Vietnam approves US$2-billion casino project in northern island
The project of over 70-year lifespan is forecast to contribute over VND228 trillion (US$8.7 billion) to the state budget.
THE HANOI TIMES — Vietnam plans to build a US$2 billion luxury resort complex with a pilot casino for locals in the Van Don Special Economic Zone, the northern province of Quang Ninh.
Deputy Prime Minister Tran Hong Ha on June 27 approved the project’s investment policy under Decision No. 1395.
Rendered image of the luxury resort and entertainment complex in Van Don District.
The 244-hectare complex will include a casino, luxury hotels, conference centers, entertainment areas, villas, resorts, beaches, parks, and schools.
It aims to establish a premier entertainment destination capable of hosting international events along with casino operations, lodging, retail, sports, and wellness services.
The project will have a maximum operating term of 70 years from the date of investment approval. Construction is expected to take up to nine years from the date of land allocation.
The Quang Ninh authorities will select a qualified investor and oversee project progress, capital mobilization, community impact, and ensure fair benefit sharing among stakeholders.
The project can only proceed after environmental impact assessments are approved, land clearance is completed, and relevant land, forest, and water regulations are met.
The Ministry of Planning and Investment (before its merger with the Ministry of Finance) first proposed the high-end integrated resort project in late 2023. In May 2024, the Ministry of Finance resubmitted the investment policy to the prime minister for approval.
In April, Quang Ninh Province listed the Van Don casino resort project among several land sites open for investor bidding.
The province estimates that the project will generate an average annual post-tax profit of VND8.2 trillion (US$313.6 million) once operational, with a projected capital recovery period of 32.8 years. After recouping investments and covering operating costs, the net profit is expected to be around VND4.35 trillion (US$167.2 million).
The resort is expected to employ nearly 6,000 people in casino and hotel operations.
Van Don, located in eastern Quang Ninh, boasts major infrastructure such as the Ha Long-Van Don-Mong Cai Expressway, Van Don International Airport, and Ao Tien Port.
The area is being developed as a multi-sector coastal economic zone and is expected to become a hub for casino-based entertainment, luxury marine tourism, and island-based development by 2030.
