A police raid into a forest in Binh Thuan Province busted a gambling den Sunday. 40 people, including 10 women, were arrested.
Investors gear up to cash in on Vietnam’s lucrative casino industry as the country’s legal framework for casinos and betting becomes more thorough since its inception earlier this year, Phuong Thu reports.
From December 1 this year Vietnamese who can show a minimum income of VND10 million (US$440) a month can gamble in casinos.
The government has finally allowed Vietnamese to gamble at casinos. However, because of strict requirements set by the watchdog agency, it will be not easy for locals to enter casinos.
The numbers cast doubt on whether the industry, set to soon benefit from eased restrictions, has been as lucrative as many have thought.
With the Vietnamese government recently revealing that local gamblers will be allowed to enter casinos on home soil in a three-year pilot scheme, a set of strict requirements they have to meet have been outlined in a draft decree.
While Vietnamese state management agencies still argue about whether to allow Vietnamese to go to domestic casinos, Vietnamese transfer hundreds of millions of dollars abroad every year and spend money at casinos.
The Ministry of Finance (MOF), which is drafting a government decree on casino business management, has once again barred Vietnamese from entry. Only foreigners and Viet Kieu (overseas Vietnamese) would be allowed to enter casinos in Vietnam.
Seven years after its first proposal, Vietnam’s government decree on the casino business has yet to be approved despite undergoing many revisions.
Casinos in Vietnam earned VND1.37 trillion (US$61.56 million) from foreign punters or foreign passport holders in 2014, which is however still modest compared to the amount of money Vietnamese bettors spent on gambling in Cambodia.
A Ho Chi Minh City court Tuesday sent 52 people to jail and gave seven others suspended sentences for involvement with the Philippines-based M88, one of the world's biggest online casinos.
(VOV) - Initially, only Vietnamese individuals who possess an APEC Business Travel Card (ABTC) are qualified to play in casinos.
Hi-tech crimes have become more common than ever today due to the boom of the internet, heard a conference on combating hi-tech crime in Hanoi on August 22.
US tycoon Sheldon Adelson said that his Las Vegas Sands is willing to build luxurious integrated resorts (IR) in Hanoi and Ho Chi Minh City at a combined investment capital of US$5-6 billion.