The Quang Ninh Provincial People’s Committee in Vietnam has proposed a tender process for selecting the operator of a highly anticipated $2.1 billion integrated resort development in the Van Economic Zone. This update comes on the heels of the Ministry of Planning and Investment’s report to the Prime Minister, outlining plans for the long-awaited project, which includes the establishment of only the second casino in Vietnam where locals would be allowed to gamble. The Van Don location is part of a pilot program, joining Phu Quoc’s Corona Resort & Casino, where local gambling is permitted.
Tender Process Details:
According to reports from local media outlet VietnamNet, Quang Ninh authorities are advocating for a competitive bidding process to select the company or companies responsible for developing and operating the integrated resort. The proposed method includes an auction for land use rights, covering a total of 244.5 hectares. Of this, 182.4 hectares are earmarked for project implementation, while 62.1 hectares are reserved for natural forest. The proposed timeline for development spans nine years, with a tentative opening date set for 2032, and the projected lifespan of the integrated resort is estimated at 70 years.
Development Costs:
The estimated cost for this ambitious project is $2.1 billion, excluding expenses related to compensation for site clearance and re-settlement support. The financial commitment underscores the scale and significance of the integrated resort, positioning it as a substantial investment in Vietnam’s tourism and entertainment landscape.
Pilot Program for Local Gambling:
The Van Don integrated resort project is part of a broader initiative to allow locals to gamble, following the successful implementation of a pilot program in Phu Quoc. Under the existing program, individuals must be at least 21 years old, earn a minimum monthly income of VND10 million (approximately $430), and pay an entry fee to access the casino. This approach aims to balance economic benefits with responsible gambling practices.
Quang Ninh’s proposal for a competitive tender process signals a transparent and strategic approach to selecting the operator for the Van Don integrated resort development. With a focus on sustainable development and economic growth, the initiative aligns with Vietnam’s broader efforts to position itself as a prominent player in the regional gaming and tourism industry. As the project progresses through the tender process, it holds the promise of becoming a transformative force in Vietnam’s entertainment sector, attracting both local and international visitors.