The government of Vietnam has given formal approval for the development of a significant integrated resort within the Van Don Special Economic Zone, situated in Quang Ninh province. This ambitious project is designed to attract both international and domestic tourists, stimulate local economic growth, and enhance Vietnam’s reputation as a destination for luxury tourism and casino entertainment in the region.
A Landmark Development in Vietnam’s Gambling Industry
With an estimated initial investment of at least $2 billion, the Van Don resort will span over 244 hectares along the northeastern coastline of Vietnam. The development plans include a large-scale casino, luxurious hotels, beachfront villas, as well as a variety of water-based recreational activities. The design aims to achieve a sustainable balance between development and environmental preservation.
Provincial authorities in Quang Ninh are tasked with selecting a capable investor to bring the project to fruition. The financial model requires the lead partner to inject roughly $296 million in equity, with the remainder of the financing expected from bank loans and private capital sources. Construction is projected to take around nine years, and the resort will operate under a 70-year license once established.
Forecasts from the government suggest that the resort will generate an average annual after-tax profit of approximately 8.16 trillion Vietnamese Dong (about $312 million). Over its operational lifespan, the integrated resort is expected to contribute nearly 228 trillion VND ($8.72 billion) to the state budget and create around 6,000 direct jobs for local residents.
Accessible to Both Locals and International Visitors
Uniquely, the Van Don casino is poised to become one of the rare venues in Vietnam where local citizens will be legally permitted to participate in gambling activities, contingent upon final regulatory approval. The Ministry of Finance supports a pilot program that would allow Vietnamese nationals to engage in casino gaming under strict regulatory guidelines, a notable shift from the current laws which generally restrict locals from gambling at licensed casinos.
This development occurs amid heightened concerns over financial crime risks within Vietnam’s gaming sector. Despite updates to anti-money laundering legislation in 2023, international organizations have noted ongoing weaknesses in enforcement, including shortcomings in cross-border cooperation and limited capacity to monitor illicit activities, especially those linked to organized crime.
Additionally, Vietnam faces increasing competition from neighboring countries like Thailand, which is considering liberalizing its casino market. With regional competitors moving rapidly to attract large-scale investments, Vietnamese policymakers are under pressure to advance casino development efficiently while maintaining strong regulatory safeguards. The Van Don resort project is seen as a strategic response to these challenges and could serve as a model for future entertainment and tourism developments in the country.
