Investors Dissapointed as Casinos Remain Banned

Next Story

Tweet! We Will Send You Amazing Chocolate!

September 9, 2016


In a draft decree this week, the Ministry of Finance maintained its stance that Vietnamese locals will be banned from casinos. Only foreigners and Vietnamese with foreign passports can use casinos.

The move will disappoint foreign investors who hoped the Vietnamese government would lift its local ban on casinos.

The Vietnamese press speculates that the ruling was based on social concerns regarding money laundering and gambling addictions.

Many were hoping that officials would just implement an additional entry fee for locals, similar to Singapore’s policy, or impose a minimum net worth requirement. It appears that was not the case. “On the surface, this [Monday’s news] is clearly bad news for international integrated resort (IR) developers who viewed Vietnam as one of the prized global greenfield opportunities,” said Grant Govertson, founding partner of Macau-based research firm Union Gaming Group, in a note. “It kills any interest for large gaming companies to invest in IR projects,” echoed Shaun McCamley, head of Asian operations at management consulting firm Global Market Advisors.

Due to its youthful and educated population, many were hoping it would become a bright spot for Southeast Asian gaming – especially given the recent downturn in Macau.

“Vietnam was viewed as a potential great investment opportunity should the government allow locals. Las Vegas Sands has been the most visible and vocal major gaming developer who has an interest in Vietnam,” pointed out Govertson. The seven licensed casinos currently operating in the country all rely on foreign visitors for growth.

The finance ministry has also remained staid in its $4 billion minimum capital requirement for foreign investors looking to run casinos.

More From the Author

  • Kim Son: Great Vietnamese Cuisine Outside of Saigon
  • VietJet Soars Past Vietnam Airlines in Market Value
  • Global Fashion Retailers Enter Vietnam In Style
  • Cacdemode: Cut-Out Swimwear for an Unforgettable Summer
  • 2017 Favorite Vietnamese Phrases, Facebook Denizens
  • 7 Reasons to Visit & Love Hoi An
  • Mercedes, BMW Prepare For Showdown In Vietnam
  • 8 Reasons To Visit and Love Nha Trang
  • How Kevin Cook Saw The World for $20 A Day
  • YOLO Pictures: The Story of Van Tich
  • Enter to Win! Tell Us Your Lunar New Year Stories Win Lunch at Park Hyatt Saigon!
  • 5 Radical Habits of the World’s Greatest People
  • Vietnam Turns to Youngsters for Soccer Domination
  • KKR, VinaCapital, and Mekong Capital’s Big Private Equity Exits in 2016
  • US embassy calls for Fulbright Vietnamese Student Program applications
  • 16 Resolutions For An Unforgettable 2017
  • Richard Marx Subdues Crazed Passenger on Vietnam Flight
  • Sunflower Mission Scholarships Build Bright Future
  • YOLO Pictures: You Or The City
  • 4 Reasons Custom-Fit Fashion Will Propser
  • Leave a Reply

    Subscribe Today

    We will send directly to your inbox the latest Vietnam investment commentaries, travel tips and "in the know" tidbits! 
    Join the Vietnamese IN CROWD!
    First Name
    Email address