Only foreign nationals and Vietnamese who hold dual nationality are currently allowed to gamble, although suggestions have been made by government departments that this could soon change.
The deal made last week sees Chow Tai Fook, run by Hong Kong casino magnate Cheng Yu Tung, become the main investor, with VinaCapital reducing its share considerably from 80 percent to 22.55 percent.
The Nam Hoi An Casino Resort will be situated near tourist-friendly Hoi An, which boasts a famous ancient town that has been made a UNESCO World Heritage Site. The casino will cover 150 hectares and will feature five-star hotels and villas as well as state-of-the-art gambling areas, aimed at bringing in foreign players.
Chow Tai Fook is also said to be investing in a major casino project in Brisbane, Australia as well as tendering for a licence to build a resort near Seoul in South Korea.