Vietnam Prime Minister to Mull Plans for a $2.2bn Casino Resort
Vietnam could get a new $2.2bn casino resort if the Prime Minister okays new plans. [Image: Shutterstock.com]Vietnam’s Prime Minister Pham Minh Chinh will consider plans to develop a large casino and entertainment complex, otherwise known as an integrated resort, in Van Don district in the Northeast of his country.
The plan, put forward by Vietnam’s Ministry of Planning and Investment (MPI), would cost around $2.2bn to pull together. Advocates hope that it will create a premium tourist destination in the coastal Van Yen village, with development expected to be completed by the year 2032.
The idea comes off the back of a policy established in 2016, in which legislators agreed to create two casino complexes that could cater to Vietnamese citizens. Ministers first proposed Van Don as a potential location in 2018 but have only just finalized the details of that proposal.
will contribute VND228,000bn (US$9.4m) to the state budget over 70 years
As per the plan, commercial operators will get the chance to bid on the project as early as the end of 2023. The MPI expects the resort to generate an annual after-tax profit of VND9.16tr (US$336m) once up and running. It will contribute VND228,000bn (US$9.4m) to the state budget over 70 years, according to backers, employing 6,000 people.
Despite the determination of the MPI, the United Nations Office on Drugs and Crime has some concerns. The body has argued that Vietnam may not have the tools to efficiently combat money laundering in such a resort, although the MPI has insisted an anti-money laundering law enacted in March this year is fit for purpose.
Whatever the case, PM Pham Minh Chinh will now have the final say on the 245-hectare resort.
