11 May 2006
The Vietnamese government is currently considering some far-reaching changes in the laws applying to sports betting. The Ministry of Finance has been asked by the government to draft a proposal for consideration about rules which would be applied to the lottery, sports betting and other entertainment activities. If this proposal is accepted by the government it could be the start of the legalization of sports betting in the country.
Regulations on sports betting would be applicable to all Vietnamese citizens over the age of 18, who are citizens of Vietnam, or those who are citizens, but reside overseas and who enter Vietnam legally. The draft is set to specify which types of companies or organizations could set up sports betting services. The draft currently states that a limited or joint stock company with reserve capital of at least VND70 billion (US$4.4 million) can launch a sports betting service.
The draft also states that sports betting rules will be issued by companies for each particular game or sport, of which companies will repay wagers to customers if the game or sport activity is cancelled. The sports betting operation must also be run independent of the sports or games activities themselves.
