How to Open a Casino Business in Vietnam
Vietnam is a provident and favorable geographic hotspot that can be an ideal destination for casino business and development for investors. Nevertheless, there has been a lot of debate surrounding this industry. It faces enormous opposing ideologies from authorities and other specialists as a result of the vague doctrines making up the legal framework.
Despite the laws, Vietnamese have been able to access fantastic gaming services from some of the most exquisite online casinos. They include the likes of Verde Casino that have an extensive variety of games, amazing looks, friendly customer care, and so much more. However, the online experience is nothing compared to the actual experience in a brick-and-mortar casino. This shows why advocacy for change of policies has stayed in the top flight.
Casino businesses are primarily meant for gaming and entertainment but they can be easily misconstrued as an economic activity leading to high abuse potential. In Vietnam, it is scrutinized for its potential to have significant deleterious effects on its order, social ethics, social security, and safety. As a result, casino gambling was illegal for a long time among the locals.
Nevertheless, foreign investors have been allowed to invest in casinos tailored only for foreigners. Luckily for the locals, a recent decree allowed them to gamble legally for a three-year pilot period in these casinos. This has allowed them to play with ease and it raises the probability of a change in policy that will grant them full accessibility. However, the law still prohibits people like convicts from enjoying this privilege.
Let us examine the requirements of opening a legitimate and legal casino business in Vietnam. The reduction in the stringency of the law is likely to cause an influx of investors willing to venture into the trade. Here are the main considerations:
Permits – apply for the license
Just like any other jurisdiction, the investor must acquire a business license granted to certify the eligibility of the casino business. The license must be issued by the responsible authority that is empowered by the law. This is guided by the Law on Investment, the Law on Enterprises, and the Law on Tourism. The business conditions are specifically specified in Article 19 of Decree No. 86/2013/ND-CP.
Most casinos in this region are usually found within large tourist resorts with an assortment of activities in addition to gambling. Some of the top casinos include the following:
- Grand Ho Tram Resort Casino Vietnam
- Club Royale Casino
- Macau Gaming Club
- Do Son Casino Resort
- Club Vegas Casino
- Caesar Palace Casino
- Palazzo Club Casino
You can go to any of these casinos for a wonderful gambling experience. Some of them have been in existence for decades, hence, the Vietnamese will be glad to be able to access their services.
The first step for any business is to acquire the necessary licenses and registrations. The Investment Registration Certificate and the Certificate of Eligibility are the permits to focus on in this step. Once they are issued, the casino can proceed to other steps.
Casino businesses require sufficient capital and financial capacity to start. This measure is usually meant to ensure player protection. You do not want to have an instance where you hit a major jackpot and the casino is unable to pay you. In Vietnam, the casinos are expected to have a minimum capital of 2 billion USD to start. It must show proof of sufficient financial capacity and must show no accumulated loss.
Before opening a casino business, the law requires you to have qualified executives and managers. They are expected to be of good repute and must not be banned from starting or running businesses of this kind by the Law on Enterprises. They must also show demonstrated experience in running casino businesses and hold a minimum of a Bachelor’s degree. This is among the most emphasized requirements since it ensures that the casino is run with integrity.
The casino must have good plans on how to award prizes to its clients. The plans must also include reasonable ways of mitigating and preventing the negative effects of gambling. As aforementioned, Vietnam has been skeptical about it because of the risk of the erosion of its social order. Thus, this is an important factor that can jeopardize your efforts to open a casino.
Other important requirements
Finally, Vietnam will require you to ensure that other provisions such as security and safety are ensured. This may also include things like electricity and lighting, water and sanitation, and others. All these requirements must be there before you finally open your doors to gambling in Vietnam.
These are the steps that are required to start a casino in Vietnam. They are basic rules that are adhered to across the continents. Once ascertained, your journey of owning a casino in Vietnam will be complete.