Month: July 2020

Việt Nam

Quang Ninh's largest casino lost VND 54 billion in half year

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01-10-2020 |  

With a net loss of more than VND 21 billion in the second quarter of 2020, Hoang Gia casino in Quang Ninh announced a loss in the first 6 months of this year to over VND 54 billion.

Royal International Joint Stock Company (owner of Royal Ha Long Casino) said the hotel and casino business has been hit hard by the Covid-19 outbreak in the world and has shown no signs of seding.

The implication is that the casino's second quarter revenue decreased more than 3 times over the same period, reaching only nearly VND 14 billion.

The ationed revenue was insufficient to offset the cost of capital in the period, causing the company to once again make a gross loss of VND 12 billion from its main business. However, the total losses in the last quarter decreased by more than 6 billion over the same period thanks to low capital prices.

According to casino leaders, the decrease in capital prices in the last quarter was mainly due to the company having to cut staff salaries because of the epidemic affecting production and business activities. Many employees have been arranged to relax, on the other hand, restaurant and dining activities have also been reduced leading to a decrease in capital prices.

Also in the second quarter, due to the closure of most of April to implement social distancing orders, the casino's sales and business management costs fell deeply, falling by 60% and 49% lower, too, over the same period. As a result, Quang Ninh's largest casino recorded an after-tax loss of more than VND 21 billion in the second quarter.

In 6 months, this casino hotel has just collected VND 49 billion in revenue, down 38% over the same period in 2019. Net loss up to VND 54 billion.

According to the plan passed by shareholders, Royal Ha Long casino expects revenue for the whole year to reach about VND 294 billion. Of which, 188 billion (64%) from casino operations, the remaining 106 billion (36%) from hotel and villa rentals.

Affected by the epidemic in the first months of the year and the forecast is still prolonged in the following months, the company's leaders still expect profit after tax of VND 9.4 billion for the whole year. This plan was developed by management based on the impact of Covid-19 on business activities through actual data from the beginning of the year.

Thus, after half a year, this casino hotel has just completed nearly 17% of the revenue target and has not recorded any profit. In 2019, the casino's business also made a net loss of VND 73 billion despite earning VND 236 billion in revenue.

By the end of June 2020, the total accumulated losses on the balance balance table of Royal Ha Long casino is more than 282 billion, accounting for more than 40% of the owner's capital contribution.

The casino's leaders also said that in order to limit the costs in addition, the company will continue to implement a policy of expansion with employees.

To compensate for the shortage of revenue due to the epidemic, the casino will find and exploit visitors from epidemic-free areas, build good prices to enlist customers after the epidemic, and find new sources of customers to compensate in the first months of the year.

According to Zing
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Việt Nam

300 people join betting line over 32 million USD

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01-10-2020 |  

Police identified 13 people involved in football betting lines of more than $32 million from many provinces and cities.

On July 27, Mr. Huynh Duc Tho, Chairman of Da Nang People's Committee, awarded the City Police 50 million VND for his outstanding achievements in destroying the online football betting line.

Duong day ca due to peeling skin o Da Nang anh 1

The President of Da Nang hotly rewards the breaking force. Photo: Ngo Quang.

Reporting to the city's leaders, Major General Vu Xuan Tuy, Director of Public Security of Da Nang City, said that in July, the criminal police force successfully broke the 320B project.

The investigating agency has arrested and prosecuted 13 accused; make a record of temporary detention of nearly VND 2 billion, 3 cars and many related documents.

This is a gambling line with a losing amount of over USD 32 million, equivalent to an amount of over VND 740 billion, the largest ever in Da Nang city. Initially, police identified about 300 people in many provinces and cities throughout the country.

General Nguyen said those involved in the gambling line claimed Tran Viet Nghia (34 years old, residing in Hai Chau district, Da Nang) led.

Duong day shift due to peeling skin o Da Nang anh 2

That means the ringlea d'or leader of the betting line. Photo: Doan Nguyen.

