Vietnam is signaling a definitive, albeit measured, openness toward expanding its regulated gaming market. While recent policy shifts, including the introduction of local play pilots in November, have marginally improved market sentiment and visitation, industry analysts suggest that domestic demand has yet to reach its full potential.
The actual impact on gross gaming revenue (GGR) remains minimal as the government prioritizes traceability and social control over rapid liberalization.
Incremental Policy Shifts and Transparency
The Ministry of Finance has proposed a new draft decree to replace the aging Decree 06 from 2017. Under this framework, bettors on football, horse racing, and dog racing would be subject to full identity disclosure, requiring personal details such as profession and address to comply with the 2022 Anti-Money Laundering Law.
Additionally, while the daily limit for international football betting is set to increase from VND 1 million to VND 10 million ($380), no further hikes are planned.
Tim Nguyen, Director of Fortuna Investments, highlighted the pilot’s importance as a policy barometer:
“The early response has been encouraging in terms of visitation and overall market sentiment, but the larger takeaway is that Vietnam appears willing to test a domestic participation model under strict regulation.”
Structural Hurdles and Regional Competition
Despite local access being granted at high-profile properties like The Grand Ho Tram and Corona Resort & Casino, structural barriers continue to stifle growth. The mandatory income verification process and strict advertising bans prevent spontaneous gaming and limit the reach of operators to new demographics.
Scott Choi, Head of External Marketing at Lion Club, remains skeptical of an immediate surge:
“Although local access has recently been allowed, the expected surge in demand has not materialized clearly. Earlier trials showed that opening access alone is not enough to build demand if weak connectivity and high costs remain.”
Furthermore, Vietnamese players often look toward Cambodia or unregulated online platforms that offer more privacy, higher limits, and fewer bureaucratic hurdles. For Vietnam’s regulated gaming market to thrive, experts believe it must remain tethered to integrated tourism development, focusing on infrastructure and destination appeal rather than gaming in isolation.
