Van Don Vietnam Awaits Approval for $2.2 Billion

Vietnam is on the brink of developing a $2.2 billion integrated resort and casino in Van Don, a plan that’s currently under consideration by Prime Minister Pham Minh Chinh. This grand project is envisioned for Van Yen village, covering a vast 245 hectares in the Quang Ninh Province.

The Ministry of Planning and Investment, in collaboration with the Quang Ninh People’s Committee, is spearheading this ambitious initiative. If approved, the project is expected to reach completion by the third quarter of 2032, as reported by eTurbo News. This development, first proposed by the provincial authority in late 2018, is part of Vietnam’s larger aim to integrate coastal resorts with casino operations. According to the Ministry of Finance’s guidelines, only projects with an investment capital of at least $2 billion are eligible for a gaming license.

The proposed complex is set to be one of only two casinos in Vietnam that can serve local citizens, a policy in effect since 2016. The government’s approval process includes initiating the bidding by the end of 2023, a timeline confirmed by the Quang Ninh People’s Committee in July.

Projected to be a lucrative endeavor, the Ministry of Planning and Investment anticipates the resort will generate an annual after-tax profit of VND8.16 trillion ($336 million). The project is expected to break even after 32.8 years and contribute VND228,000 billion ($9.4 million) to the state budget over 70 years. Additionally, it promises to create around 6,000 jobs.

However, the plan is not without its challenges. Concerns about money laundering in Vietnam’s casino sector have been raised by international bodies. Despite the implementation of an anti-money laundering law in March 2023, the United Nations Office on Drugs and Crime has expressed doubts about the effectiveness of Vietnam’s regulatory and enforcement measures in combating transnational organized crime.

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Despite these concerns, the Ministry of Planning and Investment remains confident about the project’s socio-economic benefits for the region. If approved by Prime Minister Pham Minh Chinh, construction could begin next year, with the resort potentially opening its doors to guests by 2032.

Van Don, A Pristine Destination

Van Don District in Vietnam, nestled in the Quang Ninh Province, is celebrated not only for its historical significance as an ancient commercial port but also for its proximity to the majestic Halong Bay, a UNESCO World Heritage Site. This area played a crucial role in regional trade with Southeast Asia and beyond in ancient times.

Today, Van Don captivates visitors with its breathtaking landscapes, comprising lush forests, towering mountains, and pristine beaches, making it an ideal spot for eco-tourism. The district also hosts the Van Don International Airport, enhancing its accessibility as a prime gateway to Northern Vietnam. Its closeness to Halong Bay, known for its emerald waters and thousands of towering limestone islands topped with rainforests, adds to its appeal.

The combination of rich history, natural beauty, and proximity to one of Vietnam’s most iconic landmarks makes Van Don a unique and enchanting destination for travelers and those seeking entertainment and casinos.

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