The Ministry of Finance has finalized a draft bill on football betting before passing it on to the government to submit to the law-making National Assembly. The bill was initially prepared in late 2010.

Football betting is a popular activity in many nations around the world. Vietnam has moved to legalize it after considering that betting is increasing in Vietnam, even though it is banned.

In 2010, when the draft bill was completed, the government had no intention of passing it on to the National Assembly and sent it back to the Ministry of Finance for further research and reference to legal documents in Singapore and Malaysia.

The bill’s compilation board supported the idea of legalizing football betting, based on the fact that it is an inevitable need of a nation with 90 million people, according to Thanh Nien.

It is a financial loss and failure in management if football betting continues illegally, the paper quoted the staff of the compilation board as saying.

If even just five percent of the population with high income is allowed to bet in Vietnam, this will mean a large profit.

However, the legalization of football betting is mainly aimed at creating a public and transparent system for better social management, according to the bill’s creators. Initially, it is not to create income.

Considering the fact that some gamblers may become bankrupt thanks to betting, the draft bill in 2010 mentioned tight rules to avoid this from happening.

The maximum amount a person is allowed to bet a day is VND1 million (US$), according to the 2010 draft. The limit can be implemented thanks to software and networks.

If betting on horse and dog races is permitted, betting on football will surely be implemented. But the government should consider creating a complete legal framework and modern infrastructure to facilitate relevant ministries in managing it tightly, Thanh Nien quoted Pham Chi Lan, former member of the studies board of the government, as saying.