International edition
June 20, 2021

Zeta company plans to build international complex

Vietnam opens to more casinos

(Vietnam).- South Korean Zeta Plan and Investment Company, an alliance of financial and technology firms, expects to build a casino at the Phong Nha-Ke Bang National Park in central Vietnam.

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uang Binh province authorities have suggested two locations to the firm. They are Tram Village in Son Trach Commune and Chay Lap Village in Phuc Trach Commune in Bo Trach district both located near the national park.

The park, which covers more than 85,700 hectares, was named in UNESCO’s world heritage list in 2003. The national park is divided into three zones: Nature reserve zone of over 64,800 hectares; ecological restoration zone covering some 17,400 hectares and a 3,400-hectare administrative zone.

Zeta plans to build a casino, hotel, and outdoor tourism attractions in an international amusement complex, according to the local authorities. The project is estimated to cost more than us$ 4 billion.

According to a draft decree from the Ministry of Finance, to enter the casino business, investors are required to have a registered capital of at least us$ 4 billion and at least 10 years’ experience in operating casinos. Only five-star hotels or resorts are allowed to open casinos. Investors will have to seek approval from a minimum of five ministries and other government agencies before their applications go to the prime minister.

Casinos remain restricted areas open only to foreigners. There are four casinos in Vietnam. All of them are small and located in the North.

Quang Binh’s government, last month, signed a memorandum of understanding on a socio-economic development strategy and cooperation between the province and the South Korean investor, including construction of the entertainment complex.

In late September, the province conducted a survey of locations and then released a document on investment earlier this month. The provincial government also suggested other sites, such as U Bo Area in Phu Binh Commune and Da Nhay Area.

Zeta Plan and Investment Company is a Pan Asian Private Equity Group was founded in 2005 and currently manages more than us$ 1.2 billion in assets.

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