Vietnam’s Ministry of Finance has released an impact assessment report on a new draft decree aimed at simplifying the rules around locals play in the country’s casinos.
Just weeks after the government officially approved Phu Quoc’s Corona Resort & Casino for permanent locals gaming and allowed The Grand Ho Tram to welcome locals under a five-year pilot program, VietnamNet reported Tuesday that the draft decree is currently being prepared to replace the existing replace Decree 03/2017 on casino operations.
While the new decree retains many of the current guidelines – locals must be at least 21 years old, have full civil act capacity, be able to demonstrate financial capacity and must purchase an “entry ticket” – the Ministry is looking to alter financial capacity requirement in order to reduce administrative hurdles.
Specifically, it is reported that the existing requirement has proven problematic because it tends to involve presenting multiple documents – resulting in a cumbersome process for both player and operator. A streamlined process – possibly by way of a larger entry fee instead of paperwork according to previous reports – would reflect new policy directions and enhance regulatory efficiency, the Ministry’s assessment report suggests.
It is reported that Vietnam’s casinos – comprising nine smaller casinos plus the Corona, Ho Tram and Hoiana integrated resorts – generated total revenues of around US$950 million between 2017 and 2022 and contributed around US$490 million to the national budget.
IAG notes that this period was heavily impacted by the pandemic and that Corona only opened its doors in 2019 followed by Hoiana in 2020.
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