Vietnam's Ministry of Finance is looking to cut down on bureaucracy within the country, which could help create a boom in the gambling industry there.
The Ministry said that it was looking into reducing red tape to enhance the efficiency with which processes are handled within the country. The department is looking at getting rid of about 51.4% of the business commissions it handles, and would also look to amend decrees in the insurance, customs, accounting, securities, and gaming sectors.
If gaming red tape was cut down, it could have a healthy effect on casinos, lotteries, and sportsbooks in the country. The country recently approved of betting on sporting events and approved its first new casino license in over a decade. That license went to the Laguna Lăng Cô resort, which opened five years ago. The casino area is expected to open sometime in 2022. Last year the country also opted to allow their citizens the ability to gamble during a three year trial period. Previously, betting was only open to tourists.
Vietnam has 38 casinos currently within its borders, with Ho Chi Minh City (formerly Saigon) hosting 10, while Hanoi has 8. The country has more than 90 million people in it and is experiencing a boom in its economy as it becomes a source for cheap labor and investment.