Vietnam to Legalize Gambling and Casinos
Vietnam, for the west, for long has been the country where the United States had fought and lost the battle. But this once war torn nation is now in the path of recovery and is experiencing one of the fastest economic growth amongst other south Asian economic giants like Malaysia and Singapore and the Asian heavyweight China. May be it is the direct impact of the larger foreign investment flowing in, but the Vietnam government is learnt to have in principal decided to legalize online gambling and online casinos in the country, with the anticipation that it’ll bring in more tax revenues and thereby assists in the nation’s overall economic growth, as per the recently published reports from the popular Vietnamese news agency VNA.
The authorities from the ministry of finance, planning, and investment are reportedly to have stared drafting legal documents for governmental approval before they could formalize letting gambling casino houses to set shop in Vietnam cities. According to VNA reporters, the proposal also includes measures to ensure protection for casino gamblers and curtail all forms of criminal activity associated with gambling houses.
The new step from the government is in total contrast to its stand for many decades. Until recently, gambling in any forms – except the state lottery – was banned in the country, and was a punishable offence. Not any more. The ice first broke when the government gave permission to some upscale hotels to install electronic gambling equipments for the entertainment of tourists with a foreign passport in 2003. Still it was outreach to local Vietnamese gamblers, but things are going to undergo a sea change with the anticipated proclamation of the current casino gambling law, if it can be called so.
The new initiative from the government to legalize gambling in Vietnam is also seem to have borne out of the fact that illegal gambling in Vietnam already accounts to over $1 billion. It appeared to have dawned on the government that instead of spending money on enforcement, it would be more productive to legalize casinos and gambling and tap on the tax revenue it generates. At present, revenue from the government owned lottery accounts for 2.4% of Vietnam’s GDP. Authorities hope to hike it further by letting in casinos as well.
It is expected that the draft proposals will also contain suggestions for regulating online gambling centers and online casinos as well, for with the spread of internet in Southeast Asia, there are lots of people now betting in western online casinos for big money. It will be pointless exercise if the government proposal totally ignores the online gambling section.
