Betting on dog racing, horse racing, and international football will be officially legalized from March 31, 2017, when Decree 06/2017/ND-CP, recently issued by the Government, comes into effect.
The government has officially issued Decree 06/2017/ND-CP on the business of horse racing, dog racing, and international football betting, meaning that Vietnam will legalize these betting activities.
According to the Decree, Vietnamese and foreign individuals must be 21 years of age or older to participate in betting on horse racing, dog racing, and international football in Vietnam. The minimum bet is 10.000 VND, and the maximum is 1 million VND per day for each betting product at a betting business.
Only eligible businesses are permitted to operate betting services. After completing the investment registration procedures, businesses must apply for a Certificate of Eligibility to Operate Betting Services.
Conditions for obtaining a Certificate of Eligibility to conduct horse and dog racing betting business include: Completion of the construction of the horse and dog racing track as stipulated in the investment registration certificate or the investment policy decision document; Full provision of technology systems, technical equipment, and business software to organize horse and dog racing activities as stipulated in Decree 06/2017/ND-CP; Having a feasible business plan for horse and dog racing betting, a method of distributing betting tickets, and a distribution area for betting tickets that comply with the provisions of Decree 06/2017/ND-CP and other relevant laws.
Meanwhile, regarding international football betting, Decree 06/2017/ND-CP stipulates that the Government will allow one enterprise to conduct a pilot program for international football betting. The pilot period is 5 years. After the pilot period, the Government will summarize and evaluate the results to decide whether to continue allowing the pilot program for international football betting or to terminate it.
Businesses participating in the pilot program for international football betting must have a minimum charter capital of 1.000 billion VND and meet other regulations. Relevant ministries and agencies such as the Ministry of Finance and the Ministry of Planning and Investment will organize a bidding process to select the businesses authorized to conduct the pilot program for international football betting.
Although the betting business has been legalized, the government's stance is very clear: it is a conditional business activity, not encouraged for development, and subject to strict control by competent state management agencies to ensure compliance with the regulations in Decree 07/2017/ND-CP and relevant laws.
Only businesses that have been granted a Certificate of Eligibility to conduct betting business as stipulated in Decree 06 and businesses specified in Clause 1, Article 79 of the Decree are permitted to conduct betting business.
The organization of betting businesses must ensure transparency, objectivity, honesty, and protect the rights and interests of all participating parties.
The currency used to purchase betting tickets and pay out winnings in the betting business is the Vietnamese Dong.
The decree also clearly stipulates prohibited acts in betting business, such as conducting betting business without a Certificate of Eligibility; conducting betting business that does not conform to the content licensed by the competent state management agency as prescribed by law; participating in rigging or agreeing to falsify the results of betting events; and betting businesses lending money to players to participate in betting.
In addition, other acts are strictly prohibited in the betting business: exploiting betting business activities to organize betting activities contrary to the regulations in Decree 06; providing information on betting odds developed by betting businesses without their consent or authorization; exploiting betting business activities to carry out money laundering; exploiting promotional activities involving chance and entertainment to conduct illegal betting business with the goal of making profits by collecting money from customers; causing public disorder at racetracks, betting ticket sales locations, etc.
The government's opening up of the betting business is expected to create favorable conditions for Vietnam to attract investment in this sector. Recently, many foreign investors have proposed investing in horse racing track projects worth hundreds of millions of USD, or even over 1 billion USD, in Vietnam.
- Comprehensive tax accounting services
- Auditing financial statements
- Establish an accounting system.
