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Vietnam has chosen to extend until December 31, 2024, the trial term that allows its residents to bet at specific casinos. This extension is a component of an ongoing study to assess how legalized gambling affects the citizens of the country.
In January 2019, a trial was launched at the Phu Quoc casino, granting Vietnamese citizens access to gaming activities that were previously only available to foreign visitors. The casino has experienced financial challenges in spite of the high level of local interest. Vietnamnet claims that during the course of four years, from 2019 to 2023, the Phu Quoc casino brought in VND6.4 trillion ($258 million) in income. The casino did, however, record cumulative losses of VND3.72 trillion ($150 million) as a result of high interest expenses and devaluation.
During this trial, the casino saw 295,943 Vietnamese citizens, making up 62% of its total visitors. The remaining 38%, or 179,507 players, were foreign nationals. Most local players were around 39 years old, although the age range of visitors spanned from 21 to 97 years.
The Ministry of Finance has proposed a draft decree to extend the trial period, allowing Vietnamese citizens to gamble at select casinos through 2024. This decree also outlines a three-year trial period for new casinos, starting once they receive a Certificate of Eligibility.
The Ministry of Finance will undertake a comprehensive analysis of the trial’s findings in coordination with other governmental entities and municipal authorities. The government will determine whether to continue the trial or stop it based on these evaluations. By the end of 2024, casinos will have to stop letting Vietnamese nationals gamble if no decision is made.
Vietnam has encountered various challenges in its efforts to establish a resilient integrated resort (IR) industry. The planned Van Don casino trial and the Phu Quoc pilot project have run into problems including the undeveloped transportation infrastructure and the onerous documentation requirements for residents.