The Vietnam Association of Foreign Invested Enterprises (VAFIE) has suggested the development of casino services as a means of economic recovery (Photo: riverscasino.com)
Hanoi (VNA) - The Vietnam Association ofForeign Invested Enterprises (VAFIE) has suggested the development of casinoservices as a means of economic recovery, in a document submitted to theGovernment.
Casino tables and gaming machines are currently in operationat 43 hotels and resorts around Vietnam, with the size of the market doublingsince a legal framework on casino operations was issued.
The casino sector, however, has yet to meet itssocioeconomic potential, according to VAFIE President Nguyen Mai.
In the eyes of investors, Vietnam boasts hugepotential in casinos given its population of nearly 100 million and rising incomes.
Vietnamese people spend some 3 billion USD a year onlotteries and 1 billion USD on gambling overseas. The country also attractsmillions of tourists each year, and many would like the opportunity to gambleat casinos.
The Government issued Decree No 03/2017/ND-CP in 2017 onthe casino business, which stipulates that Vietnamese citizens earning amonthly income of at least 10 million VND (440 USD) would be eligible to gambleat a casino.
The regulation, however, creates hassles for many domestictourists as few remember to bring documents proving their income. Combined withhigh taxes imposed on the casino business, the relatively small number of eligiblegamblers is an issue for many investors.
VAFIE has put forward the establishment of a nationalcouncil on the field, which would be under the auspices of a Deputy PrimeMinister. The council will be tasked with counselling the Prime Minister on institutions,policies, legislation, and the management of casinos and similar gaming.
It would also review and grant permission to suitable investmentprojects and keep a close watch on their operations to mitigate any socialevils./.
