The Ministry of Finance’s proposal to cut a number of investment conditions on segments like casino, lottery, and betting, if approved, will stimulate investors implementing registered projects.
|The MoF would cut a whopping eight conditions on betting and casino business |
Notably, the ministry proposed amending and supplementing 16 decrees in a number of fields, including insurance, securities, price appraisal, customs, accounting, auditing, lottery, electronic games for foreigners, casino, betting business, credit rating services, and voluntary retirement fund management services.
Regarding lottery, electronic games for foreigners, and casino alone, the ministry proposed to cut eight conditions and simplify two. In detail, there would be four less conditions applied to lottery business and one condition would be simplified. Electronic games for foreigners would have three less conditions, while casinos would be subject to one less condition, with an additional condition simplified.
In addition, horse and dog racing would see two conditions removed and four simplified.
In last December, the government issued Decree No.03/2017/ND-CP, allowing local people to gamble at the country’s casinos during a three-year trial.
Besides, the country gave sports betting a nod. In May, it approved new gambling regulations that now cover a variety of sports and would see new players enter the industry. The law is expected to take effect from January 1 next year and would provide the framework for a five-year pilot programme that allows locals to place bets on international soccer games, as well as horse- and dog-racing.
At present, numerous foreign investors expressed interest in developing racecourse projects, however, not a single one has been kicked off so far.
One of these projects is G.O.Max I&D’s $1.5 billion racecourse project located in Vinh Phuc province.
According to the plan, this horse racing course would have an area of 200 hectares, with three races held per week. The company also plans to build 70 betting points outside the course in 54 cities and provinces nationwide, as well building an online betting system and horse rearing and training areas.
Furthermore, the project would include a 72-hole golf course, a sports and entertainment area, a horse riding and polo club, and residences and villas, with a total area of 750 hectares.
G.O. Max I&D from South Korea has committed to develop the project as soon possible. However, since it signed an MoU with the Vinh Phuc People's Committee for the project in early 2017, construction has yet to begin.
In another case, in late July, Chairman of the Bac Ninh People’s Committee Nguyen Tu Quynh issued an ultimatum, asking Golden Horse Investment Co., Ltd to implement the $500 million Golden Horse project immediately, otherwise the province will withdraw it.
According to Quynh, Bac Ninh province offered to help the investor to complete administrative procedures and promised to accompany the investor during the construction process. However, the project is still in limbo, impacting the province’s socioeconomic development plan.