Casino investment to boost Vietnam GDP growth by 2%, says businessperson

Ngoc Mai - Quang Hai

Apr 06, 2021 / 06:51 PM

Global uncertainties are forcing financial centers around the world to redefine their activities, as such, Vietnam should grasp this opportunity to build a continental-level finance center to attract investment capital.

Investment from Las Vegas-based casino and resort group Global Gaming Asset Management (GGAM) is estimated to boost Vietnam’s GDP growth by 2%.

President of the Imex Pan Pacific Group (IPPG) Jonathan Hanh Nguyen at the meeting. Photo: Quang Hai

“A casino project financed by the late Founder and CEO of Las Vegas Sands Corporation Sheldon Adelson in Singapore helped the country GDP to expand by an additional of 1.8%. So there are major advantages for tourism and economic development.”

President of the Imex Pan Pacific Group (IPPG) Jonathan Hanh Nguyen gave the assessments as saying he is in partnership with some US businesspeople, who are specialized in the fields of finance, casino and financial legal regulations, during a press conference on March 29 announcing the master planning for Danang until 2030, with vision to 2045.

“CEO of GGAM William Weidner is calling for investment funds for casino projects in Asia. In Vietnam, the US corporation is seeking authority’s permission for the investment in a financial center and a resort complex in Danang,” he added.

“We have been planning for a financial center in Vietnam over the past five years. My friends are placing their trust on me and Vietnam,” Hanh Nguyen said.

Hanh Nguyen, William Weidner and Paul Steelman, CEO of Steelman Partners, put forth the idea of a Singaporean-style financial center integrated with a resort complex in Danang.

Danang targets to become one of Asian financial hub. Photo: Duy Anh

The three expected the building would have the best quality in the world and totally transform investment and tourism landscapes in Vietnam.

According to Hanh Nguyen, global uncertainties are forcing financial centers around the world to redefine their activities.

In this regard, “Vietnam and Danang in particular should grasp this opportunity to build a continental-level financial center to attract investment capital inflow,” Hanh Nguyen suggested.

Hanh Nguyen expected the upcoming financial center should be the focal point to attract funds from billionaires and multinationals, in turn laying the foundation for further investment activities from smaller investors.

On the same day, Danang People’s Committee signed a financing agreement with the IPPG for the study project of turning the city into an Asian finance hub.

Under the agreement, IPPG along with its partners of Howard Lutnick, president and CEO of Cantor Fitzgerald (US); William Weidner, president and CEO of Weidner Resorts – Gaming Asset Management (US); and Paul Steelman, CEO of Steelman Partners (US) would cooperate with Danang’s authorities in carrying out the project.

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