Vietnam bets on easing gaming laws

Vietnam's finance ministry has reportedly completed a draft decree allowing Vietnamese people to gamble at casinos at home. The government also plans to lower regulatory barriers to allow casino operators to do business in the country to attract more foreign investors.

According to the draft record, casinos are open to Vietnamese people over the age of 21, who must meet certain backgrounds and financial standards to be defined by the government at a later date, the online edition of Tannien newspaper reported.

Vietnamese Prime Minister Nguyen Tandong is responsible for selecting casinos that can be opened to local gamblers.

Vietnam has a population of about 92.5 million people. There are several casinos in the country, but authorities prohibit Vietnamese from gambling at home unless they carry foreign passports.

Joey Lim Keong Yew, chief executive of Donaco International Ltd., who spoke at the Global Game Expo Asia in May, said it was "just a matter of time" for Vietnam's casinos to be open to locals. Australia-listed Donaco operates a casino hotel in northern Vietnam's Lao Cai, which borders China's Yunnan province.

The final draft also proposes easing requirements for casino investors in Vietnam as it works to prevent foreign currency outflows from the wave of Vietnamese going gambling in overseas casinos and boost the tourism sector.

The changes in the legislation could be an attractive bet for big gaming companies looking to expand in Asia, as Vietnam could eventually be allowed to tap into its local market base. It is believed to offer less volatile and potentially more profitable returns than VIP baccarat, the game chosen by credit-funded Asian high rollers.

However, a senior industry source familiar with the Vietnamese market told GGRAsia that the revision of the law could only be finalized in 2015 because of administrative procedures to go through.

"A draft casino statute for table games has not yet been published and does not currently include a local provision," the official said.

"We are well aware of the proposals made to the prime minister and the Standing Committee and have been described as having positive momentum," the source added.

However, such provisions should be included in the next version of the statute's draft and written into the law and "could take more than six months," it added.

The Grand Hotram Strip (pictured) on Vietnam's southern coast is the first of up to five resorts to be developed along the beachfront of Hotram, which will be built under a government plan that requires an investment of a total of $4 billion.
 

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