Red Tape Reduction a Boon to Vietnam’s Gamers

Red Tape Reduction a Boon to Vietnam’s Gamers

Lately, Asia has been the place to watch as far as gaming is concerned. The largest market in the world in gaming, Macau, does three times the business that Las Vegas does. In addition, Japan has recently opened itself up to casino gaming, with investments and returns slated to be in the billions of dollars for the country.

Recently, Vietnam has also begun to open up to gaming and the country is poised to become an international destination since many countries in Southeast Asia do not allow gambling. Vietnam is helping to solidify its position as a gaming destination by cutting the enormous amount of red tape usually undertaken by casinos that want to make a go of it in Vietnam.

Gaming in Vietnam

Vietnamese citizens have been playing games and gaming for centuries. Card games, especially poker, have been very popular. However, Vietnamese citizens are not allowed to gamble in their country’s casinos, and it takes an incredibly long time for any casino to be approved. Currently, the country has one casino, and there are plans to establish more. However, the sheer amount of red tape has prevented that from happening. That is, until now.

Red Tape Removal

Anyone who has ever dealt with a government agency has experienced some sort of red tape. It prevents anything from being approved or getting done in a speedy manner. The Vietnamese government, in this case, appears to have been the major obstacle in getting additional gaming approved in the country, and this has led to a lack of new businesses, including gaming, in the nation.

However, the country’s Ministry of Finance has decided to begin cutting the red tape in several places, including gambling. If the proposals can be agreed to, it may mean the legalization of additional gaming features, as well as additional venues for casinos and lotteries. The finance ministry has discussed cutting the red tape in the business community as a whole by almost 52 percent. There are several businesses that could benefit from the removal of the red tape, such as those in the insurance, accounting, gaming, securities, and customs industries. While the agency did not say what will be stripped out, the ability of the country to even consider making changes means Vietnam is moving in the right direction for economic development.

Changes in the Gaming Industry

Changes in the Gaming IndustryThe trend in Vietnam has been to deregulate gaming to spur economic development, which has been lackluster since before the Vietnam War with regard to foreign investment. First, the country approved a measure that will allow locals to gamble in two of the country’s casinos. At the moment, however, only one is open. The pilot program would allow locals to gamble in the Casino on Phu Quoc, as well as the project that is in development in the Quang Ninh Province for a trial period of three years. The government has said if the program is successful, locals may be able to continue gambling, which would be a first for the country.

In addition, the Vietnamese government has decided to allow sports gaming in the country beginning Jan. 1. Local gamblers, during a five-year trial period, will be allowed to place bets on soccer games, dog racing, and horse racing. The casino industry also got an additional nod with the approval of more casino licenses. The Laguna Lang Co received a license for casino gaming in the Thua Thien-Hue Province for its ongoing resort project. Although the casino won’t be completed until 2022, the company wanted to go ahead and get approval while the government is in a giving mood.

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