Vietnam seeks approval for $2.16 billion casino resort in Vân Đồn
Vietnam’s Ministry of Finance has submitted a proposal to the Prime Minister for the development of a US$2.16 billion luxury casino and tourism complex in Vân Đồn District, Quảng Ninh Province. If approved, the project would be one of the most significant in the country’s tourism and entertainment sector.
The proposed Van Don casino resort would span around 244 hectares in Vạn Yên Commune. Of this, 182.4 hectares would be used for the development, while 62.1 hectares would be reserved for natural forest. The integrated resort would include hospitality, gaming, and entertainment facilities, with an operational period of 70 years and a nine-year construction timeline. The projected opening year is 2032.
The project is likely to be built in three phases with a total estimated cost of VND51.5 trillion (approximately US$2 billion). The initial phase would require an investment of VND25.1 trillion (US$964 million), followed by VND22.1 trillion ($849 million) for the second phase, and VND4.3 trillion ($165 million) for the third. Of the total, VND7.7 trilclion ($296 million) must come from investor equity, with the rest funded through bank loans.
The resort is expected to contribute nearly VND229 trillion ($9.67 billion) in taxes over its lifetime, including corporate income and value-added taxes. It is also seen as a key economic driver for the newly designated Vân Đồn special administrative zone, expected to generate employment and improve infrastructure.
Locals May Be Allowed to Gamble
The Ministry of Finance has proposed a pilot programme that would allow Vietnamese citizens to gamble at the casino. This would follow legal guidelines and Politburo directives. At present, access to casinos for locals is highly restricted. A previous pilot programme, which involved only the Corona Resort & Casino in Phu Quoc, ended in December 2024.
The Ministry also recommended that the Prime Minister authorise Quảng Ninh’s provincial government to select an investor in line with investment and land use regulations. As of now, no external investor has been confirmed.
Gambling in Vietnam
Vietnam has been historically careful about allowing gambling. But now, with nearby countries like Thailand looking into legalising casinos, Vietnamese leaders are also thinking about doing the same.
Recently, authorities also cracked down on an illegal crypto gambling ring, arresting several individuals, including four siblings who allegedly operated the scheme.
The Van Don project is the same one previously proposed by the Quảng Ninh Provincial People’s Committee, and if approved, could mark a significant step in Vietnam’s approach to regulated gaming.
