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Vietnam’s Phu Quoc casino serves nearly 300,000 local customers over past 5 years

Vietnam’s Phu Quoc casino serves nearly 300,000 local customers over past 5 years

Saturday, March 16, 2024, 17:09 GMT+7
Vietnam’s Phu Quoc casino serves nearly 300,000 local customers over past 5 years
This casino, located on Phu Quoc Island off Kien Giang Province in southern Vietnam, is allowed to admit Vietnamese on a trial basis. Photo: C. Cong / Tuoi Tre

About 300,000 Vietnamese, aged 21 to 97, entered an authorized casino on Phu Quoc Island, off Kien Giang Province in southern Vietnam, from 2019 to 2023, according to Minister of Finance Ho Duc Phoc.

The Vietnamese gamblers spent VND242 billion (US$9.8 million) buying tickets to the casino, the minister said in a report sent to National Assembly deputies in preparation for a hearing on March 18.

The majority of these local customers were in the 39-year-old bracket, with men accounting for approximately 51 percent.

The number of foreign casino-goers during the five-year period reached some 180,000, equal to 38 percent of the total.

This casino earned VND6.404 trillion ($259 million) in accumulated revenue and provided VND3.679 trillion ($149 million) to the state budget.

Between 2020 and 2021, the business mostly served Vietnamese due to the impact of the COVID-19 pandemic that prompted many countries, including Vietnam, to implement international travel restrictions.

In 2023, the number of Vietnamese betting enthusiasts made up 39 percent of the total visitor count, marking an 87-percent jump compared to pre-pandemic levels.

The minister added that the casino last year recorded better business performance than the year earlier, with VND2.18 trillion ($81 million) in revenue and VND1.23 trillion ($49 million) in tax payment.

In 2016, the Politburo approved a pilot program for Vietnamese to enter the casino on Phu Quoc Island and another in northern Quang Ninh’s Van Don District, but only the Phu Quoc casino began commercial operations in January 2019.

Then, the COVID-19 pandemic in the 2020-21 period affected the operation of the casino.

Therefore, the Ministry of Finance in October 2022 sought the Politburo’s green light to extend the trial program, initially permitted for only three years and scheduled to conclude in 2021, until 2024.

As per prevailing regulations, casino-goers must be 21 years old or above, earn at least VND10 million ($404) per month, buy a daily ticket at VND1 million ($40) per person or a monthly ticket at VND25 million ($1,011) per person.

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Hong Ngan - Le Thanh / Tuoi Tre News


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