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The Vietnamese government is considering to relax the gambling laws in the country in an attempt to boost tourism as well as create new jobs for the poor country according to Reuters. The current law only allows casinos to accept foreigners, while people from Vietnam are not allowed to set foot inside.
Sources from inside the government has disclosed that the country is considering legalising domestic casinos to attract foreign large casino companies. Research towards the potentials of legalising gambling has already been done and a pilot project allowing players to gamble is already on its way, with a soon to be build casino on Van Don Island.
Executives from the gambling industry says that they believe that if Vietnam legalizes gambling it could become a gambling hot spot in the region and expect annual gambling revenues upwards of $3 billion. Vietnam is currently losing upwards of $800 million yearly in tax revenue from Vietnamese who travels to Cambodia to gamble according to Augustine Ha Ton Vinh who is an academic from Vietnam.
“The government is looking for investors and partners to start the Van Don project,” he said. “Since 2003, Vietnam has allowed foreign investors to operate gaming parlours with rewards in hotels. Chinese and Taiwanese are regular players.”
The Vietnamese government have already created a draft law on casinos and gambling that would require foreign gambling companies to invest at least $4 billion into the industry as well as have more than 10 years of experience.