Things are looking up for Vietnam’s gaming industry,
according to Augustine Vinh.
Analysts recently forecast further delays in the plans to
expand gambling in the country following the re-election of General
Secretary Nguyen Phu Trong, who is believed to be not in a hurry to legalize
gambling in Vietnam.
But Stellar Management CEO Augustine Vinh believes otherwise.
In an interview with CalvinAyre.com, Vinh said there will be more integrated
resorts cropping up all over the country in the near future, bringing more
tourists to Vietnam.
“Five years from now, there are going to have two or three,
at least two integrated resorts [in Vietnam],” Vinh told CalvinAyre.com. “Right
now, there’s one in Ho Chi Minh City, so in a year or two, they’re going to
have another one. In five years, I think we’re going to see a good industry in
Vietnam, and you’ll see two or three [casino resorts] in operation and you’ll
see investors coming in and you’ll see a lot of tourists going to Vietnam.”
The country is currently in the midst of discussions on
whether to expand the gaming industry or not.
“The Ministry of Finance has been commissioned by the prime
minister to come up with a draft decree, so we have a number of draft decrees
already and then hopefully in the near future they’re going to release a new
version and the new version will be fairly acceptable to international investors,”
Vinh said. “We’re talking about integrated resorts in Vietnam we’re talking
about accepting the investment of $2 billion… We’re talking about Vietnamese
locals will be allowed to come in, and also we talk about master planning the
number of integrated resorts, we’ll be limited to at least four—one in the
north, one in the central, one in south and one in the island—so that’s where
we stand today.”
To attract international investors, Union Gaming
Securities analyst Grant Govertsen previously said the Vietnamese government
must “dramatically lower the minimum requirement as well as lower gaming tax in
order to be competitive in the region.”
More importantly, according to Vinh, the government must
take into account the people’s sentiments.
“Investors anywhere, they want a stable environment a
regulatory framework a legal environment so Vietnamese government they have to
work on decrees, gaming decrees and gaming laws and maybe gaming commission,
that’s one. Secondly, they have to find a tax system that allows investors to
come in, make some money and to prosper,” Vinh said. “And no. 3, the government
is very interested in social issues, how to open up a gaming industry to the
people and without any social problems because once local people object to this
kind of gaming facilities then there will be problems.”