Home Investments “Proposed 2 Billion Dollar Project: A 70-Year Vision for Vietnam’s Future”

Investments

“Proposed 2 Billion Dollar Project: A 70-Year Vision for Vietnam’s Future”

1 June, 2025

Casino Van Don is expected to have a total investment of over $2 billion. Photo: ĐVTK

The Ministry of Finance has recently proposed to the Prime Minister for consideration and approval of the investment policy for the high-class tourism, entertainment, and resort complex project in Van Don Economic Zone (Van Don Casino) with a total investment of over $2 billion and a land area of about 244 hectares. The project’s operation duration is up to 70 years from the date of approval of the investor.

The project will be located in Van Yen, Van Don District, Quang Ninh Province. The progress of the project implementation is expected to take up to 9 years from the date the investor is granted land and land lease to implement the project.

According to the proposal of the Ministry of Finance, the 62 hectares of natural forest land interspersed within the project implementation area will remain unchanged, and will be managed and used in accordance with the provisions of forestry law and other relevant regulations. The Van Don Casino project aims to develop a high-class tourism, resort, and entertainment complex, including international-standard event organization and a world-class destination; while also investing in casino business and carrying out other appropriate activities in line with casino business conditions.

Notably, the Ministry of Finance proposed to the Prime Minister to approve the pilot scheme of allowing Vietnamese people to enter the casino as directed by the Politburo. Specifically, the duration of the pilot scheme and the conditions for casino business will be implemented in accordance with the law on casino business.

Regarding the selection of investors for the Van Don Casino project, the Ministry of Finance has proposed to the Prime Minister to assign the People’s Committee of Quang Ninh Province to determine the appropriate form of investor selection, ensuring compliance with investment, land, bidding, and other relevant laws and regulations.

According to the recently approved proposal for the reorganization of administrative units at all levels and the model of local government with two levels, Van Don District will become one of the 13 special administrative-economic units across the country, under the management of the provincial level.

The Van Don Casino project has a duration of up to 70 years from the date of approval of the investor. Illustration

In a report by the Ministry of Finance, the People’s Committee of Quang Ninh Province shared the opinion that the project could consider bidding to select investors to implement the project as stipulated in point b, clause 1, Article 126 of the 2024 Land Law. Specifically, as the project falls under the competence of the Prime Minister for approval of investment policies (including casino business activities), it is subject to the State recovering land after the Prime Minister approves the investment policy in accordance with Clause 31, Article 79 of the 2024 Land Law.

While the project involving casino business activities is not specifically mentioned in the list of projects that must be subject to bidding, it is possible to consider applying bidding under the provisions of Point k, Clause 2, Article 4 of Decree No. 115/2024/ND-CP.

According to the People’s Committee of Quang Ninh Province, the Van Don Casino project is a large and important project that will drive the economic and social development of the province in the period of 2021-2030. Therefore, organizing an open bidding process will ensure objectivity and transparency and will help select the most capable and suitable investor to implement the project.

Van Don Casino Project Could Contribute Over $9.6 Billion to State Budget

An overview of Van Don District (Quang Ninh Province) from above. Photo: MC

At the end of April, Quang Ninh Province issued a list of land plots for bidding to select investors, including the high-class tourism, entertainment, and resort complex project in Van Don Economic Zone.

Previously, in the dossier sent to the State Appraisal Council at the end of 2023, Quang Ninh Province reported that the initial total investment capital for the Van Don Casino project was about VND 51,555 billion (equivalent to $2.16 billion). Of which, the capital contribution of the investor is about VND 7,733 billion, and the bank loan capital is VND 43,822 billion.

The investment period of the Van Don Casino project is divided into 3 phases

, including: Phase 1 from 2023-2027, with an investment capital of about VND 25,111 billion; Phase 2 from 2027-2031, with an investment capital of about VND 22,082 billion; and Phase 3 from 2031-2032, with an investment capital of about VND 4,361 billion.

According to Quang Ninh Province, the implementation of the project will contribute to enhancing the country’s competitiveness in the service sector, creating a spillover effect, driving development, and improving the investment environment in the Van Don Special Administrative-Economic Zone, while also increasing state budget revenue and solving employment issues.

The province expects that after the project becomes operational, the Van Don Casino project can achieve an average annual profit after tax of nearly VND 8,160 billion. The payback period of the project is 32.8 years, and the expected net profit after recovering capital and covering expenses is about VND 4,350 billion.

Quang Ninh Province estimates that over a 70-year period, the Van Don Casino project will contribute more than VND 228,000 billion to the state budget, equivalent to more than $9.6 billion.

Notably, the total number of employees working at the casino and hotel is expected to be about 6,000 people.

In the first four months of 2025, the total state budget revenue in Quang Ninh Province is estimated at nearly VND 18,500 billion, basically meeting the average progress of budget collection. Of which, import and export activities reached VND 5,697 billion, equivalent to 69% of the 6-month scenario and 32% of the annual plan assigned by the Central Government and the province. Domestic revenue of the province is estimated at VND 12,784 billion, equivalent to 65% of the 6-month scenario and an increase of 2% compared to the same period in 2024.

Notably, the revenue from taxes and fees – which is a sustainable source of revenue, is estimated at VND 12,066 billion, equivalent to 35% of the estimate and an increase of 3% over the same period last year. Out of the 16 state budget revenue items of the province, only 2 items have not met the average progress, namely environmental protection tax and other budget revenue.