In 2018, Nghia opened a pawn shop in his own home to serve as a pioneer for online football betting.

Nghia Khai has hired Nguyen Long (32 years old, residing in Da Nang) as a general account manager and created child accounts to grant to agents.

To get everyone else involved, the fabricated betting line boss has a familiar relationship with the leaders of the authorities. Nghia affirms that business will be absolutely safe.

On the afternoon of July 13, detectives found that Nguyen Long (a close brother of Nghia) received betting money from an agent should catch a funeral.

At the same time, another reconnaissance team secretly followed the car driven by Nghia. When he received the bet money from an agent in Hai Chau district was controlled by the police.

That same afternoon, reconnaissance noses continued to raid, arresting 11 more people in connection with the betting line.

By Zing

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Việt Nam

Split $22 million lottery prize in half for close friend

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01-10-2020 |  

om Cook won the $22 million Powerball lottery and split it with his best friend in half because of a promise nearly 30 years ago.

In 1992, close friends Tom Cook and Joshep Feeney promised each other that they would split the prize money if either of them won the jackpot. The promise of a chance to come true when Mr Cook this month won a $22 million prize from Powerball, america's famous jackpot lottery. He bought lottery tickets in June at Synergy Coop, Menomonie, Wisconsin.

"It was a great experience, I read the first three numbers and stood back, I gave them to her and she was stunned too," Mr Cook said, pointed to his wife. When Mr Cook called Feeney to announce the news, the friend didn't seem to believe it.

"He called me and I said, 'are you teasing me?'" Feeney said. "We promised that any of the two big winners would split up. Therefore, we buy lottery tickets every week, although we don't really think we're going to win," he said.

Tom Cook and Joseph Feeney received a $22 million Lottery prize from Powerball. Photo: NY Daily News.

Feeney was a retired firefighter, and Mr Cook said after winning the number, he also applied for retirement. The Wisconsin Lottery Commission said the two decided to take in $16.7 million in cash and bring in about $5.7 million after tax each.

This isn't the case with my best friend splitting the first lottery in the U.S. In 2016, Daniel Golio also shared the jackpot with Laura Bianco, a family friend, in New York City, although their awards were smaller than those of Mr. Cook and Feeney.

According to VnExpress

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Việt Nam

Breaking the $32 million football betting line

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01-10-2020 |  

This football betting line is operated by a man in Da Nang. Police are detaining 13 people involved.

On the morning of July 15, Colonel Tran Muat, Deputy Director of Da Nang City Police, said that the criminal police force here has just destroyed the football betting line via the Internet with the bet amount up to more than 32 million USD (equivalent to 740 billion VND).

Chen Viet Nghia. Photo: Than Lai/People's Police.

Initially, police determined that this line was led by Tran Viet Nghia (34 years old, residing in Hai Chau district, Da Nang city). In addition, there are 12 people residing in Da Nang related to the million USD betting line.

Mr. Mu said that after months of monitoring, the criminal detectives of Da Nang Police determined that recently Nghia organized an online football betting line with the amount of billions of dong transactions per day should make a specialized case to fight.

After gathering sufficient evidence, on July 13, Da Nang City Police urgently searched the accommodations of 13 people involved.

Police seized more than 4,000 documents documenting football bets totaling $32,385,000, more than $2 billion, three cars and more.

Police are detaining 13 people involved for testimony.

According to Zing.vn

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Dong Nai: Catch a casino in the middle of Nhon Trach swamp

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01-10-2020 |  

The Criminal Police Department of Dong Nai Province raided a 3-leaf rake casino located in the middle of Nhon Trach marshlands.

