The Ministry of Planning and Investment of Vietnam has unveiled a plan for a $2.18 billion tourist complex, including a casino, in the northern province of Quang Ninh. The report has been submitted to the Prime Minister for approval.
The casino resort project, proposed by the Quang Ninh People’s Committee, would be located in the Van Don district and span 245 hectares in Van Yen village, about the size of 343 standard soccer fields. The initiative aims to establish a premium tourist destination featuring hotels and resorts.
With an initial budget of $2.18 billion (VND51.55 trillion), the project is expected to be completed by the third quarter of 2032, following nearly nine years of construction. If approved, it will operate for a period of 70 years, according to local media reports.
This casino will be one of only two in the country permitted to serve Vietnamese citizens, in line with a policy enacted in 2016. The Van Don project was first introduced at a government conference in late 2018.
The Quang Ninh People’s Committee plans to commence the bidding process by the end of 2023, pending government approval.
Once operational, the complex is expected to generate an average annual post-tax profit of approximately $346 million (VND8.16 trillion), breaking even in 32.8 years. Over its projected 70-year lifespan, the project is estimated to contribute approximately $9.7 billion (VND228,000 billion) to the state budget and create about 6,000 jobs.
Original article: https://www.yogonet.com/international/noticias/2023/11/24/69806-ministry-unveils-plan-for-22-billion-casino-resort-complex-in-northern-vietnam
