FLC Group plans $2 billion Vietnam project

FLC Group Joint-stock Co., co-founded by billionaire Trinh Van Quyet, said it has received permission to invest $2 billion in a casino resort from the northern provincial government of Quang Ninh in Vietnam.

The project will include a five-star hotel, convention center and golf course in the Van Don Special Economic Zone on the islands of Ngoc Vung and Van Canh, Bloomberg reports.

The company hopes its complex on a total of 4,000 hectares will tap tourists and possibly domestic gamblers.

Vietnam in January published long-awaited legislation that may pave the way for locals to gamble in casinos for the first time. The bill stipulates a three-year trial basis in at least two casinos, one in the far north and one on an island in the far south of the country.

The bill has stimulated foreign investor interest in Vietnam.