Casino scene in the middle of Nhon Trach wetlands /// Photo: CANĐ
Casino scene in the middle of Nhon Trach swamp. Photo: CANĐ
On the morning of July 13, the Criminal Police Department of Dong Nai Province said that it is coordinating with H.Nhon Trach Police (Dong Nai) to file and handle the casino located in the middle of Nhon Trach swamp.
Earlier, around July 12, the Anti-Social Evils and Human Trafficking Real Estate Team (Dong Nai Criminal Police Department) raided a casino located in the middle of the swampy area, in Ben Co hamlet, Dai Phuoc commune (Nhon Trach District).
At the casino at the moment there are 22 gamblers who are punished by playing 3-card scratch cards. Police forces controlled the whole and seized on silver screen 18.5 million DONG, 19 sets of cards; confiscated more than VND 61 million and 22 phones.
According to the police force, the casino in the middle of this swamp was organized by Nguyen Thanh Vuong (36 years old), Nguyen Chi Cong (30 years old), Tran Thanh Phong (40 years old, and Dai Phuoc commune) as a pressing gathering point, so the people sent a denunciation to the Director of Public Security of Dong Nai Province.
By Youth
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Việt Nam

Football betting: Allowed, still struggling

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01-10-2020 |  

The amendment and supplementation of the decree will overcome the problems for sports betting to be made in practice.

LTS: The Ministry of Finance has just consulted ministries, branches and individual organizations on the draft Decree amending and supplementing a number of provisions of Decree 06/2017 on the business of betting on horse racing, greyhound racing and international football (sports betting).

Sports betting, especially football betting has been considered, discussed, legalized and the authorities have piloted, tested … for decades, this regulation has remained on paper.

Why is the regulation there but legal football betting has not come to life and will the amendment and supplementation of a number of provisions of the upcoming Decree 06/2017 change the status of decrees but not feasible? Mr. Nguyen Minh Tien, Deputy Director General of The Department of Banking and Finance (Ministry of Finance), discussed with the Law of Ho Chi Minh City. ho Chi Minh City in this regard.

Entanglement with other regulations

.Reporter: Sir, why hasn't the international football betting business been implemented in Vietnam so far despite the legal framework?

+ Mr. Nguyen Minh Tien: According to Decree 06/2017, the Government stipulates the conditions for organizing the pilot business of international football betting and allows a business to organize a pilot business of this type of bet. The selection of enterprises must be carried out through bidding.

However, the Law on Bidding provides for the selection of investors to implement investment projects in the form of public-private partnerships and investment projects with land use without regulations on selection of investors to implement pilot projects on international football betting business. Therefore, when the Ministry of Finance formulates the criteria and process of enterprise selection, it finds legal difficulties in bidding for enterprise selection in accordance with the Law on Bidding.

Therefore, it is necessary to amend and clarify the process and method of bidding to select enterprises. The amendment of Decree 06/2017 to remove the above-mentioned problems.

. The fact that illegal football betting still takes place, is it the case that a business-licensed international football betting business repels illegal football betting?

+ Before Decree 06/2017 was issued, in Vietnam, illegal football betting activities appeared through websites of overseas betting businesses.

The above situation shows that the need of a part of the population to bet is there but there is no specialized law to regulate and manage this business.

The Government has decreed 06/2017 with the goal of establishing a legal framework to manage this business in order to strengthen the State's management in terms of institutions, policies, management, supervision and handling of violations … to limit negative effects, ensure social order and safety.

It should also be noted that when the business of organizing a pilot business betting international football is allowed to do business also only contributes to limiting the status of illegal football betting. In order to prevent illegal football betting, there must be many solutions for synchronizing and closely coordinating from state management agencies such as police agencies, local authorities, media agencies … This is also the management experience of countries.

Football betting: Allowed, still struggling - photo 1

The amendment and supplementation of the decree will overcome the problems for sports betting to be made in practice. Photo: HOANG GIANG

Many ministries and sectors will monitor betting activities

. When the international football betting business is implemented, how is it expected to impact society, the tax collection will be more?

