Ministry of Finance Submits Landmark Proposal for Prime Ministerial Approval
Vietnam’s Ministry of Finance has officially submitted a proposal seeking the Prime Minister’s approval for the development of a US$2.16 billion casino and tourism complex in Vân Đồn District, Quảng Ninh Province. The project, if greenlit, would be among the most ambitious entertainment and resort ventures in the nation’s history.
Spanning 244 hectares in Vạn Yên Commune, the proposed integrated resort aims to combine luxury hospitality, large-scale gaming, and comprehensive entertainment services, contributing to Vietnam’s growing push to attract international and high-spending domestic tourists.
70-Year Operational Term and Multi-Phase Development Plan
The Ministry’s proposal outlines a 70-year operating period for the casino complex, with a maximum nine-year construction timeline. Development will occur in three phases, funded through a mix of investor capital and bank financing.
The project is expected to play a central role in developing the Vân Đồn Special Administrative-Economic Zone — a strategic area earmarked for high-impact investments in infrastructure and tourism.
Pilot Program Could Expand Access to Vietnamese Citizens
A significant element of the proposal includes a pilot program allowing Vietnamese nationals to legally gamble at the resort. This marks a potential shift in Vietnam’s traditionally restrictive stance on local participation in casino gaming.
While locals were temporarily allowed to gamble under a pilot scheme launched in 2017, that program ended in December 2024. The Ministry is now pushing for an updated version of this initiative, subject to strict regulatory oversight and alignment with Politburo directives.
If approved, the program would be limited and carefully monitored, ensuring participants meet criteria such as income thresholds and absence of gambling addictions — similar to the earlier model tested at Corona Resort & Casino on Phú Quốc Island.
Economic and Fiscal Impact: Nearly $10B in Projected Tax Revenue
The proposed complex is projected to generate nearly VNĐ229 trillion (US$9.67 billion) in state revenue over its 70-year lifespan. These contributions will come in the form of corporate income taxes, value-added taxes, and other statutory payments.
Beyond tax income, the resort is expected to create thousands of jobs, boost tourism-related businesses, and accelerate infrastructure development in Quảng Ninh — already one of Vietnam’s most economically dynamic provinces.
Provincial Oversight and Future Prospects
The Quảng Ninh provincial government will be tasked with overseeing investor selection and ensuring that land use and investment procedures comply with national regulations. The region is already home to several high-profile tourism assets, including Hạ Long Bay, and is positioning itself as a leading destination for both domestic and foreign visitors.
Looking Forward
The proposal now awaits formal approval from the Prime Minister’s office. If endorsed, the Vân Đồn casino complex would not only represent a milestone for Vietnam’s regulated gaming sector, but also serve as a test case for broader national gambling reform, potentially reshaping the regulatory landscape for years to come.
