HCMC – The Ministry of Finance has asked the prime minister for approval of a casino project worth more than US$2 billion in the northern province of Quang Ninh.
The Van Don casino will cover an area of around 244 hectares in Van Yen Commune, Van Don District, and have a lifespan of no more than 70 years from the date of investment approval being granted.
The project is designed as a high-end resort and entertainment complex with a casino, which would become a world-class destination for world-class events.
According to documents submitted to the State Appraisal Council, the project’s total investment capital is estimated at VND51.5 trillion (around US$2.16 billion), with VND7.7 trillion coming from the investor and the rest from bank loans.
In 70 years, the Van Don casino complex would contribute a combined VND228.9 trillion to the state budget, including VND134.3 trillion in corporate income tax and VND94.5 trillion in value-added tax.
The Ministry of Finance has also proposed that the Prime Minister approve a pilot program allowing Vietnamese citizens in the casino, following the directives of the Politburo. The pilot period and casino business conditions will comply with existing casino regulations.
Regarding investor selection, the Ministry of Finance has proposed that the prime minister authorize the Quang Ninh government to determine the selection process in compliance with investment, bidding, and other relevant regulations.