+ As mentioned above, one of the betting business objectives is that in addition to meeting the entertainment needs of a part of the population, it is necessary to ensure social order and safety when organizing betting business.

To ensure this principle, Decree 06/2017 clearly stipulates issues of enterprises allowed to do business and conditions for business organization. Along with that, the business content must comply with the reporting and inspection and supervision regime of the locality and relevant ministries and sectors to ensure the betting business is strictly controlled.

Decree 06/2017 also requires one of the betting business conditions that enterprises must meet the security and order conditions managed and supervised by police agencies. Therefore, when betting business is implemented, it must ensure social order and safety.

The collection of taxes on international football betting business is only one thing when the Government issued Decree No. 06/2017. Accordingly, betting enterprises must pay value-added tax, excise tax and corporate income tax in accordance with current law.

Millions of DOLLARS in online gambling every day

Gambling crimes, online football betting with about 30 overseas casinos hooked up with domestic people set up lines with daily gambling amounting to millions of dollars.

Minister TO LAM speaking at the national conference of the police sector in January 2020

Expansion of tournaments allowed for betting

. The Ministry of Finance is proposing that the Government allow Vietnamese to bet by paying through intermediary channels such as e-wallets or prepaid phone accounts. How is this different from the current regulations, sir?

+ Currently Decree 06/2017 stipulates that participants betting over the phone must open an account at the betting enterprise. When registering an account, the player has a payment account at the credit institutions.

According to regulations on non-cash payments, there are two forms of payment including payment through bank accounts; payment via payment intermediary accounts (such as e-wallets and organizations other than banks providing payment intermediary services licensed by the State Bank).

Implementing the policy of encouraging non-cash payments, in the draft decree amending and supplementing, the Ministry of Finance proposes to supplement in addition to bank accounts, participants can use payment methods through payment intermediaries such as e-wallets, prepaid phone accounts of organizations other than banks providing payment intermediary services that banks can use. licensed by the State.

The implementation of payment through intermediary channels has no difficulties because currently the percentage of people using large smartphones, the expansion of payment links such as e-wallets also facilitate payment transactions, including betting transactions. This also contributes to improving the State's management capacity in monitoring the betting sector through identity monitoring with players.

. How is the monitoring of bets by identity monitoring understood, sir?

+ The monitoring of bets by identity monitoring means that players must open betting accounts at banks and betting businesses. Players provide information on id numbers/citizen identification cards/passports to ensure the storage of management data of state management agencies as well as betting businesses.

There will be a portfolio of about 47 tournaments, international football matches are expected to include in the draft revised and supplemented decree to carry out the pilot international football betting business.

Thank you, sir.

New points in the revised draft

According to the draft, only one business is allowed to hold a pilot international football betting business for five years. A licensed enterprise is the winning enterprise. After the pilot period, there will be a review. At that time the Government will decide whether to continue to allow this type of business to exist or cease.

+ In the first year of the pilot, there will be 20 provinces and cities to distribute bet tickets. By the second year, the relevant ministries will preliminary, evaluate and report to the Prime Minister for decision whether to expand to other localities.

+ The bet level will be adjusted in the minimum bracket, maximum in each period (Decree 06/2017 stipulates hard is the minimum bet of VND 10,000, maximum VND 1 million per player per day).

+ Players bet at 21 years of age or older. If you choose to place a bet over the phone, you must have a participating account. Flexible payment via prepaid phone card, e-wallet, bank account …

+ Bets take place before and during the match.

+ The tournaments that players are allowed to participate in will expand to 47 tournaments, not in the eight tournaments as current regulations. Specifically, matches and competitions organized by FIFA or FIFA's member football federations (English, Spanish, German, Italian, French national team championships; UEFA Club Championship, Asia, Americas; UEFA World Cup , Asia, America, Oceania, Africa; FIFA World Cup for men's, women's and youth football…).

