Fortuna Investments optimistic about Vietnam’s gaming sector

Jenny Ortiz August 6, 2024

Vietnam’s gambling market is expected to grow significantly in the coming years, driven by a rising population and an influx of tourists from countries where gambling is legal, according to a study.

In an interview with SiGMA News during SiGMA Asia, Tim Nguyen, Director of Marketing for Fortuna Investments Worldwide, shared his optimistic outlook for Vietnam’s gaming industry. Nguyen, who brings over 20 years of experience in the casino sector, emphasised the rapid recovery and growth of land-based casinos in Vietnam following the COVID-19 pandemic.

“Land-based casinos in Vietnam are developing very well after the COVID-19 pandemic,” Nguyen stated. He highlighted the influx of tourists from China and Korea as a significant factor driving this growth.

Vietnam, with its population of almost 100 million and abundant tourist attractions, has become a magnet for international visitors. According to Nguyen, the integrated resorts (IRs) and casinos in Vietnam are thriving, benefiting from the increased footfall of Chinese and Korean tourists. “Vietnam is a very beautiful country with a lot of tourist attractions. So, the Chinese and the Koreans like it, and it’s doing very well,” he added.

Thailand’s casino legalisation, not a threat

With Thailand on the brink of legalising casinos, concerns about potential competition have arisen. However, Nguyen dismissed these fears, viewing the development as a positive step for the region. “I don’t think it will pose a threat to other neighbouring countries. It (casino legalisation) is good for Thailand. And we really look forward to it,” he remarked.

Nguyen believes that the potential opening of casinos in Thailand will enhance the overall attractiveness of the region, which may lead to drawing more visitors who may also explore neighbouring countries like Vietnam and Cambodia. “Competition is also a good thing. If the customer is coming to Thailand, they may explore Vietnam or Cambodia,” he explained.

Commitment to compliance and integrity

Meanwhile, Nguyen also talked about Fortuna Investments Worldwide’s commitment to compliance and integrity. Nguyen stressed the importance of adhering to regulations in the gaming industry, particularly in Vietnam, where the casino business is strictly regulated. “Running the casino business in Vietnam is very strictly regulated by the government. So, we are very compliant in terms of AMLs and other rules and regulations,” he asserted.

Managing compliance across multiple jurisdictions is no small feat, but Nguyen said Fortuna Investments Worldwide has a robust legal department to ensure adherence to local laws in every country it operates. “We have our legal department in our company, so every country we operate, we will be compliant,” Nguyen assured.

Expanding horizons: Fortuna’s plans

Looking ahead, Fortuna Investments Worldwide has ambitious plans for expansion within Asia. Nguyen revealed that the company is actively seeking to broaden its presence in Vietnam by opening more slot parlours and slot clubs. “Our long-term strategy is to expand and develop land-based casinos. That is our expertise. And, expanding our slot business operation in Vietnam,” he noted.

Fortuna’s vision extends beyond Vietnam, with ongoing investments in Laos, the Philippines, and Cambodia. The company aims to establish a stronger foothold in these markets, leveraging its expertise in the gaming sector. “We are expecting to expand our business further. The reason I am coming here [in SiGMA Asia] is to talk to some of our business partners and look for some other clients and suppliers,” Nguyen shared.

In the next five years, Fortuna Investments Worldwide plans to own at least two smaller casinos in Vietnam and open several slot clubs. “[In] the next five years, we would like to own at least two smaller casinos, legacy casinos in Vietnam and open a couple of slot clubs on our own,” Nguyen outlined.