While the Southeast Asian casino gambling market continues to expand, Vietnam’s Ministry of Finance (MoF) is planning to relax investment requirements for offshore casino developers and investors to attract more gambling operators and developers to the country’s Special Economic Zones (SEZ).
Reports in the local media suggest that the Ministry of Finance (MoF) has proposed to the Prime Minister to make changes to the current regulatory regimes and allow any capital allocated to other projects within SEZs, including infrastructure contributions, to be included in minimum investment calculations, thus facilitating new investments.
According to local news outlet VN Express, the MoF has put a proposal to the Prime Minister that would allow any capital allocated to other projects within SEZs, including infrastructure contributions, to be included in minimum investment calculations as a means of making life easier for investors.
As per the current regulations, gambling operators are required to invest a minimum of US$2 billion into an integrated resort and a US$1 billion pre-development disbursement before a registration certificate can be granted.
It is also reported that the new and relaxed provisions would be targeting Van Don which is amongst three SEZ’s in country which is least developed in terms of infrastructure. The two other SEZs in Vietnam are in Phu Quoc in the nation’s south and the central coastal area of North Van Phong.
The proposal has been opposed by the country’s Ministry of Defence which has raised objections saying that the relaxed investment requirements would be unfair for companies which have already invested.