By Law

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Buying Vietlott lottery for "entertainment", two women won VND 91 billion

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01-10-2020 |  

2 women who won Mega Jackpot 6/45 have just received a prize of more than VND 91 billion.

Two women won Vietlot lottery 91 billion VND. Photo: Anh Tu

Two women won Vietlot lottery 91 billion VND. Photo: Anh Tu

At the award ceremony on July 8, talking to reporters, Ms. H. (in Ho Chi Minh City) said that Vietlott tickets are often purchased every day after picking up their children from school.Every day I buy 2 to 3 tickets for entertainment as well as wish me luck to visit.Speaking about the lucky number, she said she only bought randomly by the selecter and knew how to win when she asked her family to detect jackpot results online.

The other winner was also a female named N, a native of Tan An city, Long An province, but now lives and works in Ho Chi Minh City. Ms. N said that when she returned to her hometown, she happened to see a Vietlott selling point on the side of the road, so she stopped by to buy.

Despite winning huge amount of money, Ms. N. affirmed that she will continue to do her current job and believes that her life will not change too much; at the same time, ms. N. extracted the winnings to donate 2 houses of love of VND 100 million to difficult circumstances.

Earlier, Ho Chi Minh City Branch and Can Tho Branch (Vietlott) received tickets from Ms. H. and Ms. N. Through checking on the technical system and attached personal records, Vietlott determined that 2 tickets won the Mega 6/45 Jackpot of the 601st QSMT on June 19, 2020 with a total value of VND 91 billion, i.e. each person received VND 45.6 billion (after tax).

By Labour

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Welcoming dancers, glass separating and changes in American casinos

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01-10-2020 |  

After more than 3 months of closure due to covid-19, American casinos are open to visitors with many changes to adapt to the new situation.

Casinos opened in New Jersey reopened in time for the U.S. National Day holiday after more than 3 months of quarantine due to the outbreak. The walking street in Atlantic City became more crowded. Photo: AP.

The director cut the ribbon to welcome guests and the media at Ocean Resort. On July 2, five of atlantic city's nine casinos reopened, including Hard Rock, Ocean Resort, Tropicana and Golden Nugget. Photo: Getty.

Workers actively clean at Harrah casinos to welcome players. Photo:AP.

However, social distancing regulations caused some machines to be suspended. Photos of customers relaxed at Hard Rock Casino on July 3. Photo: Getty.

At the request of the U.S. Centers for Disease Control and Prevention (CDC), slot machines must be fully disinfected. In addition, authorities asked the casino not to serve food, drinks and banned smoking. Photo: AP.

Warning signs for signs of suspected infection are placed right at the entrance to ocean casino. Photo: Getty.

Ocean Casino's front desk is equipped with a windshield. New Jersey Gov. Phil Murphy allowed the opening of all casinos from July 2, with only 25% capacity allowed. Photo: AP.

Players return to Ocean Resort after 108 days of quarantine. They use separate machines with glass compartment panels. Photo: Getty.

Signs reminding of the principle of social distancing appear everywhere in casinos. "I feel like the casino is less risky than going to the supermarket," said player Virginia Hight. Photo: Getty.

Dancers welcome players back at Ocean Resort casino. Photo: Getty.

To ensure safety, customer temperature checkers are located at Hard Rock casino. AP Photo.

At the same time, facial recognition devices along with security camera devices are used. Photo: AP.

Employees and customers wear masks at Hard Rock casinos. Only 60% of employees here return to work after opening. Photo: AP.

However, Atlantic City's most famous casino Borgata continues to close due to Governor Philip Murphy maintaining a ban on dinner at hotels and casinos. Photo: AP.

By Zing

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How do you deal with the rewarded entertainment industry?

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01-10-2020 |  

The rewarded entertainment industry, if developed, may make a positive contribution to society, but the issue of how to manage to minimize negatives is a matter of debate.

The Ministry of Finance is consulting on the draft amendments to a number of provisions of Decree 06/2017 on the business of betting on horse racing, greyhound racing and international football with more opening points than the document first issued 3 years ago.

