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Official Gazette

Sunday, July 23, 2017

Foreigners to be allowed to carry abroad foreign currencies earned from casinos in Vietnam

Updated: 09:54’ - 14/04/2017
Foreign gamblers at Vietnam-based casinos could carry abroad foreign currency prizes in cash or by bank transfer after having the origin of the prize money amounts certified by licensed banks, says a draft circular designed by the State Bank of Vietnam to specify foreign exchange management provisions of Decree No. 03 dated January 16, 2017, on casino business.

Foreign gamblers might carry abroad foreign currency prizes won at Vietnam-based casinos__Photo: Internet

The draft defines foreign gamblers as foreigners or overseas Vietnamese holding foreign passports granted by competent foreign authorities or valid laissez-passers who lawfully enter Vietnam.

It states that, for cash prizes, foreign gamblers may exchange the prize money amounts for Vietnam dong at licensed banks, transfer them abroad via such banks, or deposit them into their bank accounts for foreign currency payment.

In case of bank transfer, foreign punters could receive their prize money transferred from the casino business’ special-use account to their foreign-currency payment accounts opened in Vietnam or overseas.

For casino businesses, the draft requires them to open one special-use foreign-currency account for each type of foreign currency at one licensed bank. This account would be used exclusively for daily foreign-currency collection and payment transactions in casino business.

A casino business may reserve a certain amount of foreign currency cash, which must be stated in its foreign currency collection and payment license granted by the central bank, for prize payout and token exchange for foreign gamblers. If this amount exceeds the business’ fund of a day, the business would have to pay the excessive amount to the special-use account on the next day.

According to the draft, gamblers may use bankcards to pay for casino services. However, casino businesses may receive payments only in Vietnam dong from banks providing card payment services.- (VLLF)
 

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