From Thanh Nien News – Unlike Singapore, Vietnam does not have what it takes to become a major gambling destination, experts say.
The five-star casino-resort The Grand – Ho Tram Strip, which opened on July 26 in Vung Tau as part of a US$4.2-billion tourist development aimed at attracting foreign visitors, has become the sixth casino in Vietnam. A casino-building spree seems looming across the country, where entry barriers for foreign investors are much higher than in neighboring countries, as the government looks to significantly boost tourism and tax revenues amid the economic crisis.
Vietnam has been on the interest radar of international casino developers who consider Asia an emerging gaming engine as the gambling markets in the US have stagnated. But experts say Vietnam’s current policies do not bode well for its casino industry.
“There is not much thought put in the casino model as with Singapore’s models,” Amruta Karambelkar, a Vietnam expert based in India, told Vietweek.
Vietnam bars its own citizens from entering casinos and the investment threshold in the country is $4 billion, higher than in neighboring countries.
Singapore has no such minimum and neither does Macau, the world’s biggest casino market. In the Philippines, Manila’s threshold is $1 billion and the market there is 80 percent domestic. There are no minimum investment levels for outside of Manila.
