The Khanh Hoa Provincial People’s Committee submitted a casino proposal to be located on the Cam Ranh peninsula. In May, Banyan Tree Capital also submitted a casino proposal to be located in Thua Thien-Hue province. Both projects have been rejected by Vietnam’s Ministry of Finance. Vietnamnet quotes an official document in their June 8, 2015 news release, which states the Ministry of Finance and the entire government wants casino investors to wait until a draft decree is accepted and formalized.
The decree is going through a period of discussion in various government agencies. The draft decree already went through public consultation, so now the government must determine the specific aspects such as allowing select Vietnamese nationals to gamble on their home turf. One possible section of the decree would have an income test requirement to assess the person’s ability to gamble without going into debt. The decree would reduce other barriers that currently block casino operators, which would open the Vietnam casino industry’s appeal to foreign investors. The decree would require any Vietnamese gambler to be 21 or over. Current regulations only allow Vietnamese to gamble if they hold a foreign passport. The government would like to increase tourism and prevent foreign currency outflows by Vietnamese who gamble abroad.
The Khanh Hoa Provincial People’s Committee proposal is for a complex of 76.6 acres, which would include a five star hotel and casino, with a marina, villas and resorts. The project is estimated at $16.1 million USD not including the casino investment.
Banyan Tree Capital and their investment arm, hotel operator Banyan Tree Holdings Ltd, requested for an outside investor to develop a gaming complex that would be located in Thua Thien-Hue province. The complex would include a hotel, 18-hole golf course, and casino, as well as, many other amenities to attract tourists to the Banyan Tree Holdings Hotel and Laguna Lang Co collaboration.