Vietnam Decree Says Betting Investors Would Need to Comply with Bidding Law

As Vietnam seeks to expand its wagering industry, the government said that operators wishing to offer legal betting on soccer events would need to take part in a bidding process. According to Hanoi Times, the process would determine whether these companies would secure a license.

The Vietnamese news outlet said that the new measure is a part of the government’s latest decree, Decree 23/2024. Under this rule, soccer betting investors would need to comply with Vietnam’s Bidding Law.

This decree, however, may pose certain challenges to making Vietnam appealing to commercial betting investors. A previous decree, for example, failed to channel industry investors toward the Vietnamese betting market.

The previous measure in question was Decree 06 which greenlit a five-year pilot program that allowed wagering on UEFA events. However, the decree’s restrictive nature required a minimum charter capital of VND 1 million, thus failing to appeal to investors.

Decree 06, which was issued in 2017, received a proposed amendment in 2021 which would have allowed wagering on additional soccer events. This would have included major European leagues, the Europa League, Copa America, the Champions League and the AFC Cup. Additionally, the measure envisioned betting on other competitions in which Vietnamese teams participate, including the World Cup qualifiers, Olympics and Asian Cup, among other events.

However, this amendment was never passed. As a result, critics have scrutinized Vietnam’s restrictive approach to betting, arguing that it deprives the country of millions of dollars in tax money. Proponents of a regulated betting industry also say that the government’s lack of compromise is a gift to the unlicensed market, which has been flourishing.

Vietnam Seeks to Launch Gaming for Locals

In the meantime, Vietnam is considering further expansion of its land-based industry. In late 2023, a proposal was submitted to Prime Minister Pham Minh Chinh, suggesting the construction of a premium tourist destination in Van Yen Village, Van Don District.

The property would span some 245 hectares and is part of a broader strategy to establish coastal resorts with casino operations. The proposed venue sought to be one of Vietnam’s first casinos that accept local customers.