This move was immediately seen by many experts as the next step to open up the rewarded entertainment market in the context that Vietnam's tourism industry needs new motivations for growth.

Currently, the system of legal documents governing the field of prized play in Vietnam has been completed at the Government's Decree level, accordingly, 3 types of prize play are allowed to do business including bets, casinos and video games with prizes for foreigners.

The regulation only stops at the level of "he hé"

In many countries around the world, the award-winning entertainment industry thrives, meeting the needs of society and bringing large revenues to the budget. These activities are considered to be one of the constituent parts of the entertainment industry and indispensable in developed society.

However, in Vietnam due to the stigma of social psychology and apprehension in state management, the award-winning entertainment industry is developing "holding back" in the style of "walking and tracking". Therefore, the scale of the operation of this field is still "very expensive" compared to the region.

Previously, regulations on rewarding activities such as Decree 03/2017 on casino business, Decree 06/2017 and Decree 175/2016 on trading in prized video games for foreigners … has created the first foundations for investors to enter the market. However, these regulations are said by experts to stop at the level of "opening the door" for businesses, making the playground after regulations can not be busier than before.

As with sports betting, the previous rule required matches, betting competitions that had to be published and ratified by the World Football Federation (FIFA). The Ministry of Culture, Sports and Tourism is responsible for announcing the list of these matches. In fact, the organization is solely responsible for organizing and announcing tournaments, matches that they and continental member federations host, and not all international football tournaments. Meanwhile, these tournaments are not much (4-8 tournaments), usually have a very low frequency (usually 2-4 years to have a final round, lasting 10-30 days, the qualifying matches are played in batches). Business opportunities are less so while the minimum investment rate must reach VND 1,000 billion, resulting in 3 years of regulation taking effect, the Ministry of Finance has so far not selected any enterprises as a pilot.

Therefore, in this amendment, Decree 06/2017 has been amended towards expanding the list of tournaments and piloting the selection of a betting business for a period of 5 years.

However, there are still vague regulations, which become a development barrier for this "industry" in Vietnam. For example, to enter casino business points, Vietnamese people must have an income of VND 10 million / month. To prove, players must bring documents such as lease contracts, properties or authentication of bank savings books, bank deposit account statements with a term of one year or more with interest in monthly of VND 10 million or more. These procedures are considered troubling by Mr. Nguyen Hoang Hai, Vice Chairman of Vietnam Association of Financial Investors.

Not to mention, when visitors come to the hotel to intend to play casino, the above verification procedures will be a barrier that prevents them from entering.As such, both casinos and the state have lost revenue. Mr. Hai said that the condition of buying a ticket of VND 1 million / person when entering is a test with the financial capacity of many people.

What principles do you develop based on?

Experts say that the rewarded entertainment industry in Vietnam has a large development area, which if well exploited can contribute to the state budget of several billion USD per year. However, it must be frankly said that social psychology has a significant impact on the promulgating of policies. The half-hesitant type causes the industry to suffer, affecting investor psychology and the progress of projects.

Currently, there are 3 large-scale casinos that have not yet been deployed in Quang Nam, Khanh Hoa and Thua Thien Hue. Horse racing betting, greyhound racing, international football betting… very interested by tourists. However, in addition to a pilot business betting dog racing in Ba Ria – Vung Tau, currently some provinces and cities such as Hanoi, Phu Yen, Vinh Phuc, Da Nang, Lam Dong … new projects are proposing projects to build racecourses, greyhound racing, including betting business.

The apprehension and reservations raised by Mr. Nguyen Van Phung, Director of The Department of Large Corporate Tax Administration (General Department of Taxation) were not open: "Casino needs to be a little slower. I don't like casinos very much, because it's hard to manage. Other activities should open soon".

