Saturday, May 30 2020

VietNamNews

State should encourage casino investment to attract foreign tourists: association

Update: May, 14/2020 - 17:04

 

Casino businesses and gambling activities are present in 43 hotels and resorts in Việt Nam. — Photo baodautu.vn

HÀ NỘI — The Việt Nam Association of Foreign Investment Enterprises (VAFIE) has proposed the Government to encourage the development of casino businesses and gambling activities in hotels and resorts to attract more foreign tourists.

The association said at present, casino and gambling activities are present in 43 hotels and resorts. The domestic gaming and casino market has strongly developed since a full legal framework was put in place.

However, the economic efficiency of the gaming industry and casino business has not been commensurate with their potential because those are sensitive fields and there is not yet a consensus view among State agencies in attracting foreign investment to this field.

Besides that, the domestic legal system for this field has not yet approached international practices, according to the association.

One more important thing is that the Ministry of Finance does not have enough human resources for managing gambling and casino businesses, so evaluation and issuance of business registration certificates for businesses in those fields have been implemented slowly. 

Therefore, the association said Việt Nam should learn in developing the gambling activities as well as casino businesses from other countries, especially Australia and Singapore, to complete the State management of developing these fields.

Specifically, the State needs to amend and complete policies and laws relating to gambling activities and casino businesses according to international practices to ensure stability and transparency for this entertainment market. That would encourage investment from Vietnamese and foreign organisations and individuals to this market as well as attract more international tourists.

For the State management measures, according to VAFIE, the nation could establish a national council on the management of gambling activities and casino business like Singapore or allow local authorities to manage those activities like Australia.

The association has recommended Việt Nam set up a national council on the management of gambling activities and casino businesses like Singapore to directly solve problems relating to those fields.

The council is a Governmental agency headed by a deputy prime minister. It also includes representatives from ministries, sectors and associations relating to this field as well as legal, psychological and sociological experts.

This council will give proposals to the Government on policies and solutions of managing gambling activities and casino business, including appraisal and license of investment and business projects, as well as monitoring those projects and solving problems. That would minimise negative impacts on society and the economy. VNS

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