Pilot Extension requested for Vietnamese people to play in casinos

The proposal, made in September, comes several months after the Ministry of Finance (MoF) first submitted it to the Prime Minister for approval.

After a three-year pilot for Vietnamese people to play in Corona casino on Phu Quoc Island expired at the start of 2022, the Vietnamese government has been considering extending it officially for another two years after the pandemic closures disrupted business and travel. The pilot scheme is running on an unofficial basis for now, and the MoF is not expected to consider extending the pilot to other casinos.

The extension to the pilot would last until January 2024, but the delay in approval could affect the official start and end date of the new period.

It is believed the government has demanded more time to address the situation due to pandemic complexities, as a comprehensive and complete assessment needs to be considered for further implementation of the policy.

According to the MoF, from 2017-2019 the casino business nationwide grew in revenues to about VND1.7 trillion ($73.9 million). Despite 2021 closures to foreign tourists, revenues reached $67 million in that year, of which Phu Quoc accounted for 39 per cent. In the first six months of 2022 fortunes began to pick up, with total revenues of more than $42 million.

According to the People’s Committee of Kien Giang province, in the first nine months of 2021, the total number of visitors to the casino decreased by 27 per cent compared to 2020 and decreased by 45 per cent compared to 2019. International visitors to the country were down by 72 per cent compared to 2020 and 90 per cent compared to 2019.

Vietnam currently has fewer than 10 official casinos, with the three largest in Ho Tram (Ba Ria-Vung Tau province), Hoi An (Quang Nam province) and Phu Quoc (Kien Giang province).

The pilot that began in 2019 for Vietnamese casino-goers was due to include two casinos in Phu Quoc and one in Van Don of Quang Ninh province, but only Corona casino in Phu Quoc has been operating under the policy.

Earlier in 2022, Sun World Ba Na Hill (Danang) and Hon Tre island (Nha Trang) proposed to build casinos on their land for Vietnamese visitors, but no approvals have been forthcoming.

Despite major casino operators suffering financial losses and legal creases not yet ironed out, there are still hopes for a resurgence and even new developers entering the frame.

Ho Chi Minh City proposes to open casinos in hotels with at least 5-star standards to encourage the development of the evening and night economy.