Vietnam could be shifting towards a new approach to gambling regulation as local media reports suggest two land based casinos could be set to open to local players.
Frameworks are strict when it comes to limitations on local residents gambling. Currently, casinos, online betting and sports betting remain illegal for Vietnamese citizens.
However, there have been pilot programs launched that are enabling locals to gamble in these venues, with these pilot programs being expanded for a further five years.
The Grand Ho Tram and Van Don Integrated Resort are the two resorts at the centre of the pilot program’s expansion.
In order to ensure the financial viability of each entrant, the Ministry of Finance has put forward entry fees of VND 2.5 million (approximately $100 USD) for each 24-hour period of casino access, as well as VND 50 million (approximately $2,000 USD) for a monthly pass.
The pilot expansion will require final sign off from Vietnam’s Prime Minister, Pham Minh Chính and the country’s Minister of Finance.
This is a similar approach taken to that of Singapore, a framework that by many is considered the gold standard in Asia.
It marks the continued evolution of the country’s decree on gambling, with it also ensuring that, in order to strengthen the links of firms in the country, with local laws and market development, foreign online game suppliers must have a presence in the region.
There are also stringent age verification and surveillance frameworks placed upon casinos at the centre of the pilot program expansion.
Vietnam’s Corona Resort & Casino in Phu Quoc was previously utilised as part of the trial for enabling local residents to gamble. Whilst results for this trial were significantly limited by COVID, it is reported that the resort could be enabled to take on the permanent inclusion of local players.
This is a move that further underpins that evolution of the gambling framework and the country’s shifting stance when it comes to casinos.