As mentioned, the legal corridors for the award-winning entertainment industry as stated, are now revealing inadequate development needs. In the opinion of businesses, economists, it is necessary to make additional amendments to suit the new situation. Regarding chalk, financial expert Can Van Luc said that it is necessary to attach rewarded entertainment services to Vietnam tourism development will be very effective because it promotes the same development. However, it is necessary to carefully refer to the international experience of the previous countries in this field.

Meanwhile, giving an opinion on how to organize and manage rewarded play activities, economist Vo Tri Thanh said that this industry must rely on a few principles.

"Vietnam has had political support but is extremely reserved, so it does not release awareness and is very worried about social issues. Every industry must have principles", Mr. Thanh emphasized.

Accordingly, Mr. Thanh said that the first principle, is to be internationally competitive, because this is a global industry. This is extremely important and should be put first.

The second rule is that having rewarded fun is only part of entertainment, so there must be a combination in planning and organization.

The third principle is that there must be specific provisions on direct contribution of the budget to society only. "In Singapore, for example, visitors to a large casino here have to pay $100 and $100 is deposited directly into the small and medium-sized enterprises and the poor," Thanh said for example.

The next principle is that the organization must be transparent, professional and explaining, both in the process of operation and the way it is organized. "It is not enough for a lottery room of the Ministry of Finance to manage the current prize-winning fun activities," Thanh said.

"In essence, rewarded play is a conditional business but the condition here also has 2 ways to choose whether to give or choose to quit", Mr. Thanh emphasized.

According to EnterNews

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Rewarded entertainment industry: 'Open toang' or 'he hé'?

Posted on by Admin

01-10-2020 |  

The amendments to a number of provisions of Decree 6/2017 on the business of betting on horse racing, greyhound racing and international football are considered as the next step to opening the market of prized entertainment services.

The Ministry of Finance is consulting on the draft amendments to a number of provisions of Decree 06/2017 on the business of betting on horse racing, greyhound racing and international football with more opening points than the document first issued 3 years ago. This is considered as the next step to open up the market of rewarded entertainment services in the context that Vietnam's tourism industry needs new motivations for growth.

Previously, regulations on rewarding activities such as Decree 03/2017 on casino business, Decree 06/2017 and Decree 175/2016 on trading in prized video games for foreigners … has created the first foundations for investors to enter the market. However, these regulations are said by experts to stop at the level of "opening the door" for businesses, making the playground after regulations can not be busier than before.

As with sports betting, the previous rule required matches, betting competitions that had to be published and ratified by the World Football Federation (FIFA). The Ministry of Culture, Sports and Tourism is responsible for announcing the list of these matches. In fact, the organization is solely responsible for organizing and announcing tournaments, matches that they and continental member federations host, and not all international football tournaments. Meanwhile, these tournaments are not much (4-8 tournaments), usually have a very low frequency (usually 2-4 years to have a final round, lasting 10-30 days, the qualifying matches are played in batches). Business opportunities are less so while the minimum investment rate must reach VND 1,000 billion, resulting in 3 years of regulation taking effect, the Ministry of Finance has so far not selected any enterprises as a pilot.

Therefore, Decree 06/2017 has been revised towards expanding the list of tournaments and piloting the selection of a betting business for a period of 5 years.

Rewarded entertainment industry: Open or he said? - Photo one.

Inside a casino in Ba Ria – Vung Tau. Photo: Investment Newspaper.

Similarly, Decree 03/2017 has expanded conditions for investors to enter the casino market by removing the regulation that businesses must have at least 10 years of experience and the investment rate of tourism and entertainment complexes has decreased from USD 4 billion to USD 2 billion. At the same time, for the first time, Vietnamese people can play casino after a long time of betting and bonusing activities only for foreigners.

