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Vietnam Could See Its First Casino Project or Maybe Not

Vietnam Could See Its First Casino Project or Maybe Not

To date, casinos in Vietnam have remained a pipe dream but casino developers have continuously pursued their goal of opening casinos locally. The National Assembly has always stuck to their guns that casinos would open the door to dire social consequences.

Vietnam Could See Its First Casino Project or Maybe Not

The National Assembly Meeting sees some members turn the opposite direction on “No Casinos in Vietnam”

The latest meeting of the National Assembly saw a turn in the opposite direction when three of the Vice Chairmen suggested that casinos should be made available in Vietnam which would service both locals and foreigners.

The Chair of the National Assembly’s Legal Committee, Nguen Van Hien, is one of those pushing for casinos who iterated that it’s a complicated and delicate matter that can be controlled. The Deputy Chair, Nguyen Thi Kim Ngan, noted that by prohibiting Vietnamese from gambling has resulted in them going to Cambodia, Hong Kong, China and Singapore to enjoy gambling activities.

The argument in favor of local casinos is that an estimated $800 million is currently spent abroad on gambling and this contributing to the drain of foreign currency. By opening casinos in Vietnam, it will curb some of this and keep the money local.

Another supporter of the development of local casinos and the implementation of strict regulation included Assembly Deputy Chair Uong Chu Luu who also cited that it will stop Vietnamese crossing the border on a daily basis in order to gamble and will allow them to play locally.

It still remains to be determined if and when a casino will be built as it rests on the implementation of the special economic zone project and construction of an international airport. All of these projects are reliant on the development and implementation of a legal framework as well as investors.

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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