The Ministry of Finance is seeking public feedback on a draft decree concerning the business of betting on horse racing, dog racing, and international football. This decree would replace Decree 06, issued 8 years ago.
The ministry has proposed a daily maximum bet, rather than a per-product limit, to the government. Specifically, players could bet up to 10 million VND per day on international football, instead of the current 1 million VND per product. The minimum bet remains at 10,000 VND.
On average, an international football match has about 10-15 betting products, such as predicting the score, the number of yellow cards, red cards, corner kicks, the first goalscorer, and so on. Thus, players would be limited to a total of 10 million VND in bets across all these products per day. This is more restrictive than the current system, where players can bet on 10-15 products with a maximum of 1 million VND for each.
Compared to 2016, when Decree 06 was issued, the average income per capita has now increased by more than 1.8 times, to 4,700 USD. The Ministry of Finance believes that capping the maximum bet will prevent players from overspending on gambling.
Eligibility requirements have also been tightened. Players must be 21 years old or older and have full civil act capacity. They are required to open an account with a licensed betting operator. Activities such as placing bets, making payments, and receiving winnings must be conducted through this account to ensure player identification and transaction monitoring.
Currently, international football tournaments open for betting are those announced and approved by FIFA. According to the Ministry of Finance, FIFA only announces matches and tournaments they organize, along with the FIFAe World Cup (Esports). There are approximately 4-8 such tournaments annually, each lasting 10-30 days. This leads to interruptions in betting operations and makes it difficult to attract investors due to high operating costs and low profitability.
The ministry proposes that operators be allowed to determine their own betting products based on scores, match events, half-time results, and tournament standings. These products must comply with business needs and the betting regulations submitted to the regulatory authorities.
Operators must acquire the necessary rights when using images or results of FIFA matches or tournaments, or those of FIFA members. This excludes tournaments organized by the Vietnam Football Federation.
Additionally, due to the time difference between Vietnam and other countries where international football matches are held, the drafting agency proposes allowing online betting via the Internet. Operators would have the authority to decide the start and end times for accepting bets.
Decree 06 currently prohibits betting companies from advertising. However, the Ministry of Finance argues that this regulation restricts brand promotion and recognition. The ministry proposes allowing operators to display their logos, brand images, and advertisements on their own websites.
The draft decree also proposes a 5-year pilot program with only one operator licensed for international football betting. This is due to the potential impact on social order and security if betting activities are not strictly controlled.
Recently, police have uncovered and prosecuted several illegal football gambling rings with turnovers reaching trillions of VND. The estimated value of the illegal football betting market in Vietnam is tens of billions of USD, with the government unable to control the flow of money or collect taxes.
Analysts believe that to attract investors to the betting sector, the state needs a robust and appropriate legal framework. This would provide citizens with a legal form of entertainment, diverting them from illegal channels. In return, the government would benefit from increased tax revenue.
Phuong Dung
