Vietnam Eyes Financial Law Reforms to Permit Citizen Casino Entry

Vietnam’s Ministry of Finance has unveiled a regulatory impact analysis for draft legislation aimed at modernizing the nation’s casino framework and replacing 2017 rules criticized for operational inefficiencies. The reforms seek to streamline entry protocols for local gamblers while retaining the main eligibility benchmarks, including age 21+, entry fees, financial documentation, and exclusion list checks.

The proposal maintains strict protocols for converting Vietnamese dong to non-refundable chips, with casinos required to redeem unused balances. Officials emphasized that existing safeguards have effectively balanced citizen participation and regulatory oversight. Compliance breaches have been minimal under current standards. The revision targets red tape without altering the core gambling governing regulations.

Streamlining Financial Verification

Vietnamese authorities are prioritizing reforms to ease hurdles to casino entry related to financial documentation. The changes address operational inefficiencies caused by multi-layered proof-of-funds requirements. The current law requires gamblers to submit income or asset records before being admitted to a casino. The Finance Ministry acknowledged that this mandate delays access and strains casino workflows.

Officials are exploring alternatives to reduce paperwork, including potential adjustments to entry fees. The proposal aims to balance regulatory oversight with smoother customer onboarding, addressing industry concerns that excessive administrative steps deter participation without enhancing oversight.

Regulatory Updates Follow Casino Approvals

Vietnam’s Finance Ministry affirmed that the existing legal casino governance framework, including licensing, equipment import protocols, and foreign exchange protocols, remains robust. However, officials explain that it requires targeted revisions to align with emerging developments. The reassessment follows recent landmark decisions, including the approval of permanent domestic gaming at Phu Quoc’s Corona Resort & Casino. A five-year Vietnamese players’ trial was also approved at The Grand Ho Tram.

A parallel pilot program will govern operations at Quang Ninh province’s Cab Don Integrated casino & Tourism Complex, a $2 billion project slated for completion by 2032.

Sector Growth

Vietnam’s gaming industry comprises nine operational casinos, including three large-scale IRs and six smaller venues, with two more projects underway. Major developments include Jo Tram’s Grand Ho Tram, Quang Nam’s Hoiana, and Phu Quoc’s Corona Resort.

Between 2017 and 2022, the sector generated VND22.89 trillion (US$950 million) in revenue, contributing VND11.81 trillion (US$490 million) to state coffers, despite pandemic-related closures. The Phu Quoc pilot program from 2019 to 2024 revealed stark trends, including that domestic gamblers accounted for 52% of visitors but 88% of revenue.