A model of the Vân Đồn casino project in Quảng Ninh Province. — Photo tuoitre.vn

HÀ NỘI — The Ministry of Finance has submitted a proposal to the Prime Minister seeking approval for an investment policy for a luxury tourism and services complex — known as the Vân Đồn casino project — in the northeastern province of Quảng Ninh.

The casino, set to be built in Vạn Yên Commune, Vân Đồn District, will have a total investment of over US$2 billion and a planned land area of approximately 244 hectares.

The project will have a maximum operational period of 70 years and a construction timeline not exceeding nine years from the date of land allocation.

The Vân Đồn casino project is designed as a high-end resort and entertainment complex with gaming, aiming to host international events and become a leading regional and global destination. Its core objective is to operate a casino and provide related services in compliance with Vietnamese legal regulations.

Notably, the ministry has proposed that the Prime Minister approve a pilot scheme allowing Vietnamese citizens to participate in casino gaming at the venue, subject to strict compliance with existing laws and the directives of the Politburo.

The ministry also recommended that the Quảng Ninh Provincial People’s Committee be authorised to select a suitable investor in accordance with regulations on investment, land use, bidding and other relevant laws. Under the recently approved administrative reorganisation plan, Vân Đồn has been designated as one of 13 provincial-level special administrative units across the country.

According to documents submitted to the State Appraisal Council, the total investment capital for the project is VNĐ51.5 trillion (equivalent to $2.16 billion). Of this, VNĐ7.7 trillion will be contributed by the investor, with the remainder financed through bank loans.

The project is divided into three phases: phase one (2023–27) with an estimated investment of VNĐ25.1 trillion, phase two (2027–31) with VNĐ22.08 trillion and phase three (2031–32) with VNĐ4.3 trillion.

The Quảng Ninh authorities believe the project will serve as a powerful driver of growth for the Vân Đồn special administrative zone, enhancing its competitiveness, improving the investment climate, generating employment and increasing State budget revenues.

Over its 70-year lifespan, the Vân Đồn casino complex is expected to contribute approximately VNĐ228.928 trillion (equivalent to $9.67 billion) to the budget, including VNĐ134.3 trillion in corporate income tax and VNĐ94.5 trillion in value-added tax. — BIZHUB/VNS