Vietnam is a developing nation in the South eastern part of Asia and bookmakers and sports betting in the country is faced with a dynamic and sometimes puzzling legal regime. This guide is going to discuss the history, the existing laws, and legislation of gambling, particularly to Vietnam Bookmakers and Vietnam sports betting. To ensure that the business professionals and any interested entities gain sufficient insight on the different licenses, fees, taxes, and the aspect of sports betting, we shall analyze and review all the above.
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Table of Contents
Summary of Key Events
History of Gambling Laws in Vietnam
Vietnam has legalized gambling slowly over the years and it has been guided by some laws most of which are aimed at ensuring social order while at the same time obtaining economic opportunities.
Key Historical Milestones
- January 24, 2017: The Decree No. 06/2017/ND-CP legalized bet on international soccer, horse racing and greyhound racing. It can be said this decree placed the foundation of the gambling industry in Vietnam.
- March 31, 2017: With the Betting Decree in operation, the legal requirements for the business of betting was set.
- June 14, 2018: The National Assembly approved a law regulating sports betting and with the government’s authorization, integrating the legalization trend.
- 2019: The Phu Quoc Corona Casino opened among a few establishments that Vietnam paved way for locals to frequent with the intention of gambling.
- January 2024: Vietnam Lottery was the Ministry of Finance authorized to conduct a sports betting business for international football matches as well as to develop the legal gambling market.
Gambling Laws and Legislation
Decree No. 06/2017/ND-CP
In Vietnam, Decree No. 06/2017/ND-CP specifically the Betting Decree has drastically defined its gambling industry. Here are some of its key features:
- Betting Business License: To be used by entities in the provision of betting businesses.
- Investment Requirements: An initial capital of one hundred and twenty-five billion VND (~5 million USD) for the horse racing or football betting and thirty billion VND (~1.
- Licensing Term: The period set down for horse and greyhound racing betting businesses is not to exceed a 10 year period and for international soccer betting businesses a seven year period.
- Bet Limits: No more than 1 million VND or approximately 50 USD per day, and no less than 10,000 VND or approximately 0. 50 USD.
- Age and Restrictions: No other requirements are presented, but players should be no less than 21 years old and their immediate family members cannot object to their betting.
- Race Frequency: Localized to the extent that no more than three races a week can be run at any location.
- Revenue Rebate: At least sixty-five percent of their revenues have to come from the sales of wagering tickets.
Decree No. 03/2017/ND-CP
Decree No. 03/2017/ND-CP legalized casino operations for locals on a pilot basis, with stringent conditions and limited venues:
- Casino Licensing: Necessary for casino business with native visitors allowed only in Phu Quoc and Van Don whose attracted complication resorts are the first in Vietnam.
- Entry Conditions: A monthly income of over VND 10 million (~USD 449) minimum salary required for the local to apply and an initial entry fee is VND 1 million (~US 45).
Regulatory Agencies of Vietnam Bookmakers
The MoF has been recorded as the principal regulatory authority regarding the gambling activities in Vietnam. Its responsibilities include:
- Issuing Licenses: Issuing operating licenses to the qualified entities in the Betting Business.
- Regulating Operations: Evaluating strengths Potentials to meet with all the gambling legislation in the country.
- Tax Collection: The duty of managing taxes and fees that are linked to gambling operations.
Prohibited and Allowed Bets
Allowed Bets
- Horse Racing
- Greyhound Racing
- International Soccer Betting
Prohibited Bets
- Internet-based Betting: Wagering tickets cannot be distributed through the internet or through any application via the internet.
- Unauthorized Games: Gambling on games/sports that are banned by the Vietnamese laws.
Licenses and Fees of Vietnam Bookmakers
Types of Licenses
- Betting Business License: Needs to be adopted in all forms of betting businesses.
- Investment Registration Certificate: More significantly, it applies to the foreign-invested companies by acting as the certificate of incorporation as well as the evidence of sufficient investment capital.
Licensing Fees
- Horse Racing and Football Betting: That is at least VND 1 trillion ($42 million) of investment capital.
- Greyhound Betting: They suggested that HPL has a minimum registered capital of VND 300 billion (~USD 12. 7 million).
Taxes and Fees
Gambling Taxes
Vietnam imposes various taxes on gambling activities to ensure government revenue and maintain social order:
- Corporate Income Tax: When applied towards gambling businesses the calculation is based on the earnings of the business.
- Value Added Tax (VAT): Applied to supplies, particularly goods and services, including, gambling services.
- Special Consumption Tax: Relatively to specific types of luxurious products and services as well as betting.
Vietnam Sports Betting Landscape
Vietnam has a burgeoning sports betting market, mainly focusing on:
- Horse Racing: This is common in places such as major cities most of the time having a consistent event.
- Greyhound Racing: Found in some places and areas only with guidelines.
- International Soccer: The most widespread for betting, but it remains rather narrow-scope, and most of the time, it is not seriously regulated.
Sporting Milestones
- January 24, 2017: Decree No. 06/2017/ND-CP, the gambling on international soccer, horse racing and greyhound racing are legalised.
- March 31, 2017: It became effective of Betting Decree.
- June 14, 2018: It approved the National Sports Promoting Authority to regulate operations on sports betting with that purpose.
- 2019: On July 12 th, 2005, the biggest Casino in Vietnam, the Phu Quoc Corona Casino was launched.
- January 2024: Business – After receiving a license from MoF, Vietnam Lottery is allowed to offer sports betting on internation jsonString football.
Conclusion
Vietnam’s transition to legal gambling is characterized by consistence coupled with prudence and gradual approach that the country has employed to maximize on the potential benefits from gambling while minimizing the negative implications on the society. Vietnam’s bookmakers and Vietnam sports betting are also expected to steadily rise the supporting legal frameworks are in place and the demand continues to rise. In the future, it will be inevitable that both the legal context and all the regulations for the market to operate will be important when participating in this industry for both companies and individuals.
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