Vietnam’s Finance Minister Hu Duc Phuc has stressed the need for a comprehensive legal framework before international football betting can be implemented in Vietnam, citing the need for regulatory clarity to prevent illegal activities in the sector.
According to local reports, Phuc made the statement at last month's National People's Congress, where concerns were raised about various aspects of the gaming and gambling industry, including lotteries, casinos and electronic gaming operations. The discussion revealed strong growth for the state-owned lottery enterprise, with revenues rising 11% to VND153 trillion (about €5.7 million) in 2023.
In terms of the importance of these revenues, Representative Dieu Huynh Sang asked about the distribution of lottery proceeds, especially in important areas such as healthcare and education.
The role of digital transformation
Foe stressed the importance of digital transformation in the lottery industry to promote sustainable growth and advocated for expanding sales through authorized lottery agents to create jobs for vulnerable groups.
Concerns about social impact
Speaking on the topic of casino operations, Representative Nguyen Du Minh expressed concerns about its impact on society and its contribution to local economic development, especially in promoting tourism. Phu revealed that Vietnam currently has nine casinos, which contributed VND9 trillion (about EUR337,868) to the national budget from 2017 to 2023 and created 10,000 jobs. However, only one casino is located on Phu Quoc Island and is open to Vietnamese citizens.
Electronic gaming and gambling issues
Addressing the issue of electronic games and gambling, Representative Nguyen Thi Hue highlighted concerns about widespread illegal gambling activities. Phuc clarified that while certain electronic games are restricted to foreigners and have strict qualification criteria for operators, gambling services such as football, horse racing and greyhound racing are currently prohibited in Vietnam due to regulatory restrictions.
In particular, the lack of specific provisions in the existing legal framework has hampered the deployment of international football betting. Foe stressed the need to amend relevant laws to accommodate these activities and mitigate the associated risks before considering their implementation.
Committed to a strong regulatory environment
Amid Vietnam’s complex efforts to regulate its gaming and gambling industry, the Finance Minister reiterated the government’s commitment to creating a strong regulatory environment with high quality of transparency, integrity and regulated gaming practices.
Concern over mandatory bidding process for football betting
In March, the Southeast Asian nation said it was considering implementing a mandatory bidding process for international football betting business projects. The government stipulated a formal bidding process to select investors interested in participating in the enterprise.
