What makes the Van Don casino mega-project so special?

The Ministry of Planning and Investment has just reported to the Prime Minister the results of the appraisal of the project dossier for a high-end complex tourism service area in the Van Don Economic Zone (Van Don casino) in Quang Ninh province and recommended approval of the investment policy for the project. This move has attracted a lot of attention because the Van Don casino project has several rather unique features.

Panoramic view of the high-class Ao Tien port (Van Don district, Quang Ninh province). Photo: VNA

A special mega-project

The Van Don Casino is planned to be built in Van Yen commune, Van Don district, Quang Ninh province, with an initial estimated total investment of approximately VND 51,555 billion (equivalent to USD 2.18 billion), of which VND 7,733 billion will be contributed by investors and VND 43,822 billion will be borrowed from banks.

This is one of only two casino projects approved by the Politburo for piloting, allowing Vietnamese citizens to gamble (along with the Phu Quoc casino project), with the pilot period and casino business conditions implemented according to legal regulations.

The investment period for the Van Don casino is projected to be 9 years, from Q4 2023 to Q3 2032, and is divided into 3 investment phases. Phase 1, implemented from Q4 2023 to Q3 2027, has an estimated investment capital of approximately VND 25,111 billion. Phase 2, from Q4 2027 to Q1 2031, has an estimated investment capital of approximately VND 22,082 billion. Phase 3, from Q2 2031 to Q3 2032, has an estimated investment capital of approximately VND 4,361 billion.

According to the latest proposal from the Quang Ninh Provincial People's Committee, the Van Don casino complex has a land use plan of 244.45 hectares, with a land use period of 70 years from the date of land allocation. Of this, 182.37 hectares are for the casino complex construction, and 62.08 hectares are natural forest within the planned area. Quang Ninh province plans to maintain the current status of the forest land interspersed within the project area and manage this area in accordance with forestry laws.

Regarding the economic effectiveness of the Van Don casino project, according to Quang Ninh province, the implementation of the project will contribute to enhancing national competitiveness in the service sector, creating a ripple effect, providing impetus for development, balancing the economy, improving the investment environment in the Van Don Economic Zone, increasing state budget revenue, and creating jobs.

Specifically, Quang Ninh province estimates that over its 70 years of operation, the Van Don casino complex will contribute approximately 228,928 billion VND (equivalent to 9.67 billion USD) in taxes to the state budget; of which, corporate income tax will be 134,369 billion VND and VAT will be 94,559 billion VND.

In addition, the Van Don casino will attract 12,000 - 15,000 workers to build and serve at the project's facilities, with an average income of over 10 million VND per month.

There is still a lot of work to be done.

Before the Prime Minister approved the investment plan for the Van Don casino, the Ministry of Planning and Investment recommended that Quang Ninh province complete the dossier for changing the land use purpose of the forest, review and ensure the accuracy of the proposed forest area for conversion, and submit it to the Provincial People's Council for a decision on forest conversion.

The Van Don (Quang Ninh) - Tra Noc (Can Tho) flight route has been inaugurated. Photo: VNA

In addition, review the decision approving the investment policy for the Van Don 1 complex project (part of the Van Don casino complex), monitor and evaluate the project's implementation in accordance with the laws on investment, land, and related laws; and clarify whether the high-end complex tourism service project in the Van Don Economic Zone meets the conditions for auctioning land use rights as stipulated in the Land Law.

In addition, the Ministry of Planning and Investment noted that after the Quang Ninh Provincial People's Committee completes these tasks, the Van Don casino project dossier will be eligible to be submitted to the Prime Minister for approval of the investment policy.

According to the Ministry of Planning and Investment, if the project is approved by the Prime Minister, Quang Ninh province will organize a bidding process to select an investor to implement the Van Don casino project between now and the end of the year.

According to the Ministry of Planning and Investment, the Van Don casino complex project falls under the category requiring bidding for the selection of investors for land-use projects or land auction. In the project proposal submitted to the State Appraisal Council, Quang Ninh province chose bidding to select the investor. Therefore, the Ministry of Planning and Investment requests that Quang Ninh province clarify whether the project is unlikely to meet the conditions for land use rights auction before the Prime Minister approves the investment.

Thu Tra