Vietnam to Legalise Gambling?

Vietnam, for so long best known for being the stage of one of the most horrific wars ever fought, is now experiencing the fastest economic growth rate in Southeast Asia.

Bordered by Laos to the northwest, Cambodia to the southwest and, perhaps most importantly, China to the north, Vietnam is now seriously considering legalizing gambling and casinos to draw tax revenues for further economic growth, according to reports from the news agency VNA.

The ministries of Finance, Planning and Investment are reportedly drafting legal documents for government consideration which will ensure special regulations can be issued to allow gambling providers to set up shop in Vietnam. VNA reports the proposal includes measures to ensure regulation against criminal activity and protection for gamblers.

Traditionally, all forms of gambling have been illegal in Vietnam except for the state-operated lottery. Since 2003, however, the Vietnamese government has allowed some upper-scale hotels to establish electronic centres to offer gambling to foreign passport holders.

Gambling is popular in the Southeast Asian country, with revenues from the state-owned lottery service now accounting for 2.4% of Vietnam's GDP, and growing at an amazing 22% annually.

As is the case in most Asian countries where gambling is not yet regulated, illegal and underground casinos flourish. According to the People's Daily Online news website, Vietnam's illegal betting market is worth US$1 billion. It only makes sense for the Vietnamese government to regulate and license the industry, generating tax revenue rather than simply spending revenue on enforcement.

One can only hope the draft proposals will include plans for the regulation of the online gambling industry. With Asia rapidly embracing technology and the Internet, there will be large-scale economic opportunities for Asian countries which embrace change and choose to regulate online gambling as opposed to continuing to censor their residents.

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