When checking into a five-star hotel in Hanoi, the receptionist's response that "Gambling is legal in Vietnam, but only open to foreigners" took me by surprise. This reveals a little-known fact: as a socialist country, Vietnam indeed has legal gambling, but it adopts a unique "semi-open" model.
Unlike the overtly predatory gambling dens in neighboring countries like the Philippines and Cambodia, Vietnam's casinos are often hidden inside luxury hotels, offering only electronic slot machines and machine-dealt baccarat, which appears particularly restrained.
This design perhaps reflects the Vietnamese government's delicate balance between economic development and moral constraints—they want to partake in the gambling tourism sector, yet are unwilling to fully open the floodgates.
The observations in District 1 of Ho Chi Minh City are even more intriguing. In a bustling area surrounded by Hermes and LV boutiques, hides one of the most famous local casinos.
Observing the crowd entering and exiting is like attending an "Asian face recognition meeting": refined Japanese, casual Koreans, and Chinese speaking Mandarin make up the main clientele.
The casino deeply understands human nature, not only offering a $100 rebate to referrers but also providing free catering 24 hours a day, all these costs ultimately translate into a depreciation rate of the gamblers' chips.
Interestingly, this casino named "Millionaire's Club," seems underwhelming in its ambition to Chinese people familiar with Pinduoduo's slogan "Shop like a billionaire."
Vietnam's gambling policy is backed by shrewd economic calculations: a high tax rate of 35%, limited opening to locals on Phu Quoc Island to prevent capital outflow to Cambodia, while still generating revenue from foreign gamblers.
But seeing the faces of joy and sorrow leaving the casino, I am reminded of a local friend's advice: I've never seen anyone get rich from gambling.
This perhaps explains why the Vietnamese government imposes so many shackles on the gambling industry—they know better than anyone that in this money game, the real "millionaires" will always be the house.
