|According to news agency VNA, Vietnam has announced that it is seriously considering the legalisation of gambling after years of discussions.|
The Asian nation’s Ministry of Finance along with the Ministry of Planning and Investment stated that they are currently drafting proposals that they would be submitting to the Government for consideration. The proposals would allow the Government to better manage gambling in the nation along with being able to draw tax revenues from the pastime.
The proposals would see the Government grant special regulations to ‘ensure the sound operation of gambling services providers, prevent potential crimes in association with gambling activities and safeguard the legitimate interest of gamblers and bettors’.
All forms of gambling in Vietnam except for the State-run lottery were illegal before 2003. Since then, the Government has opened four casinos in the country to offer gambling to foreign guests.
Experts said that gambling could generate large amounts of tax revenues as the State-run lottery service currently accounts for 2.4 percent of Vietnam's gross domestic product. The service grows annually by 22 percent and accounts for 2.5 percent of the total budget.
In addition, it is conservatively estimated that Vietnam has over 200 illegal gambling services based on daily lottery results. Each of these see revenues from $31,300 up to hundreds of thousands of dollars each day.