The National Assembly Standing Committee has approved of a proposalregarding the Government’s issuance of a decree regulating horse and dogracing and international football betting that looks to formallylegalise the business.
According to a draft decreeproposed by the Finance Ministry at the Committee’s ongoing session onAugust 14, those who participate in these activities must be at least 18years old and the amount of betting can only range from 10,000-1million VND per day (0.50-50 USD).
The draft decreeapplies to all individuals and organisations, domestically andinternationally, who get involved in these types of gambling within thecountry.
Particularly for football betting, the draftdecree suggests allowing only one State-owned company to pilot footballbetting and this company must have at least a starting capital of 500billion VND (24 million USD).
Finance Minister DinhTien Dung said a decree on regulating these activities was necessary atthis time due to a rising demand by people who have increased access toinformation related to betting from abroad, such as betting throughwebsites of companies located outside the country.
Since 1998, Vietnam has allowed four companies to hold horse and dogracing but it is only limited to small-scale betting, according to theFinance Ministry's report.
However, Dung said thecountry lacked a legal framework to regulate these activities,considering 135 countries and territories worldwide had alreadylegalised them.
According to statistics from thePublic Security Ministry, more than 1,250 cases of illegal betting werereported between 2000 and 2009 and the amount of betting was up to 1million USD.
Phung Quoc Hien, Chairman of the NAFinancial and Budgetary Affairs Committee, said the NA agreed on theneed to issue a decree, which could help reducing the illegal activitiesand contribute to the state budget.
However, TruongThi Mai, Chairwoman of the NA Social Affairs Committee, said the draftdecree did not touch on the social effects that these betting activitiescould have on society.
In addition, limiting theamount of betting from 10,000-1 million VND would not limit theparticipation of low-income earners.
Ksor Phuoc,Chairman of the NA Committee on Ethnic Affairs, said the Government mustbe careful in legalising these activities, which can make it easier formoney launders.
On the same note, Nguyen Van Hien,Chairman of the NA Committee on Legal Affairs, said the range of bettingwas too low, which wouldn't limit these activities to an exclusivehigh-income group of people.
"Probably no one wouldwant to bet at the level of 10,000 VND; with which you can't buy apacket of vegetables nowadays," Hien said. "If we want to do it right,then we need to put it at a realistic level, such as from 50,000-5million VND."
According to the Finance Ministry, thedecree if passed could attract investment and create new jobs but it didnot clarify to what extent.
The ministry alsoestimates that in 2010, horse racing businesses brought 21.6 billionVND; and dog racing activities contributed 2.3 billion VND to the statebudget in 2012.
The NA Standing Committee also agreedthat this would be limited to international football betting, which didnot involve any stakeholders or players in the country to preventbetting activities from interfering with match results.
On the draft decree on regulating casino businesses, members of the NAStanding Committee agreed that only foreigners and overseas Vietnamesewould be allowed to enter a casino.
However, Hien alsonoted that many Vietnamese already flocked to casinos in Singapore andCambodia to play, causing a loss of foreign currency and other socialproblems.
Hien suggested that the Government considerallowing Vietnamese nationals to enter casinos in the country butstrictly limit those who pass requirements related to income andpersonal record.
In the long-term, Finance MinisterDung said a law on regulating gaming businesses should be developed,which covered lotteries, casinos and betting.
The NAStanding Committee will consider passing a resolution on both of thedraft decrees. These decrees could be effective starting from January 1,2014.-VNA
According to a draft decreeproposed by the Finance Ministry at the Committee’s ongoing session onAugust 14, those who participate in these activities must be at least 18years old and the amount of betting can only range from 10,000-1million VND per day (0.50-50 USD).
The draft decreeapplies to all individuals and organisations, domestically andinternationally, who get involved in these types of gambling within thecountry.
Particularly for football betting, the draftdecree suggests allowing only one State-owned company to pilot footballbetting and this company must have at least a starting capital of 500billion VND (24 million USD).
Finance Minister DinhTien Dung said a decree on regulating these activities was necessary atthis time due to a rising demand by people who have increased access toinformation related to betting from abroad, such as betting throughwebsites of companies located outside the country.
Since 1998, Vietnam has allowed four companies to hold horse and dogracing but it is only limited to small-scale betting, according to theFinance Ministry's report.
However, Dung said thecountry lacked a legal framework to regulate these activities,considering 135 countries and territories worldwide had alreadylegalised them.
According to statistics from thePublic Security Ministry, more than 1,250 cases of illegal betting werereported between 2000 and 2009 and the amount of betting was up to 1million USD.
Phung Quoc Hien, Chairman of the NAFinancial and Budgetary Affairs Committee, said the NA agreed on theneed to issue a decree, which could help reducing the illegal activitiesand contribute to the state budget.
However, TruongThi Mai, Chairwoman of the NA Social Affairs Committee, said the draftdecree did not touch on the social effects that these betting activitiescould have on society.
In addition, limiting theamount of betting from 10,000-1 million VND would not limit theparticipation of low-income earners.
Ksor Phuoc,Chairman of the NA Committee on Ethnic Affairs, said the Government mustbe careful in legalising these activities, which can make it easier formoney launders.
On the same note, Nguyen Van Hien,Chairman of the NA Committee on Legal Affairs, said the range of bettingwas too low, which wouldn't limit these activities to an exclusivehigh-income group of people.
"Probably no one wouldwant to bet at the level of 10,000 VND; with which you can't buy apacket of vegetables nowadays," Hien said. "If we want to do it right,then we need to put it at a realistic level, such as from 50,000-5million VND."
According to the Finance Ministry, thedecree if passed could attract investment and create new jobs but it didnot clarify to what extent.
The ministry alsoestimates that in 2010, horse racing businesses brought 21.6 billionVND; and dog racing activities contributed 2.3 billion VND to the statebudget in 2012.
The NA Standing Committee also agreedthat this would be limited to international football betting, which didnot involve any stakeholders or players in the country to preventbetting activities from interfering with match results.
On the draft decree on regulating casino businesses, members of the NAStanding Committee agreed that only foreigners and overseas Vietnamesewould be allowed to enter a casino.
However, Hien alsonoted that many Vietnamese already flocked to casinos in Singapore andCambodia to play, causing a loss of foreign currency and other socialproblems.
Hien suggested that the Government considerallowing Vietnamese nationals to enter casinos in the country butstrictly limit those who pass requirements related to income andpersonal record.
In the long-term, Finance MinisterDung said a law on regulating gaming businesses should be developed,which covered lotteries, casinos and betting.
The NAStanding Committee will consider passing a resolution on both of thedraft decrees. These decrees could be effective starting from January 1,2014.-VNA
