Vietnam’s gambling landscape is poised for a significant regulatory overhaul as the government moves to tighten control over the betting sector. In a bid to align local legislation with global financial standards, the Ministry of Justice of Vietnam has proposed a new decree to replace regulations from 2017.
Under the new framework, the anonymity previously associated with casual betting will be eliminated.
To comply with the Law on Anti-Money Laundering of 2022, all individuals placing bets on football, horse racing, or greyhound racing will be required to create a comprehensive user profile. This includes providing their full name, date of birth, nationality, profession, phone number, and both permanent and temporary residence addresses.
The Debate on Betting Limits
While there is consensus on identification, the government remains divided on betting caps. The Ministry of Science and Technology pushed for a significant increase in the daily limit to VND 100 million (approx. US$3,800) to help licensed operators compete with the black market.
However, the Ministry of Finance flatly rejected this proposal, opting to maintain the status quo. The new draft decree keeps the maximum daily betting limit at VND 10 million (approx. US$380) per licensed operator. Finance officials argued that given Vietnam’s average annual income of roughly $5,000, betting must remain strictly recreational to protect public order and social security.
Expanding Eligible Leagues
Acknowledging that current rules restricting bets to FIFA tournaments are too limiting for investors, the government has agreed to widen the scope of eligible competitions. The revised draft permits wagering on major continental tournaments organized by UEFA, AFC, CONMEBOL, and CONCACAF. Furthermore, it includes top-tier national leagues from football powerhouses such as England, Italy, Spain, Germany, and Brazil, leveraging the massive local fanbase for these competitions.
Pilot Program Oversight
The expansion will be managed cautiously through a pilot program restricted to a maximum of three licensed enterprises. To ensure strict oversight, the authority to select these operators will rest directly with the Prime Minister, balancing market development with tight social control.
