The largest casino in VietNam is operated by the Taiwan-backed Royal International Corporation (RIC) that this week announced a delay to the opening of its Sheraton hotel casino, the first 5-star accommodation at World Heritage site Ha Long Bay. The company operates three other casinos in the country, all of which are foreigners-only. So far the VietNam government has awarded licences without any actual casino legislation but in accordance with a proclamation published in February 2003. Amendments that will bring stricter regulation are in progress.

Investors are keen to bring casino projects to VietNam, plans that frequently meet with the approval of local authorities. However, the government maintained in May 2007 that licences would only be considered for projects within entertainment complexes that have investment capital of a minimum US$4 billion. Any developments are likely to remain in isolated areas with foreigners-only casinos. There is no apparent enthusiasm for casino revenues from the VietNam authorities, only the consideration that casinos should help to bring in both foreign investment and tourists.

At present the Ministry of Planning and Investment is conducting studies into casino development and management and the Ministry of Finance is looking into betting business development and management. A draft casino proposal has already been submitted to the government and any final version will have to be approved by the Politburo. The Ministry of Finance expects to submit a plan for betting games before the end of the year after studying possible social impact. (E-10.10.07)

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