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Those projects have attracted investors from Canada, Australia, Hong Kong, Macau, Singapore and Vietnam. Casino operators across Vietnam have applied to provide services to locals, but the Phu Quoc facility is the first to receive approval from the central government.
The legalization process for betting and gambling in Vietnam has been sped up as part of the government's attempts to diversify sources of tax revenue, as access to international loans has been drying up.
The loosening of casino and sports betting is expected to attract both foreign direct investment and local private money to the industry.
Some other investors, including U. The gaming industry in Vietnam, including lotteries, slot machines, casinos and other betting, is expected to be a solid tax contributor if the activities are legalized and tightly controlled.
The lottery segment, which is run by 64 state-owned companies, reported 64 trillion dong in revenue in , contributing 20 trillion dong to the national coffers.
Casino revenue in officially contributed billion dong on revenue of 1. Constitution Fatherland Front Foreign relations Human rights LGBT Law.
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The details of the newly passed law are still unclear but it followed the March decree or Decree Number 6 that includes horse races, international football games, and greyhound races as legal forms of sports betting.
Get Your Bonus Now! Click Here. Vietnam implements strict gambling laws. Law enforcement is serious in arresting and apprehending violators.
Individuals engaging in social gambling with minimal stakes can be charged with an administrative violation, making it a crime similar to political blogging or online distribution of religious materials.
The Communist country has a special division for gambling violations. Those who violate will pay a fine and serve a non-custodial reform.
Article of the Vietnam Penal Code contains the first level of crime for gambling. Individuals who win or lose money or any valuable item amounting between 2 million dong and 50 million dong through gambling will have to pay not less than 5 million dong and not more than 50 million dong.
They also have to serve either prison time of three to 36 months or non-custodial reform of up to three years.
A non-custodial reform is similar to a parole or probation system. Those who receive this sentence should regularly report to the authorities. Change of address and employment must be immediately made known to the authorities.
They cannot move out of their current district. Individuals who commit any crime while on non-custodial reform will receive a prison sentence.
If caught gambling again while on administrative sanctions, individuals may be imprisoned. If an individual is caught winning or losing more than 50 million dong in gambling, the penalties are graver as this is considered a more serious form of offense.
In Article of the Penal Code, the penalties for the said crime constitutes a minimum of three years and a maximum of seven years imprisonment.
It should be noted that if an individual is noted to be a professional gambler or a repeat offender, the heavier sentence would apply even if that individual is caught gambling with less than 50 million dong.
Eric Trudel is the author of a series of historical novels on the Beatles Les Beatles, un roman , published in his home province of Quebec.
He used to work as an editor first, then as a director for the Canadian Broadcasting Corporation but his midlife crisis left him wanting to see the world… He started writing and traveling and ended up in Asia, specifically Nha Trang, Vietnam, where he is living since Expat Vietnam culture 5 months ago.
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