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Is the Vietnamese economy gambling on gambling?
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Is the Vietnamese economy gambling on gambling?

With both inflation and lack of trust in the country’s banking system continuing to prove problematic, the Vietnamese economy is in need of a boost and it now seems that the country’s officials are looking to the gambling industry to give the economy the encouragement it needs.

Though still illegal for local Vietnamese people, the gaming industry is already on the rise in the country with several resorts and casinos having been built for foreign gamblers and yet more in the pipeline. Just recently Canadian company Asian Coast Development has announced plans to build the country’s first mega resort on the Ho Tram strip, while Malaysian group Genting -- builders of Singapore’s Resorts World Sentosa -- are looking at building a casino in the Quang Nam province.

At the moment, the industry is relying solely on income generated by gambling tourists and foreign business people as Vietnam’s gambling laws strictly forbid participation by locals. However, after witnessing the financial successes of the likes of Singapore and Macau where gambling has been legalised, it is now thought that the government is considering lifting its strict anti-gambling laws in order to profit from the burgeoning Asian gambling industry. The online sports betting industry is booming with people looking to use www.m88-vietnam.com and other websites to fuel their gambling habit.

Should the casinos and resorts be opened up to Vietnam’s nearly 90 million inhabitants the industry would be bound to flourish, with both local and foreign investors drawn to the area by the opportunity to replicate some of the success seen in Singapore and Macau. Macau is now the world’s biggest gambling hub with Singapore rivalling Las Vegas to take second place. The billions of dollars generated by both these markets would provide a welcome boost to Vietnam’s ailing economy.

While the Asian gambling market is thriving, it has by no means finished growing. It was recently reported that there are just under 200 casinos catering to the area’s four billion people, in a continent where the gambling is rife despite its illegality.

With such strong models of success evident in Macau and Singapore and the largely untapped Asian gambling market on offer for the taking, it seems that the odds are in Vietnam’s favour should it continue to pursue further development in the industry.