The Vietnamese Government has issued its official list of sectors either off limits or offering restricted access to foreign investors, with casinos and gambling named as conditional.
According to a report by VietnamNet, the list which was issued along with Government Decree No 31/2021/ND-CP in late March comprises a total of 84 business lines including 25 lines explicitly off limits to foreigners. Tourism services are among the lines foreign investors are banned from accessing, although there is an exception for those offering inbound tourism services for international visitors.
Another 59 business lines are deemed conditional for foreign investors, including casinos and gambling, as well as the production and distribution of music, television shows or cultural products, educational services and the exploration, extraction and processing of natural resources among others.
The list is aimed at providing foreign investors with more certainty so they can make informed decisions when considering investing in Vietnam. Any sectors not named on the list are deemed to be completely open for foreign investment and on par with domestic investment.
Vietnams Ministry of Finance (MOF) last year recommended an easing of some foreign investment requirements surrounding casinos and integrated resorts, including a stipulation that investors must pay at least 50% of total investment capital for a project before it can be granted a license. International investors are required to pledge a minimum US$2 billion investment in any new IR development.