From March 31, the betting business will be legalized in Vietnam on a pilot basis, following the issuance of the Government Decree No. 06/2017/ND-CP on conditions for horse racing, dog racing and international football betting business.
Under the Decree, Vietnamese and foreigners aged full 21 years or older will be allowed to bet on horse races, dog races or international football matches at a rate of between VND 10,000 and VND 1,000,000 for each betting product offered by a betting service provider.
The Go Thi Thung trational horse racing festival, Phu Yen province__Photo: VNA
As required by the Decree, to be granted a certificate of eligibility for horse racing or dog racing business, an enterprise must have a racecourse equipped with technological systems, technical devices and software to serve betting business. The enterprise will also be requested to work out a feasible business plan with betting ticket distribution methods and areas conformable with regulations.
As for international football betting, under the Decree, the Government will permit only one enterprise to offer betting on international matches on a pilot basis within five years. Such enterprise, which must have a charter capital of at least VND 1 trillion and meet a number of other requirements, will be selected through bidding.
While legalizing the betting business, the Decree still holds that betting is a conditional business which is not encouraged and must be placed under strict control of state management agencies.- (VLLF)