The Ministry of Finance is seeking public input on a draft decree regulating betting operations for horse racing, dog racing, and international football.
Specifically, for international football betting, the draft stipulates that only one enterprise will be permitted to pilot international football betting operations, subject to approval by the competent authority.
The pilot period for international football betting will be 5 years from the date the enterprise is granted the Certificate of Eligibility for Football Betting Operations. After the pilot period, the Government will review and evaluate the program to decide whether to officially permit or terminate international football betting operations.
Regarding eligibility, the pilot enterprise must have a minimum charter capital of 1,000 billion VND. The total shareholding ratio of all foreign-invested entities must not exceed 49% of the enterprise’s charter capital. The shareholding ratio of any single foreign-invested entity must not surpass that of domestic entities.
Shareholders or capital contributors must commit not to transfer their shares or capital contributions during the pilot period.
Additionally, the enterprise must commit to contributing a monetary amount to the central budget beyond its tax obligations as per tax laws. The contribution amount, proposed by the investor, must be at least 10% of the annual betting revenue after prize payouts.
For bettors, the minimum bet per transaction is 10,000 VND, while the maximum daily bet per individual at a single betting enterprise is 10 million VND.
Globally, the betting industry generates an estimated $70 billion annually, projected to reach $141 billion by 2030, with an annual growth rate of 11.5%.
Vietnam’s betting market is considered highly promising. A UK-based firm estimates that Vietnam’s betting revenue (formal and informal) is equivalent to 3-5% of its GDP.
Betting on International Football Must Have Minimum Scale of 1,000 Billion VND, Horse Racing 300 Billion VND
Minister of Finance Ho Duc Phoc has submitted a report to the National Assembly deputies for the upcoming Q&A session of the Standing Committee of the National Assembly, which will take place on March 18th.
Seven provinces and cities want to invest in business project betting.
Expected on March 18th, the Standing Committee of the National Assembly will conduct the questioning session with Minister of Finance Ho Duc Phoc and Minister of Foreign Affairs Bui Thanh Son. The ministers have already submitted reports on the relevant topics for the questioning session.
