Vietnam approves casino for Phu Quoc island
Country’s largest conglomerate Vingroup to invest Us$2.1 Billion
The Vietnamese government has approved the development of a casino on the nation’s largest island of Phu Quoc, where locals will be allowed to gamble. In 2017, Vietnam officially lifted its long-standing ban on locals to gamble at approved local casinos through a trial program lasting three years.
Last December, Prime Minister Nguyen Xuan Phuc announced that two casinos had been approved under the pilot scheme, one on Phu Quoc Island and one in the Van Don Special Economic Zone near the Chinese border.
According to local reports, the Phu Quoc casino’s main investor is Phu Quoc Tourism Investment and Development, a company in which Vingroup, the country’s largest conglomerate, holds a 50 percent stake. The casino will form part of a US$2.1 billion hotel-amusement development on the island, which is set to begin operation on 2021.
There are currently less than 10 casinos in Vietnam, mostly border casinos located outside major cities. These casinos are only permitted to serve foreign passport holders. For local citizens to gamble in the two government approved casinos they must be over 21 years of age and have a monthly income of at least VND10 million (US$445).
