The perpective of the 1.5 billion USD horse racing course complex developed by South Korea G.O.Max I&D in the northern Phu Tho province (Photo: doanhnhanvietnam.org.vn) Hanoi (VNA) - The Government has issued a long-awaited decree allowingVietnamese citizens to bet on international football matches and on horse anddog races in Vietnam.
Thisfollows a decree issued last month by Prime Minister Nguyen Xuan Phuc liftingthe ban on gambling by Vietnamese at local casinos.
The new decree is expected to pave the way forforeign and domestic investment in race courses and other gambling activities.
Under the decree issued last week, each gamblercan place a wager with an authorised betting firm for a maximum of 1 millionVND (44 USD) and a minimum of 10,000 VND for each betting product per day.
The football wagers will be limited to matchesthat have the approval of international football overseers FIFA. The Ministryof Culture, Sports and Tourism will issue the list of eligible internationalfootball matches for betting.
The punters must be at least 21 years old andVietnamese dong mustbe used to purchase betting tickets and pay awards, said the decree.
According to the decree, the minimum investmentcapital for horse racing and football betting businesses will be 1 trillion VNDeach, and for dog racing will be 300 billion VND.
The legalisation has been discussed for years. In2010, the Ministry of Finance began formulating a draft decree, but sought tofirst learn from the experience of other countries to ensure that the wagerswould not affect social order and safety.
In Vietnam, betting is a conditional businessactivity, meaning that it is not encouraged and is under the strict control ofState management agencies. Only enterprises with betting licences are allowedto sell gambling tickets.
The decree requires bettors to wager viaauthorised retail betting agencies, which can’t be located within 500 meters ofa school or children’s park. The new decree also regulates punishment foradministrative infringements on horse and dog racing and international footballgambling in Vietnam.
Betting must be conducted in a transparentand subjective manner and protect the rights and benefits of relevant sides.
The punishment levels from 5 million VND to 10million VND will be given to the betting agencies which supply insufficient andinaccurate information for customers. The violation on money laundering will befined from 50 million VND to 100 million VND, even being revoked businesslicence from three to six months.
As for violations to betting promotions, thefirms can be fined from 180 million VND to 200 million VND or revoked businesslicence from six to 12 months.
The new decree is expected to lure additionalForeign Direct Investment (FDI) to Vietnam. The Hanoi Tourist Corporation, forexample, is seeking to build a horse racing track in the capital’s suburbandistrict of Soc Son. The track will cover up to 180 hectares with an investmentof 500 million USD.
The Republic of Korea’s G.O Max wants to build a570 million USD racecourse in northern Vinh Phuc Province. Other companiesinclude Golden Turf Club Pty Ltd, with a 100-million USD project in southern PhuYen province and Hong Kong’s Matrix Holdings Ltd with a planned horseracecentre in Da Nang city.
The domestic Dai Nam Group JSC recently said itwould open a racecourse costing 100 million USD in the southern province of BinhDuong. Construction of the racecourse, spanning 60ha, at the tourism park in theprovince 40km from inner HCM City, started last July. It includes a 30haparking lot and a grandstand that can accommodate 50,000 to 60,000 people.-VNA
VNA
