enter Vietnam again from July 1<\/strong><\/em><\/a>.<\/p>\n\n\n\nGambling is still mostly illegal in Vietnam for local people, but the Ministry of Finance is drafting an amendment to the current decree in force to allow betting on horse racing, greyhound racing and international football.<\/p>\n\n\n\n
At this week’s seminar, which brought together government representatives, economists and betting companies, economist Nguyen M\u1ea1i said: \u201cIt is necessary to have mechanisms and policies to attract investors in the prize-winning entertainment industry as it will help the tourism to gain back.\u201d<\/p>\n\n\n\n
According to the National Administration of Tourism (VNAT), international tourists currently spend between $400 and $600 per visit, and an increase to $1,500 could mean income of up to $15 billion a year in the country.<\/p>\n\n\n\n
Nguyen Van Phung, head of the Tax Policy Department at the Ministry of Finance, said the country would obtain 10 per cent from value added tax from the industry and between 10 and 30 per cent from the special consumption tax.<\/p>\n\n\n\n
Supporters say legal regulation for activities such as horse racing or sports betting will be needed to develop the sector, and incentives will be needed for investors.<\/p>\n\n\n\n
It has been suggested Vietnam learn from experiences nearby in China, Singapore and Malaysia how to build a legal system for “prize-winning activities” such as horse racing and dog racing.<\/p>\n","protected":false},"excerpt":{"rendered":"
Several officials believe legalising sports betting could help Vietnam’s tourism industry recover from the Covid-19 crisis.<\/p>\n","protected":false},"author":2,"featured_media":7564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Vietnamese officials are advocating for the legalisation of sports betting, horse racing, and greyhound racing to stimulate tourism recovery post-Covid-19 and generate significant state revenue. The Ministry of Finance is drafting amendments to existing decrees, with proponents citing potential billions in annual income through taxation and increased tourist expenditure. The proposal includes learning from regional regulatory frameworks.","focusai_entities":"Ministry of Finance, Nguyen M\u1ea1i, National Administration of Tourism (VNAT), Nguyen Van Phung","focusai_location":"Vietnam, Hanoi, China, Singapore, Malaysia","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.9), operator_casino (0.9), affiliate_publisher (0.7), marketing_crm (0.7), payments_fraud_aml (0.75), investor_analyst (0.95), supplier_vendor (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"What specific regulatory incentives?","query":"What specific regulatory incentives and governance frameworks are being considered by the Ministry of Finance to attract foreign direct investment into Vietnam's nascent prize-winning entertainment industry?"},{"label":"GGR projections realistic?","query":"Given the current tourist spending patterns and proposed tax structures, are the projected GGR and NGR figures for Vietnam's legalised sports betting and racing verticals realistic and sustainable?"}],"footnotes":""},"categories":[158,16333,155],"tags":[4176,94],"class_list":["post-7561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-slider-home","category-south-east-asia-news","category-sports-betting-news","tag-sports","tag-vietnam"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=7561"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7561\/revisions"}],"predecessor-version":[{"id":7577,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7561\/revisions\/7577"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/7564"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=7561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=7561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=7561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}