The Vietnamese Ministry of Finance recently submitted a proposal to the Prime Minister seeking approval to build a luxurious casino and tourism complex in Van Don District, Quang Ninh Province, with a total investment of up to $2.16 billion. If approved, this project would become one of the most iconic developments in Vietnam's tourism and gambling industry in recent years, and could also indicate a further opening of local gambling policies.
The proposed Van Don Casino Resort is planned to be located in Yen An Township, covering about 244 hectares, of which 182.4 hectares will be used for development and the remaining 62.1 hectares will be preserved as natural forest. The project plan includes a five-star hotel, a gambling center, and various entertainment facilities, with an operational period of 70 years and a construction period expected to last up to 9 years, aiming to officially open in 2032.
The entire project will be implemented in three phases, with a total estimated investment of 51.5 trillion Vietnamese dong (approximately $2.16 billion). The investment for the first phase is $964 million, the second phase is $849 million, and the third phase is $165 million. The funding sources will include 7.7 trillion Vietnamese dong (approximately $296 million) of investors' own funds, with the remainder to be resolved through bank financing.
The Ministry of Finance specifically pointed out that the project also proposes an important reform measure: under strict legal supervision and the guidance of the Politburo, it is suggested that Vietnamese citizens be allowed to gamble at the casino. Currently, Vietnam maintains a highly restrictive attitude towards allowing local residents to enter casinos, with only a multi-year pilot program previously implemented at the Corona Resort on Phu Quoc Island, which ended in December 2024.
The project is also expected to bring nearly 229 trillion Vietnamese dong (approximately $9.67 billion) in long-term tax revenue to the Vietnamese treasury, including corporate income tax and value-added tax, and will become the economic pillar of the newly established Van Don Special Administrative Region, expected to drive large-scale employment and improve infrastructure.
The Quang Ninh provincial government will be authorized to select investors according to investment and land use regulations. No foreign or local consortiums have been confirmed to participate yet.
This proposal also reflects Vietnam's increasingly open trend in gambling policy. As neighboring Thailand discusses the legalization of casinos and the Philippines promotes the export of gambling backend services, Vietnam is also seeking to attract foreign capital through high-end resort projects and regulate the local gambling market.
It is worth mentioning that recently, Vietnamese law enforcement agencies also cracked down on an illegal gambling ring operated with cryptocurrencies, arresting several suspects, including four siblings suspected of leading the ring. This law enforcement action contrasts with the policy normalization trend represented by the Van Don project, highlighting the Vietnamese government's dual attitude towards promoting legal gambling development and combating illegal gambling.
If the project is approved, the Van Don Casino Resort will not only enhance Vietnam's competitiveness in the regional tourism and gambling market but also potentially become an important platform for local residents to legally participate in casino gambling for the first time, symbolizing a major shift in Vietnam's gambling policy.
