The Vietnamese government has officially approved the construction of a large-scale integrated resort and casino project in the Yuntun Economic Zone in Guangning Province in the north, with an investment of up to 2 billion US dollars. According to the Hanoi Times, the project was approved by Deputy Prime Minister Chen Honghe on June 27 with Decision No. 1395, marking a new step in Vietnam's casino policy to open up to local residents.
The project covers a total area of 244 hectares and includes a casino, high-end hotels, villa areas, retail districts, conference centers, and various recreational facilities. The casino will serve as a pilot, allowing local citizens to enter under specific conditions, breaking the long-standing restriction in Vietnam of "only allowing foreigners to gamble."
According to the plan, the project will take nine years to complete from the day the land is officially handed over. The project is expected to generate an annual net profit of 82 trillion Vietnamese dong (approximately 314 million US dollars) after taxes, contributing about 22.8 trillion Vietnamese dong (approximately 8.7 billion US dollars) to the national treasury over a 70-year operation period. The payback period for the investment is expected to be 32.8 years.
The Vietnamese authorities will strictly supervise the progress of the project, with the Guangning provincial government responsible for selecting investors and overseeing land clearance, environmental protection, and compliance with water and forestry use. The project is also expected to promote Yuntun as an important coastal economic and tourism hub in the north.
Currently, Vietnam still has strict restrictions on gambling by local citizens, with only a few pilot projects being slightly liberalized. The construction of the Yuntun integrated resort is seen as one of the symbolic projects of a moderate relaxation of policies.
Yuntun has a well-developed infrastructure including an international airport, a deep-water port, and several highways, and is geographically adjacent to China, serving as a strategic gateway connecting the two countries. The resort project is expected to create nearly 6,000 jobs by 2030 and help the region become a leading high-end marine and island tourism center in Vietnam.
