Vietnamese authorities allowed their citizens to play in casinos
The draft law was approved by the division of games and lotteries of the Vietnamese Ministry of Finance, on Monday. Now any Vietnamese can visit casino and gamble. Reports Vietnam Investment Review.
The current Vietnamese laws prohibit gambling. Entry to the casino is only allowed to those who presents a foreign passport, as well as for Vietnamese people who are living abroad or members of the diaspora.
According to the Ministry of Finance, the postponement of the approval of the draft law of 2009, cost state around USD 800 million a year (lost in tax revenue).
Nguyen Huy Dat, deputy head of the division on gaming and lotteries, said:
After a lot of innovations and revisions, we hope that in June, was presented the last version of the project.
Vietnam casinos have estimated that the total investment capital spent on the preparation of the project was reduced from USD 4 billion to USD 2 billion. And as for now only half was used. Dat added:
We have taken this into consideration during the work on project. However, government have the last word.
In an interview with Vietnam Investment Review, CEO of Ho Tram Project Company, Michael Kelly said:
Tram is an owner of numerous casinos in Vietnam, hopes for approval of the project that in the future a will bring profits to our business.
A recent study by the Vietnamese Institute for Sustainable Regional Development showed that the amount of direct foreign investments to the casino market has grown by USD 3 billion, and the state GNP by 0.58%.