Casino business has accumulated losses of over 3,700 billion VND, and has not yet deployed football and horse racing betting

Raising the issue at the questioning session of Minister of Finance Ho Duc Phoc on March 18, 2024, delegate Nguyen Duy Minh, Ho Chi Minh City National Assembly Delegation. Da Nang, requested the Minister of Finance to inform the casino business situation and the ability of businesses in this field to contribute to the local economy, especially attracting tourists to stay and consume.

In addition, currently only Phu Quoc casino is being piloted for Vietnamese people to play casino games. Representative of the City National Assembly. Da Nang requested the Minister to inform about the pilot results and consider expanding the pilot for Vietnamese people to play casinos.

CASINO BUSINESS CONTRIBUTES 9,000 BILLION VND BUDGET

Responding to lottery, betting, and casino business activities, the Minister of Finance said that currently there are 9 casinos in the country.

“From 2017 – 2023, the casino will contribute about 9,000 billion VND to the budget, employing nearly 10,000 workers. Vietnamese people can only play casinos in Phu Quoc, while Van Don is proposing. In Phu Quoc, in the early years there was up to 69% of Vietnamese people, but up to now, the proportion of Vietnamese people playing casinos is decreasing each year, down to 39%.

Grandfather Ho Duc PhocMinister of Finance

Among them, 6 small-scale casinos are: Do Son – Hai Phong (investment capital of 27 million USD, maximum business of 50 machines and 10 game tables); Loi Lai – Quang Ninh (investment capital of 10 million USD, maximum business of 100 machines and 14 game tables); Hoang Gia – Quang Ninh (investment capital of 42 million USD, maximum business of 70 machines and 18 game tables); Hong Van Hotel – Quang Ninh (maximum of 70 machines and 18 game tables); International Hotel – Lao Cai (investment capital of 1.3 million USD, maximum business of 300 machines and 8 game tables); Silver Shores – Da Nang (investment capital of 27 million USD, maximum business of 100 machines and 8 game tables).

Besides, 3 large-scale casinos are: Ho Tram – Ba Ria Vung Tau (total investment capital of 4,230 million USD, maximum business of 1,000 machines and 90 game tables); South Hoi An – Quang Nam (total investment capital of 4,000 million USD, maximum business of 1,000 machines and 140 game tables), Phu Quoc – Kien Giang (total investment of 50,000 billion VND, maximum business of 1,470 machines and 147 game tables).

In addition, there are currently 2 projects under construction according to the provisions of investment law, which are the KN Paradise project in Cam Ranh (Khanh Hoa) and the Laguna project in Lang Co (Hue). These two projects have not yet been put into casino business because of the impact of the Covid epidemic, so implementation has been slow, making it difficult to negotiate partner selection and casino business management.

In addition, there is one casino that is applying for an investment policy approval decision: the casino in Van Don.

PROBLEMS, ENTERPRISES ARE NOT IN BETTING BUSINESS

Regarding the effectiveness of the management of prize betting business, participating in questioning at the meeting, delegate Nguyen Thi Hue, Bac Kan province National Assembly delegation, raised the issue: in recent times, many places have taking advantage of the business of prize-winning electronic games and prize-winning betting to organize illegal gambling or betting, causing difficulties for the management of state agencies.

Therefore, the National Assembly delegate of Bac Kan province asked Minister Ho Duc Phoc to state how the legal framework for the business of prize-winning electronic games and prize-winning betting has changed in recent times.

Delegate Nguyen Thi Hue, member of the National Assembly of Bac Kan province, questioned about betting business.  reward.  Photo: Quochoi.vn.
Delegate Nguyen Thi Hue, Bac Kan Provincial National Assembly Delegation, questioned about the prize-winning betting business. Photo: Quochoi.vn.

“Why up to now, the Ministry of Finance has not yet licensed any betting businesses and asked the Minister to provide solutions to make management in this field effective”, said delegate Nguyen Thi Hue. question.

Delegate Nguyen Tao, Lam Dong Provincial National Assembly Delegation, also stated that after 7 years since Decree 06 took effect, many inadequacies have arisen during the implementation process. Therefore, the delegates asked the Minister to indicate the causes and solutions in the coming time to create favorable conditions for investors, generate revenue for the state budget, create jobs for workers, and especially contribute part to prevent betting, illegal betting, bleeding foreign currency abroad.

Responding to betting and electronic games, Minister Ho Duc Phoc said that currently, in our country there are 93 electronic games placed in 5-star hotels, however, the condition is that businesses must have capital. VND 500 billion or more and must have an electronic equipment system and a professional team to supervise. The games only apply to foreigners.

Regarding the betting business, according to Mr. Phoc, for the horse and greyhound racing betting business, the project investment policy has been approved but the Ministry of Finance has not received the application for licensing. For the horse racing betting business project at the horse racetrack in Soc Son, there is a license but there are problems with capital contribution.

“When implementing this type of betting on football, the Ministry developed regulations to organize bidding, encountering problems with the Bidding Law. Recently, when amending the Bidding Law, regulations on the issue were introduced. However, it is necessary to continue to improve the legal framework to implement football betting,” the Minister stated.

Furthermore, for horse and dog racing, investors need to build a standard racing stable system, with professional equipment and workers, guaranteed to deploy. Furthermore, this type is associated with a series of other conditions such as: land, planning, environmental impact assessment related to rice land or forest land, land recovery, land allocation…

Because this is a new type, the Ministry of Finance is actively researching and developing a draft guiding the implementation of the Law, expected to soon submit it to the Government for promulgation; At the same time, prevent risks in this form.

When granting an investment license, the Ministry of Planning and Investment will present it to the Government, so that the Prime Minister can issue an investment policy, but when completing the facilities to meet the betting licensing conditions, there will be The responsibility of the Ministry of Finance, then, the Ministry will actively resolve this problem.

In 2019 – 2021, revenue from casino business activities decreased due to the impact of the Covid-19 epidemic, with no foreign visitors coming to play. From 2022 foreign visitors will begin to return. In 2023, payment to the state budget is 2,541 billion VND, an increase of 56% compared to 2022, equal to 1.8 times compared to before the Covid epidemic and has created about 8,500 jobs.

Regarding business results, accumulated revenue from 2019 – 2023 reached 6,404 billion VND, payment to the state budget reached 3,679 billion VND. In 2023, casino business results will improve compared to 2022, revenue will reach 2,180 billion VND (up 45.7%), and payment to the state budget will be 1,230 billion VND (up 68.9%). Ticket revenue (for Vietnamese people) in 2023 will reach 32,225 billion VND, accumulated from 2019 – 2023 will reach 242 billion VND. Although casino business results are better than in 2022, the overall project is suffering an accumulated loss of VND 3,724 billion due to large depreciation costs and interest payments in the early stages.

Report of the Ministry of Finance.

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