The Vietnam Chamber of Commerce and Industry (VCCI) has submitted a proposal to the country’s Ministry of Finance calling for a substantial increase to the amount individuals are permitted to bet on horse racing and football in order to better combat illegal operators.
The proposal, reported by local media outlet VietnamNet, comes after the Ministry recently issued a draft decree that would update the maximum amount individuals can bet on international football matches per day from VND1 million (US$38) to VND10 million (US$380).
Although the VCCI sees this as a step in the right direction, it is calling for a maximum of VND100 million (US$3,800) per person per day or at least VND10 million (US$380) per product category, according to VietnamNet.
This, the VCCI argues, would better position licensed operators to compete with illegal platforms who face no such daily restrictions. It also notes that in other developed markets the majority of revenues are generated via a select group of high-stakes customers.
The current model, it says, weakens the regulatory framework.
Likewise, the VCCI wants the mandatory minimum contribution to the central government budget of 10% of gross gaming revenue as outline din the draft decree reduced to 5% to better align with international standards. This, it argues, would similarly boost the competitiveness of legal operators against unregulated platforms that have no tax obligations. The 10% GGR contribution is in addition to a 30% special consumption tax and 10% VAT.
A 5% tax on GGR “is a reasonable level that allows businesses enough margin to survive and grow, while still ensuring state revenue,” the VCCI’s proposal states. “Once the market matures, the government can adjust contribution rates gradually. This flexible policy would encourage serious, long-term investment rather than short-term profit-seeking.”
The VCCI’s proposal also suggests an amendment to the Ministry’s draft decree under which operators are granted a five-year trial period starting from the date they are issued a business eligibility certificate. It wants the five-year trial to start from the date an operator officially launches international football betting operations, as confirmed in writing by the regulatory authority, to allow time to complete technical systems, secure licensing agreements, recruit staff and make other preparations.
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