Individuals and organizations to be vigilant and cautious towards the promotion of international football betting business licenses
The representative of the Ministry of Finance of Vietnam stated that as of now, the Ministry has not issued any sports betting license to any enterprise to pilot international football betting activity.
In January 2017, the Vietnamese government had issued an order to allowing citizens to participate in international sports and related gaming activities such as football, horse racing and dog racing.
According to Vietnam’s new “Sports Law”, sports betting is a prized entertainment event, and participants will predict the outcome of sports competitions used for gaming operations. The Vietnamese government determines the range of sports events that can operate gaming activities and formulates management rules.
The new “Sports Law” stipulates that sports betting is a conditional business activity, which does not encourage development and is strictly managed by the national competent authority; enterprises that operate sports betting must obtain a license issued by the management department to operate; sports betting operations must be transparent and objective, fair and protect the legal rights and interests of participants; betting and prize money must be in Vietnamese currency; however, the online gambling business is strictly prohibited.
For the international football betting business, according to the decree issued in June 2017, the government allows an enterprise to pilot the international football betting business for a period of 5 years. But so far, the Ministry of Finance has not issued a license to any company to pilot the international football betting business.
The Ministry of Finance of Vietnam recommends that individuals and organizations should be vigilant and maintain a cautious attitude towards the promotion of international football betting business licenses issued by the national regulatory agencies.