Vietnam’s Ministry of Finance (MoF) is considering easing the minimum capital requirements for integrated resort projects to help attract further investment into the country’s Special Economic Zones (SEZ).
The current regulations require a minimum investment of $2bn to build an integrated resort complex, half of which has to be paid before a registration certificate – an essential step in the local development process – can be granted.
However, in a new report the MoF has proposed including capital invested in other projects in SEZs, or infrastructure projects connected to the zones, when calculating the capital requirement to receive a certificate.
The MoF highlighted that the proposed change might be of particular help to the Van Don district, where Sun Group is developing an integrated resort, given its underdeveloped infrastructure.
Nevertheless, the Ministry of Planning and Investment and the Ministry of Defence are said to be opposed to the measure according to local media reports. Both are reportedly concerned that such assistance would give new projects an unfair competitive advantage over existing casino developments.
Alongside Van Don, other SEZs in the country include Bac Van Phong in Khanh Hoa province and Phu Quoc in Kien Giang province.
The first property in country allowed to host Vietnamese players, Corona Resort and Casino, situated on Phu Quoc island, close to Vietnam’s border with Cambodia, opened its doors back in January.