Ho Duc Phoc, Vietnam’s Minister of Finance, has underscored the need for a clear legal framework governing international football betting before its introduction in the country.
During a Q&A session on March 18, National Assembly deputies raised queries regarding various aspects of the gaming industry, including lotteries, casinos, betting and electronic games.
Minister Phoc emphasized the importance of robust regulations to govern international football betting, acknowledging the complexities involved in its implementation. He highlighted the necessity of aligning legislative measures to ensure responsible oversight and curb potential illegal activities associated with gambling and betting.
Vietnam’s lottery sector has witnessed significant growth, with 64 state-owned enterprises generating revenues of VND 153 trillion in 2023, a notable 11% increase compared to the previous year. Traditional lotteries accounted for the majority of this revenue, reflecting the sector’s enduring popularity among Vietnamese citizens.
Responding to concerns raised by National Assembly Deputy Dieu Huynh Sang regarding the utilization of lottery revenue, Minister Phoc outlined the significant contributions made to vital sectors such as healthcare, education, rural development and infrastructure. He emphasized the importance of fostering digital transformation within the lottery sector to enhance efficiency and promote inclusive economic growth.
Addressing inquiries about the casino industry, Minister Phoc provided insights into the current landscape, noting the presence of nine casinos across the country. He emphasized the economic contributions of casinos, including job creation and revenue generation, particularly in regions such as Phu Quoc and Van Don.
On the issue of international betting, Minister Phoc reiterated the government’s cautious approach, citing the absence of a comprehensive legal framework to regulate activities such as football betting. He emphasized the need for legislative amendments to facilitate the introduction of international betting in compliance with established regulations.
While acknowledging the potential benefits of electronic games and betting, Minister Phoc stressed the importance of stringent oversight to prevent illegal gambling activities and ensure responsible gaming practices.
Original article: https://www.yogonet.com/international/noticias/2024/04/02/71528-vietnam-holds-off-on-international-football-betting-until-legal-clarity
