Report submitted to PM on Quang Ninh's $2.18 billion casino proposal

November 27, 2023 | 17:19

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The Ministry of Planning and Investment sent an appraisal report for the construction of the $2.18 billion Van Don casino complex in the northern province of Quang Ninh on November 25 to the prime minister, with a proposal to approve the investment plan included.

Report submitted to PM on Quang Ninh's $2.18 billion casino proposal

The proposed casino complex is expected to cover an area of 244.45 hectares in Van Yen commune, in Van Don district. Ahead of final approval from the prime minister, the ministry has assigned Quang Ninh People’s Committee to complete all related procedures to rezone the land set aside for the project.

In addition, Quang Ninh is also set to review the investment plan for the Van Don 1 project, a part of the Van Don casino complex, and evaluate its implementation in accordance with legal regulations.

After Quang Ninh People's Committee has completed these tasks, the project dossier will be eligible for submission to the prime minister for the final approval of the investment policy. If the PM approves the project by the end of the year, the province will then accept bids to select an appropriate investor.

The casino development is aimed at offering local and international visitors a luxurious entertainment and tourism area and is expected to make the province an attractive destination for international visitors.

The construction is set to last for nine years, from the fourth quarter of 2023 to the third quarter of 2032 and the complex would be expected to be in operation for 70 years.

According to the provincial administration, the project would help boost the province’s socioeconomic growth, entice foreign investors and tourists, beef up its competitiveness, and create jobs for local workers.

The project could potentially contribute around VND230 trillion ($9.5 billion) in tax to the state budget during its operation period. Of that total, corporate income tax would account for VND134.5 trillion ($5.5 billion), and the rest would come from VAT.

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By Ha Vy

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