The Vietnamese government has drafted a decree, which will allow the Vietnamese to take part in international football betting. In future, foreign investors will also be able to enter the betting business. However, certain criteria must be met in order to set up a betting shop or join an existing company. The changes also apply to horse and greyhound racing.
The Vietnamese government will change decree 06/2017/ND-CP. The planned changes in detail:
Matches and competitions allowed for the betting business
(see box for association abbreviations)
Betting will be allowed for international football matches and competitions organised by FIFA or football federations that are members of FIFA, specifically:
- Competitions: Qualifications and final rounds of the FIFA World Cup (men and women), FIFA Confederations Cup, FIFA U-20 World Cup (men and women), AFC Asian Cup (men and women), UEFA EURO, Premier League, La Liga, Bundesliga, Serie A, Ligue 1, AFC Cup, CONCACAF Gold Cup, Copa América, Copa Libertadores, FA Cup, La Copa del Rey, DFB Cup, Coppa Italia, Coupe de France.
- Matches: International football matches organised by UEFA, AFC, CONMEBOL, CONCACAF and national football federations.
The world football associations
AFC: Asian Football Confederation
CONCACAF: Confederation of North, Central American and Carribean Association Football
CONMEBOL: South American Football Confederation (Confederación Sudamericana de Fútbol/ Confederação Sul-Americana de Futebol)
DFB: German Football Association (Deutscher Fußball Bund)
FIFA: International Federation of Association Football (Fédération Internationale de Football Association)
UEFA: Union of European Football Associations
Enterprises allowed to take part in the betting business
- Only one enterprise will be allowed to pilot the international football betting business for 5 years following successful bidding.
- After 5 years, the government will review and evaluate the scheme and decide whether to allow or stop the pilot international football betting business.
- Enterprises that pilot the international football betting business must meet the following conditions:
- Minimum charter capital of VND 1,000 billion (around USD 44,000)
- Provide a plan for investing in the technology systems, equipment and business software for accurate, safe and stable operation
- Provide a feasible business plan for betting on international football which includes the basic contents prescribed by law
- Provide a proposal to implement social security programmes in addition to legal tax payment obligations
Opportunity for foreign investors
The betting industry in Vietnam is open and there are no restrictions on foreign investors entering the industry, either by establishing a new company or purchasing/contributing capital to an existing company in Vietnam, explain the Ecovis experts.
Provided that foreign investors and foreign invested enterprises (FIEs) carrying out betting business meet the above requirements, they can take part in bidding for the international football betting pilot.
We can advise you if you would like to take part in the tender for the international football betting business.Vu Manh Quynh, Managing Partner, ECOVIS Vietnam OC Law, Ho Chi Minh City, Vietnam
For further information please contact:
Vu Manh Quynh, Managing Partner, ECOVIS Vietnam OC Law, Ho Chi Minh City, Vietnam