VIETNAM MAKES MOVE TOWARDS THE CASINO TOURISM

Wayne M. Gore - Apr 30, 2012
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The world loves entertainment, especially when money are on the table. When multi-billion dollar companies invest into entertainment, there is sure to be a boom in every facet of the country’s economic standards. This is what the Vietnam government plans to do for its country; it wants to move towards greener pastures, and the casino business is indeed tempting.

Vietnam is a traditional country which is battling with the concept of introducing this capitalist casino concept to its communism roots. With the only thing it balances is whether or not this decision will bear down on the very thing that its communist state vowed to erase. The thing is, that with all the financial benefits casinos bring, and it brings with it more social evils.

With the government and the country in a dilemma of being left behind with various global competitions, it approved moving towards the multi-billion dollar business. In hopes of improving tourism and greater tax revenues, it becomes level with the Asian market of destinations where investors would want to put their money.

Although it seems like casinos are the taboo to the Vietnamese people, casinos are not called “casinos” in the normal language, but entertainment centers and game centers. There are about six resorts, two of which are near the Chinese-Vietnam border in the northern part of the country. The facilities capitalize and maximize the gambling power of the Chinese.

Like Singapore’s and Macau’s success, Vietnam is also enjoying the success of getting big revenues from inbound tourism, yet Vietnam does not let its local citizens gamble in foreign gambling sites within the country. Such is the law; maybe this is to maximize the external revenues it gets from foreign visitors. Because of this, there are still illegal betting locales where locals can continue to bet without fear of reprimands.

With the country moving on with its socialist roots, as far as adding more casinos to further boost the country’s economy. There are still those that continue to spell out their contempt for the direction the country is going. It has been only ten years since gambling was strictly forbidden from the country. Now it is the best way to better its standards in terms of finance.

As far as Vietnam’s success, there are decrees drafted by the country’s politicians to take to the Prime Minister. In order to further gain more ground in becoming one of Asia’s frontier entertainment destinations, there are hopes that these decrees can be approved and that the ban on citizens are lifted as well.

All in all, Vietnam is moving towards casino tourism just like Macau and Singapore. This is perhaps the best way the country to move forward and venture into a capitalist nature. Casinos are a game changer, and investors are becoming more and more interested in partnering with the government.

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