Numerous discussions have taken place in the past to legalise sports betting in Vietnam.
It has been more than four years since it has been a part of their legal circumference. But Vietnam’s government is still in its nascent stages to regulate the business and to formulate a draft decree.
Only recently did the government get together to discuss the future of sports betting in detail.
They aim to form a concrete plan of action as to how they will deal with sports gambling.
In a recent report, Prime Minister of Vietnam, Nguyen Tan Dung has instructed the Ministry of Finance to hasten the regulation process.
He also made it clear to the ministry that they should consult with all the related agencies to finish the first draft. He also allowed people to continue betting on horse and greyhound races, along with football matches.
A source has confirmed that the order was formulated at a recent meeting that was attended by heads of several agencies.
The agencies were not very clear about some of the rules that were slated to be part of the framework of online betting.
They also expressed their concern over the amount an individual should be allowed to bet per day. The maximum limit is at VND1 million (US$46).
Though several lawmakers, in the past, have expressed their desire to increase the betting limit, such a request has not been taken into account yet.
They have also reinforced that the limit was low.
One of the members of the parliament who thought that the limit should be increased is the chairman of the parliamentary judicial committee, Nguyen Van Hien.
He proposed to increase the betting limit five times. His main reason to argue such a hike was the fact that if the betting limits were not increased, it will prompt many people to choose illegal betting services.
He has also stated that he is against too much restriction on the betting limits.
He was not alone in making such a claim. Several economists also voiced the same opinion and took Hien’s recommendations in good stead.
He also got support of Ngo Tri Long who believes that if people get into the habit of illegal betting, they will eventually start preferring it.
Now, if people already prefer illegal betting that the legalisation process would, inevitably, fail.
It will also mean that some of the objectives related to legalisation of sports betting will also fail, one of them includes to accumulate tax revenues for the state, and in the process, try to end illegal gambling.
It was revealed to the newspaper by a sports official that about US$1.5 billion of betting money is sent to foreign service providers every year by Vietnamese gamblers.
An official with the finance ministry, Nguyen Hoang Duong, has said that the National Assembly (Vietnamese legislature) and the government have agreed on legalising sports betting.
But he also states that some technical issues need to be sorted with due caution and diligence.
The sports minister, Hoang Tuan Anh has also expressed his concern over sports betting being a sensitive issue that needs to be dealt with care.