PM approves casino operations on Vietnam’s Phu Quoc Island
PM approves casino operations on Vietnam’s Phu Quoc Island
Vietnam’s government has given the green light to the opening of casinos on the southern island of Phu Quoc following a plan by local authorities, according to the Government Office.
Prime Minister Nguyen Tan Dung has approved the development of tourism projects that include casino components on Phu Quoc Island, which is under the administration of Kien Giang Province, the office announced on Saturday.
Under a scheme by the Kien Giang administration, investors who want to operate gaming facilities on the island must commit capital of at least US$4 billion.
Accordingly, the Prime Minister has assigned the Ministry of Planning and Investment to coordinate with the provincial authorities and relevant state agencies to work more on the details for the establishment of such projects in accordance with regulations.
After that, they need to submit a complete report on the casino and related issues to the Prime Minister for consideration after the government issues a decree on casino business, the Government Office said.
Previously, in a report to the central government on the establishment of a special economic zone on Phu Quoc, provincial authorities said it had set aside an area of 30,000m² for building casinos with 200-400 roulette tables and 2,000 gaming machines, in addition to conference centers and an international five-star hotel with 3,000 rooms.
Phu Quoc Island is located off the western coast of the Mekong Delta province of Kien Giang. The southern island is also situated in the heart of Southeast Asia and an economic belt between Vietnam, Cambodia and Thailand, with an area of 589.23 km² and a population of 96,940 people.
Many large projects have been developed on the island, such as Phu Quoc International Airport and the An Thoi international seaport.
Investors having projects on Phu Quoc will be entitled to the most support and incentives, similar to those awarded to investors at industrial parks, export processing zones, and economic zones, according to local investment laws.
In September 2014, the Prime Minister decided to recognize Phu Quoc as a grade-two urban area with the objective of turning it into a special economic zone, an eco-tourism center, and a financial hub of the country and the Southeast Asian region.
