Hanoi (VNS/VNA) - The Ministry of Finance has submitted a proposal to the Prime Minister seeking approval for an investment policy for a luxury tourism and services complex — known as Van Don casino project — in the northeastern province of Quang Ninh.
The casino, set to be built in Van Yen commune, Van Don district, will have a total investment of over 2 billion USD and a planned land area of approximately 244 hectares.
The project will have a maximum operational period of 70 years and a construction timeline not exceeding nine years from the date of land allocation.
The casino project is designed as a high-end resort and entertainment complex with gaming, aiming to host international events and become a leading regional and global destination. Its core objective is to operate a casino and provide related services in compliance with Vietnamese legal regulations.
Notably, the ministry has proposed that the Prime Minister approve a pilot scheme allowing Vietnamese citizens to participate in casino gaming at the venue, subject to strict compliance with existing laws and the directives of the Politburo.
The ministry also recommended that the Quang Ninh provincial People’s Committee be authorised to select a suitable investor in accordance with regulations on investment, land use, bidding and other relevant laws. Under the recently approved administrative reorganisation plan, Van Don has been designated as one of 13 provincial-level special administrative units across the country.
According to documents submitted to the State Appraisal Council, the total investment capital for the project is 51.5 trillion VND (equivalent to 2.16 billion USD). Of this, 7.7 trillion VND will be contributed by the investor, with the remainder financed through bank loans.
The project is divided into three phases: phase one (2023–27) with an estimated investment of 25.1 trillion VND, phase two (2027–31) with 22.08 trillion VND and phase three (2031–32) with 4.3 trillion VND.
The Quang Ninh authorities believe the project will serve as a powerful driver of growth for the Van Don special administrative zone, enhancing its competitiveness, improving the investment climate, generating employment and increasing State budget revenues.
Over its 70-year lifespan, the Van Don casino complex is expected to contribute approximately 228.928 trillion VND (equivalent to 9.67 billion USD) to the budget, including 134.3 trillion VND in corporate income tax and 94.5 trillion VND in value-added tax./.
Ministry seeks to extend allowing Vietnamese people to gamble at Phu Quoc casino
As a three-year pilot programme allowing Vietnamese people to gamble at a casino on Phu Quoc Island in the southern province of Kien Giang is set to finish by the end of this year, the Ministry of Finance has asked for a two-year extension due to the COVID-19 pandemic badly affecting the casino business over the last two years.