However, there are still vague regulations, which become a development barrier for this "industry" in Vietnam. For example, to enter casino business points, Vietnamese people must have an income of VND 10 million / month. To prove, players must bring documents such as lease contracts, properties or authentication of bank savings books, bank deposit account statements with a term of one year or more with interest in monthly of VND 10 million or more. These procedures are considered troubling by Mr. Nguyen Hoang Hai, Vice Chairman of Vietnam Association of Financial Investors.

Not to mention, when visitors come to the hotel to intend to play casino, the above verification procedures will be a barrier that prevents them from entering.As such, both casinos and the state have lost revenue. Mr. Hai said that the condition of buying a ticket of VND 1 million / person when entering is a test with the financial capacity of many people.

Proposing the orientation of casino development and bonus entertainment in general in the coming time, Dr. Vo Tri Thanh – Former Deputy Director of the Central Institute for Economic Management said that when developing the type of bonus entertainment business in general and casino in particular, it is recommended to "open the door", "play big" and "play professionally" at the pilot stage of development instead of just "opening he".

At the same time, Mr. McCamley, a member of Global Markets Advisors, the world's leading consulting services provider operating in a variety of sectors such as aviation, resorts and casinos, also pointed out that the legalization of casino business activities is showing the regulator's bipartisany. This is shown in the selection of casino development locations. Accordingly, the casino pilot in Van Don or Phu Quoc cannot be achieved successfully if the revenue is only expected on tourists. Instead, large and dynamic cities such as Ho Chi Minh City have the potential to pilot the development of casino projects.

In addition, in countries where casino activities develop, they also only regulate the minimum and maximum wagering levels instead of specifying the number of bets placed in a day.

Specifically, in the UK, Ladbrokes Company stipulates a minimum bet of £1, equivalent to more than VND 29,000, a maximum of £25 equivalent to more than VND 732,000 per bet and no number of bets placed in a day. Or, William Hill Company stipulates a minimum bet of £1, the maximum associated with a bonus of no more than £2 million per day. South Korea also only stipulates a minimum bet on a single bet of 100 won (about VND 2,000) and does not specify the player's bet level at a casino business unit or the number of bets placed during the day.

Dr. Can Van Luc, Member of the National Monetary and Financial Policy Advisory Council, said that along with the easing of appropriate business conditions, it is also necessary to have a specialized agency in charge of this activity to guide the development of synchronization, methodic and professional development associated with night economic development.Currently China, Singapore and Malaysia all have a dedicated lead in prized play activities such as the National Council for Rewarded Play or the Seahorse And Lottery Administration.

From international experience, especially from Australia, Singapore – the country has used the legal corridor effectively to maximize the benefits and minimize the negative impact, Prof. Nguyen Thuong also said that it is necessary to amend the system of policies and laws on rewarding entertainment business. , casinos in the direction of approaching international advanced practice, stability and transparency to encourage organizations and individuals who are Vietnamese and foreign to invest and do business effectively.

Regarding state management, according to the President of the Association of Foreign Investors in Vietnam (VAFIE), there are two models: the establishment of a National Council for Rewarded Entertainment Activities (modeled after Singapore) or allowing the People's Committee of the province or city to license, manage and supervise rewarded entertainment activities (Australian model).

Previously, VAFIE sent a document to the Government to donate economic recovery measures by developing casino services and rewarded entertainment. Currently, the casino and entertainment business is currently carried out in 43 hotels large and small and resorts with revenue growth steadily over the years, the market size has doubled since 2017 but business and social efficiency is not commensurate with the potential and advantages.

According to Prof. Nguyen Thuong, the reason is that the casino business and rewarded entertainment have not agreed on the views and perceptions of attracting foreign investment in this field and the general law has not approached international practice. At the same time, these business activities are managed by the Ministry of Finance but the resources are limited, so the appraisal and issuance of business registration certificates … delayed.

The proposal comes as the Prime Minister directs the rapid recovery and development of tourism in the country and prepares all necessary conditions for the restoration of international tourism as some countries have quelled the epidemic.

According to CafeBiz/ Companion

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