Casino business: Commercial banks allowed to provide services
Casino business: Commercial banks allowed to provide services
Commercial banks will be allowed to trade and provide foreign exchange services related to the casino business from next month.
This information was stated under Circular No10/2017/TT-NHNN on the management of foreign exchange for the casino business, which will come into effect from October 15 this year.
Casino business is a conditional business and under close management of competent State agencies. It is regulated under Decree 03/2017/ND-CP, which allows foreigners and Vietnamese people residing overseas with passports licensed by a foreign competent agency to gamble at the country’s casinos.
Vietnamese citizens are also permitted to enter domestic casinos on a three year trial basis. They must be 21 years old or above with full capacity for civil acts of individuals according to Vietnamese law, have proof of regular monthly income of VND10 million (US$450) or be subject to third degree taxation according to the law on individual income tax. The Ministry of Finance is responsible for providing citizens with application forms to verify the above conditions.
After the pilot period, the Government will then decide whether or not to continue to allow domestic citizens to participate in gambling at casinos.
According to experts, easing regulations for the casino business will help prevent capital from leaving the country by Vietnamese who visit casinos in neighbouring countries such as Cambodia and Macao, help better manage social order in the sensitive entertainment area in Viet Nam and attract foreign tourists.
Furthermore, Viet Nam hopes to further integrate regionally and internationally, attract billions of dollars of foreign investment to sustain growth and make tourism a key sector to further development.
