Vietnam has given the green light for foreign investors to develop a casino project in the southern resort island of Phu Quoc, requiring a minimum investment of US$4 billion, local media reported Sunday.
A site of more than 130 hectares has been earmarked for the project, which will also include a resort, news website VnExpress reported, citing a local senior official.
Investment plans for the project have been discussed with central government officials and international investors, he added.
The casino alone will cover an area of 30,000 square meters, enough to accommodate 2,000 slot machines and 200 to 400 table games. The resort will have five or six 5-star hotels with a total of 3,000 rooms, local media said.
Foreign investors participating in the bid to develop the project must prove their financial capacity and pledge to invest at least $4 billion. The duration for the casino operating license will be 30 years.