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$2 Billion Casino Project in Vạn Đồn: High-Class Plans Revealed!
A $2 billion-plus casino project in Vân Đồn aims to boost tourism and allow Vietnamese customers to gamble.
$2 Billion Casino Project in Vạn Đồn: High-Class Plans Revealed!
The Ministry of Finance has submitted a proposal to the Prime Minister to approve an investment policy for the Vân Đồn Casino project in Quảng Ninh Province. This significant initiative totals over $2 billion and is part of a comprehensive plan to develop a world-class tourism and entertainment center in the Van Don Economic Zone.
The project covers an area of approximately 244 hectares in Vạn Yên Township, Vân Đồn District. It is designed to host international events and position Quảng Ninh as a leading regional and global tourist destination.
Operational details and suggestions
The operating period of the Van Don Casino is a maximum of 70 years from the investor's approval. The ministry is proposing that Vietnamese citizens be allowed to participate in gambling under strict legal conditions, a first for the region. The pilot phase for this regulation is to be implemented in accordance with the Casino Business Act.
The Quảng Ninh provincial government will be tasked with selecting suitable investors for the project. This measure will ensure that all legal requirements regarding investments, land and tenders are met. This second investment policy submission from the Ministry of Finance shows progress in the strategy for quality tourism services in the region.
Financing and Economic Impact
The total investment capital of VNĐ 51.5 trillion (approximately $2.16 billion) is financed by a contribution of VNĐ 7.7 trillion from investors and bank loans. The project will be divided into three phases:
- Phase 1 (2023–2027): Geschätzte Investition VNĐ 25,1 Billionen.
- Phase 2 (2027–2031): VNĐ 22,08 Billionen.
- Phase 3 (2031–2032): VNĐ 4,3 Billionen.
The local authorities expect the implementation of the project to strengthen competitiveness, improve the investment climate and create numerous jobs. In addition, the casino project is forecast to contribute approximately VNĐ 228.928 trillion (approximately $9.67 billion) to the state budget over its entire 70-year lifespan. Of this, VNĐ 134.3 trillion is corporate tax and VNĐ 94.5 trillion is VAT.
Overall, Quảng Ninh Province is focusing on sustainable tourism development with this ambitious project and is looking forward to a positive response from investors and the public.
For detailed information you can view the reports at Vietnam.vn and Viet Nam News see.