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Vietnam is in the southeast of Asia. It is a beautiful city with fantastic scenery, thus attracting thousands of tourists annually. The beaches, rivers, and antique buildings will make you want to visit Vietnam, in the current times; the City hopes to introduce gambling as another tourist attraction factor. However, wagering has been met with hurdles because gambling remains illegal in the country to date.
The Vietnamese government is very strident on locals who participate in gambling activities; they, however, allow locals who love placing bets to do so on some few controlled gambling activities that have been recognized in the country since 2003. One may wonder why gambling is illegal in the country; well, the practice of gambling, according to most locals, is considered a social evil even though Vietnamese locals are known as lovers of gaming. They will be found in the streets playing cards and placing bets on big matches such as the World Cup.
Gambling is a complex topic in Vietnam because it is met with a lot of strictness. There are some heavy penalties put in place when a local is found in the gambling act. The government has tried its best to curb the activity, but it has not succeeded because Vietnamese locals are adamant and willing to take the risk of gambling. The locals caught in gambling in the country are put under police custody, and hefty fines are impeached on them.
Although gambling is illegal in the country, the Vietnam locals will be seen placing bets on activities such as cockfighting, birds fighting, greyhound racing, and lotteries, which is the most wide-spread form of placing bets. Sports betting have also been embraced in Vietnam. During the World Cup, a lot of unregulated revenue was generated from the event. The question remains, why Vietnamese people love to gamble even though the practice is shunned? Well, they do so for entertainment, mainly because the practice brings people together.
There are several luxurious brick and mortar casinos, but these are only available to foreign passport holders. In Vietnam, you must be at least 21 years of age, and you must have a certain amount of income to be allowed to gamble. The only form of gambling that is permitted in the country is horse racing, greyhound racing, and lottery.
Gambling in Vietnam is illegal, and the country only allows some few gambling activities such as;
Even though the government has put harsh measures, including imprisonment and penalties of over USD 2,000 for locals found participating in gambling, there are many unregulated betting operators in the country. The Vietnamese locals also participate in underground illegal gambling activities and also gambling online.
The country has also put internet censoring systems to try and regulate illegal online gambling activities in Vietnam. However, Vietnamese locals enjoy online betting activities through the use of VPN networks. They are huge fans of sports betting and enjoy placing bets, especially on football matches.
During the World Cup, Asian countries generated an illegal revenue amount of over $2.2 billion US dollars in the form of football bets. The unregulated Vietnam betting market is said to make millions of dollars in terms of revenue from uncontrolled gambling activities. There are plenty of land-based casinos in Vietnam that are under foreign companies.
There are over ten casino facilities in Ho Chi Minh City; the surprising bit is that neither of these casinos accepts Vietnam locals. You are only allowed to play in these casinos if you have a foreign passport. Vietnam locals will drive for an hour to gamble in the Cambodian casinos that are in Bavet.
Gambling activities are illegal in Vietnam. However, there are offshore online betting sites that have a legal gambling license and they accept players from Vietnam. They have made it possible for Vietnamese locals to comfortably place bets on their sites by supporting the Vietnamese language while also accepting money transfers from the country’s local banks such as VietinBank and DongA Bank.
Are Vietnamese nationals taxed on Casino winnings?
Yes. The government imposes a tax on casino winnings, and the winnings are taxed at 10% on winnings that go beyond ten million Dongs.
Is gambling legal in Vietnam?
No. Gambling is illegal in Vietnam, and it is considered an immoral social activity. However, some forms of gambling have been legalized, such as greyhound racing, horse racing, and lotteries.
What is the legal gambling age in Vietnam?
What are the currency and payment methods acceptable in Vietnam?
The primary currency accepted in Vietnam is the Dong, although most gambling sites do not accept the currency. Payment methods accepted include major credit cards and e-wallet options.
Do foreign online casino sites accept Vietnam players?
Some foreign casino sites accept, although a majority doesn’t accept Vietnamese players.