Despite billions in annual bettors, much of Vietnam’s sports betting revenue ends up with international operators. Experts see opportunity for growth if the 2017 decree is updated.
Vietnam has the potential to develop a profitable sports betting industry with improved regulations. This was the shared view of business and financial experts at a seminar held on 28 November, organized by The Investor and the Vietnam Association of Foreign Invested Enterprises (VAFIE).
According to Tuoi Tre News, the discussion focused on Decree 6, introduced in Vietnam in 2017. This legislation was designed to legalize betting on horse racing, greyhound racing, and international football, while establishing a framework for sports betting operators.
However, the speakers at the Hanoi seminar criticized the decree as outdated and restrictive.
Speakers at the event criticized its vague and restrictive provisions. Gambling is restricted to 20 pilot jurisdictions, with bets capped at VND1 million (£33.20/€40/$42). Operators must meet high capital requirements and contribute 5% of revenue to the state, though experts propose taxing profits instead.
The prohibition of mobile and online gambling blocks the industry as the decree relies on outdated paper and phone-based betting methods.
Business leader Nguyen Ngoc My stressed the need for digital integration, calling iGaming an “inevitable and irreversible strategic trend.”
Hoang Ngoc Nhat, the chairman of Thien Phuc Joint Stock Company, highlighted that Vietnamese gamblers spend up to $10 billion annually, primarily on football betting with most of the revenue flowing out of the country.
VAFIE chairman Nguyen Mai described sports betting as a “regulated sector but without (the government’s) willingness to manage it” However, this approach could shift in the near future.
As reported by The Investor, the National Assembly Standing Committee has set 2025 as the deadline for the Vietnam Government and the Ministry of Finance to revise the decree. Recommendations from the seminar will be submitted to the ministry to aid in fostering the industry’s development.
Economist Can Van Luc emphasized that sports betting fulfills “a cultural, recreational and tourism need” and will persist regardless of Decree 6. He argued that the government should capitalize on its potential benefits.
Vietnam has the potential to develop a profitable sports betting industry with improved regulations. This was the shared view of business and financial experts at a seminar held on 28 November, organized by The Investor and the Vietnam Association of Foreign Invested Enterprises (VAFIE).
According to Tuoi Tre News, the discussion focused on Decree 6, introduced in Vietnam in 2017. This legislation was designed to legalize betting on horse racing, greyhound racing, and international football, while establishing a framework for sports betting operators.
However, the speakers at the Hanoi seminar criticized the decree as outdated and restrictive.
Speakers at the event criticized its vague and restrictive provisions. Gambling is restricted to 20 pilot jurisdictions, with bets capped at VND1 million (£33.20/€40/$42). Operators must meet high capital requirements and contribute 5% of revenue to the state, though experts propose taxing profits instead.
The prohibition of mobile and online gambling blocks the industry as the decree relies on outdated paper and phone-based betting methods.
Business leader Nguyen Ngoc My stressed the need for digital integration, calling iGaming an “inevitable and irreversible strategic trend.”
Rules might change in 2025
Hoang Ngoc Nhat, the chairman of Thien Phuc Joint Stock Company, highlighted that Vietnamese gamblers spend up to $10 billion annually, primarily on football betting with most of the revenue flowing out of the country.
VAFIE chairman Nguyen Mai described sports betting as a “regulated sector but without (the government’s) willingness to manage it” However, this approach could shift in the near future.
As reported by The Investor, the National Assembly Standing Committee has set 2025 as the deadline for the Vietnam Government and the Ministry of Finance to revise the decree. Recommendations from the seminar will be submitted to the ministry to aid in fostering the industry’s development.
Economist Can Van Luc emphasized that sports betting fulfills “a cultural, recreational and tourism need” and will persist regardless of Decree 6. He argued that the government should capitalize on its potential benefits.
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