Vietnam is eyeing to mandate a bidding process for the international football betting business project.
In a report by Vietnam Net, the government decree in accordance with the country’s Bidding Law, requires a formal bidding procedure to select investors interested in engaging in the venture.
The scope of this decree extends not only to international football betting but also encompasses projects related to horse and dog racing, which involve betting activities.
In instances where there is interest from multiple investors, a bidding process will be obligatory.
Bidding on other betting activities
The latest regulation builds upon a decree from 2017, which focused on betting activities related to horse racing, dog racing, and international football.
At that time, the Vietnamese government had sanctioned a pilot project for international football betting, to be conducted through a bidding mechanism.
However, as of now, no company has been authorized to initiate such pilot initiatives.
In 2023, a lottery operator disclosed its intention to introduce international football betting operations, aligning with legal requirements and emphasizing adherence to regulations.
Proposed revisions to the decree in late 2021 by the Ministry of Finance included expansions such as betting on European national football championships and allowing online purchase of betting tickets.
Alterations to investor conditions were proposed, including a minimum capital investment requirement of VND1 trillion (€37.3 million) and limitations on foreign ownership to not exceed 50 percent collectively.
Moreover, companies would be obliged to contribute a minimum of 5 percent of their betting revenue to the state budget, excluding taxes.
Proposed decree not final yet
The report clarified that the proposed updated decree has not yet been formally issued.
The report also highlights concerns regarding the underground football betting market in Vietnam, which is estimated to generate tens of billions of U.S. dollars annually, presenting challenges for the state in terms of regulating money flow and tax collection.
SiGMA Africa – less than one week away!
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