17 January, 2017
The Ministry of Finance in Hanoi (MOF) just revealed some proposed contents of the long-waiting casino business decree (Casino Decree).
Only 02 casinos are open to Vietnamese individuals on a 3-year piloting scheme, which are located within complex resorts in Phu Quoc District, Kien Giang Province (South Vietnam) and Van Don District, Quang Ninh Province (North Vietnam).
Local players are permitted to enter casinos if they essentially satisfy 04 following conditions:
- 21 years old or above;
- Monthly salary of VND10 million or more (equivalent to approximately US$440);
- Entrance fee is VND1 million (US$44)/24 hours/a person;
- Not objected in writing by siblings, spouses and/or biological and adopted parents to play at casinos.
Investors or management companies must have at least 5 years of experience.
Minimum investment capital is US$4 billion (it is also rumored that this amount can be reduced to US$2 billion. No license is issued unless the investor has already injected 50% of the committed investment capital).
Only one casino for one project.
Depending on committed investment capital, the number of gaming machines and tables can be different.
For any casino projects licensed AFTER the issuance of the Casino Decree, for each US$10 million investment capital lot,
enterprises are granted with a table and 10 gaming machines.
For projects licensed BEFOREHAND, the number of gaming machines and casinos are subject to contents of their already issued investment certificates.
No specific timeline on when the Casino Decree will be issued.
We will keep updating you on latest developments!
For further information, please contact:
Oliver Massmann, Partner, Duane Morris
omassmann@duanemorris.com
