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Vietnam Looks to Gambling to Increase Tourism

Vietnam Looks to Gambling to Increase Tourism

The Asian gambling industry is thriving and now Vietnam is considering loosening its gambling laws in order to attract some of the action. In 2012 Chinese travelers spent $102 billion on their trips abroad and now Vietnam would like to try and draw in some of this revenue.

Vietnam Looks to Gambling to Increase Tourism

The Vietnamese government is looking at legalizing gambling in order to increase tourism and revenues.

The Vietnamese National Assembly is due to debate the issue of legalizing gambling in the near future. Some sources have also said that the government is planning a pilot project which will allow locals to gamble at a planned casino on Van Don Island.

However, at present only foreign visitors are allowed to gamble in Vietnam and there are already companies planning to take advantage of this.

Almost 2 million Chinese visited Vietnam last year and this number looks set to rise.

VinaCapital, Vietnam’s leading asset management and investment banking firm, is planning to develop a resort-casino complex worth $4 billion in the Quang Nam province and another resort in Da Nang City.

Don Lam, the CEO of VinaCapital, said that the central region of Vietnam is hugely underdeveloped. It is just one and a half hours from the southern part of China and has great potential to attract lots of tourists.

It is thought that numerous casinos will appear in the Quang Ninh province and on Phu Quoc Island.

(According to Reuters materials)

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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