential areas outside the Red River dike system as part of an ambitious urban redevelopment strategy aimed at transforming both banks of the river into a new economic and cultural corridor for the capital.
Economy - Thu, May 7, 2026 | 5:04 pm GMT+7
Thaco, VinFast, TC Group urge Vietnam gov't to keep auto sector under conditional business rules
Vietnam’s three major domestic automotive corporations - Thaco, VinFast and TC Group - have urged the government to maintain automobile manufacturing, assembly and import activities within the list of “conditional business sectors,” warning that deregulation could weaken the country’s long-term industrial strategy and expose local producers to unfair competition.
Economy - Thu, May 7, 2026 | 4:09 pm GMT+7
Prudential Vietnam remits $194 mln in retained earnings to parent company
Prudential Vietnam transferred over VND5.1 trillion ($194 million) in retained earnings to its parent company, Prudential Corporation Holdings, earlier this year, according to disclosures in its 2025 financial statements.
Finance - Thu, May 7, 2026 | 3:33 pm GMT+7
$120 mln export ambition: What drives Vietnam’s home appliance giant Sunhouse to strengthen position in global supply chain?
The prominent presence of Sunhouse, Vietnam’s leading home appliance brand, at the 139th Canton Fair reinforces its strategic direction to become a key manufacturing partner in the global supply chain.
Companies - Thu, May 7, 2026 | 2:10 pm GMT+7
Vietnam makes 'huge difference' in terms of accessibility criteria: FTSE Russell exec
Vietnam has made “significant progress in meeting the requirements” over the past two years for an upgrade from frontier market to secondary emerging market status, said Wanming Du, FTSE Russell's Asia-Pacific director of index policy.
Finance - Thu, May 7, 2026 | 11:54 am GMT+7
Taiwan's electronics major Lite-On to pump additional $149 mln into Vietnam arms
Taiwanese electronics maker Lite-On Technology plans to inject an additional $149 million into its wholly owned subsidiaries in Vietnam, as part of efforts to expand production capacity and strengthen its manufacturing footprint.
Industries - Thu, May 7, 2026 | 8:00 am GMT+7
FedEx forms strategic tie-up with Viettel Post in push for Vietnam expansion
FedEx Express and Viettel Post, an arm of Vietnam's military-run telecom giant Viettel, have announced a strategic partnership with a view to strengthening nationwide delivery capabilities and enhance cross-border logistics connectivity.
Companies - Wed, May 6, 2026 | 5:16 pm GMT+7
