Vietnam’s Ministry of Finance took vital next steps amidst an overhaul of casino regulation after an impact assessment report has accelerated the process for a new gambling framework in Vietnam.
Off the back of the decision to enact changes to the country’s gambling decree – the risk assessment brings forward the plans which could mean that next year is set to be a major one in the development of Vietnam’s gambling landscape.
In an update to the current rules, Vietnamese locals are set to be able to gamble in The Corona Resort & Casino and The Grand Ho Tram, the latter of which has been granted a five-year pilot for the admittance of Vietnamese players.
Instead of financial capacity requirements, an entry fee model is set to be mandated as the government seeks to streamline the process for entry and improve the user experience, whilst maintaining player safeguards.
The newest set of measures are set to be demanding, with locals expected to have to fork out hefty VND 2.5 million (~US $95-100) per 24-hour casino.
The move shifts Vietnam away from a trend of excluding local players in Asia. Korean nationals are limited to just one of the country’s 17 casinos, while stringent casino entry fees are placed on locals in Singapore.
In one of the continent’s biggest markets, Japan, which is set to open later in the year, we still await full guidance on the framework in Japan. However, it appears likely that locals will be subject to restrictions such as entry fees and limits on the number of visits per week and month once it is open.
The embracing of local players is accompanied by extra compliance challenges for casinos in Vietnam, with them now required to maintain identification records, entry logs, and transaction data for at least five years. Furthermore, Vietnamese players must be at least 21 years old to enter venues.
There are still steps to be made before the implementation of the new framework is formalised. However, it could be set for completion early next year. Currently, there are nine land-based casinos located in Vietnam, and the moves may well fuel the appetite of the remaining locations to also embrace local players.
The prospects of the Vietnamese market will have been somewhat boosted by the stagnation of the land-based gambling market in Thailand, which had been touted to be one with the highest ceiling for growth across Asia.
The changes to casino legislation come amidst a widespread transformation of Vietnam’s betting framework as it continues to accelerate its transformation of domestic betting regulations.
The latest developments could see players in Vietnam subjected to an intensified set of rules for betting on international football.
Local media reports that the Ministry of Finance has proposed a limit of VND 10m (£314) per day, in comparison to the current cap of VND 1m.
On the surface, this is a tenfold increase. However, the current limit is tied to each category of bet available, which can be between 10 and 15 for an international football match.
Therefore, the newly proposed cap would effectively be lower than the current limit. According to the finance ministry, the change has been mooted because Vietnam’s per capita income has increased by 1.8 to approximately £3,500, and the new cap is designed to prevent excessive gambling.
