VN sports betting market attracts billions of US dollars

Last update 08:00 | 03/04/2017
VietNamNet Bridge – Soon after the government of Vietnam approved sports betting, investors began plans to pour millions of dollars into projects. vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news, betting, casino, MOF

The government’s Decree 06 allowing Vietnamese nationals to bet on horse and dog races as well as international football has been compared to ‘an arrow aimed at many different goals’. It promotes the dynamism of the economy, creates entertainment models, and eases ‘foreign currency bleeding’ across border gates.There are no official statistics about the amount of foreign currency flowing into international betting companies from Vietnam, but analysts say it is a huge amount.

Soon after the government of Vietnam approved sports betting, investors began plans to pour millions of dollars into projects. 

The Hanoi Police last year discovered two illegal football betting rings worth VND7.6 trillion. That is why analysts believe the Vietnamese betting market may be worth billions of dollars a year.

Oliver Massmann, a lawyer from Duane Morris, said many Vietnamese go abroad to gamble. With the decree, Vietnam will no longer lose millions of dollars to betting companies in neighboring countries.

The legalization of betting on horse racing and football is expected to not only provides entertainment, but also brings the state big money from taxes, estimated at hundreds of millions of dollars a year, thus easing the public debt.

The new policy on sports betting is also expected to make the investment environment in Vietnam more attractive.

After two years of a FDI boom in Vietnam, some experts said that if there are no big changes, it will be difficult for Vietnam to gain high achievements in attracting FDI this year as it did in the last two years.

They warned that the demise of TPP, the challenges from protectionism applied by large economies and Samsung’s political scandal may affect FDI flow to Vietnam.

“The government has loosened the policy on casino and sports betting to lure more FDI and attract more travelers,” said Bach An Vien from KIS Vietnam Securities.

Several investment projects capitalized at millions of dollars each have been designed, targeting the sports betting sector.

These include a $1.5 billion horse race course in Hanoi by G.O. Max I&D from South Korea, a race course in Da Nang City by Matrix Holdings from Hong Kong and a $500 million complex of golf and horse race courses by Global Consultant Network from South Korea.

Australian Golden Turf Club has projected a $100 million horse race course in the central region, while Vietnamese Dai Nam JSC has opened a $100 million horse race course in Dai Nam Tourism Complex in Binh Duong province.

RELATED NEWS

Will Hanoi set up a horse racetrack and allow betting?

Government paves the way for the development of sport betting businesses

Kim Chi

Advertisements
This entry was posted in Economics - Kinh tế and tagged , by Trần Đình Hoành. Bookmark the permalink.

About Trần Đình Hoành

I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn. I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law. I have published many articles on national newspapers and radio stations in Việt Nam. In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship. Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam. I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN. I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net). I study the art of leadership with many friends who are religious, business and government leaders from many countries. In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống). In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success". I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.

Trả lời

Mời bạn điền thông tin vào ô dưới đây hoặc kích vào một biểu tượng để đăng nhập:

WordPress.com Logo

Bạn đang bình luận bằng tài khoản WordPress.com Đăng xuất / Thay đổi )

Twitter picture

Bạn đang bình luận bằng tài khoản Twitter Đăng xuất / Thay đổi )

Facebook photo

Bạn đang bình luận bằng tài khoản Facebook Đăng xuất / Thay đổi )

Google+ photo

Bạn đang bình luận bằng tài khoản Google+ Đăng xuất / Thay đổi )

Connecting to %s