Emphasis on Asia's Developments: Arrival of late progress

Vietnam Moves Towards Regulated Local Gaming Access

Vietnam is making strides towards a more open gaming industry, with plans to broaden legal access for Vietnamese citizens to casinos. The proposed changes, which include a mandatory entry fee and stringent compliance measures, aim to grow the domestic industry while preventing illegal gambling activities.

The proposed casino entry fee for local players is set at approximately $95 (VND 2.5 million), replacing the previous strict income verification method. This move is intended to simplify compliance while maintaining social safeguards. Additionally, a mandatory player ID card system will be implemented, linking casino activity with personal identities and transaction histories for both locals and foreigners. This system will aid in enhanced tracking and anti-money laundering (AML) compliance.

Casinos will also be required to have 24/7 video surveillance with footage retention for at least 180 days as part of increased regulatory rigor. The policy is designed as a three- to five-year nationwide pilot program to legalize local participation, currently limited mostly to Phu Quoc’s Corona Casino.

The Ministry of Finance is backing the pilot and has included provisions for it in a draft decree on casino business operations. Experts consider loosening casino restrictions essential to curbing illegal overseas gambling and related money laundering activities that have caused significant law enforcement crackdowns.

This expansion dovetails with Vietnam’s broader ambitions to become an investment-grade gaming jurisdiction with a growing domestic market. Gaming revenues are forecast to top US$1.3 billion in 2025, enhancing EBITDA margins for integrated resorts. Furthermore, the government's increased surveillance and cybersecurity legal framework updates expected in 2025 will support regulatory enforcement and data protection in gaming and other sectors.

MGM Resorts' Ho Tram, located in Vietnam, remains one of the most visually appealing properties in Asia but has not yet seen significant population growth. The Corona casino's three-year trial in Vietnam was interrupted by the COVID-19 pandemic, making it difficult to gauge its success after its official end on 1 January 2021.

Such a development could transform Vietnam's land-based gaming industry, potentially placing it alongside Macau, the Philippines, and Singapore as Asia's powerhouse jurisdictions. Vietnamese authorities are reportedly considering introducing enhanced locals gaming to the market, although the nature of the policy change is not yet clear. It could be a pilot period for select operators or something more substantial.

Opening the door to locals in Vietnam could potentially lead to success, as it may be a case of "better late than never". The latest updates on this matter indicate a strong government push towards a regulated local gaming access model based on an entry fee system combined with stringent compliance measures and technological monitoring. The policy is still in the formal consultation and legislative process stages, with implementation anticipated following completed regulatory approvals.

The Ministry of Finance's support for the casino pilot program suggests that the government is also keen to broaden legal access for Vietnamese citizens in other regulated industries such as finance and aerospace.
As Vietnam aims to become an investment-grade gaming jurisdiction, we may witness substantial investments in the casino-and-gambling industry from established global players, similar to those in the finance and aerospace sectors.