Vietnam Wisens Up to Gambling

The Southeast Asian country of Vietnam has been an example of economic growth for the region. The country of 85 million records top growth numbers, such as its GOP growth of over 8 percent in 2006.

Although only recently shaking off its scars from past wars, and living in the shadow of China to its north, Vietnam proves to be making the wise moves economically year in and year out.

It is considering these days legalizing online gambling, in an attempt to boost growth even more, by drawing tax revenues, so reports the VNA news agency.

Its ministries of Finance, Planning and Investment drafting legal documents that will be the foundation for allowing gambling providers to set up shop in Vietnam, as the country assures no criminal activities accompany the policy.

This takes place at a time that China is about to become a center for gambling with Macau designated The Next Las Vegas. It is also contemporary with competing global trends to regulate the industry (UK) and ban it (USA, Germany).

Currently, all forms of gambling save the state lottery are illegal in Vietnam. The region, however, is considered by the industry to be a prime target market for the coming years, with Asians taking a liking of the online gambling selection they are presented with.

Another element factoring in to the Vietnamese decision will be the illegal gambling operations that take place in the lack of a regulated industry. Vietname, like practically any place where gambling is prohibited, proves that the players will play regardless sof the law, and that accepting that and moving on to dealing with the situation is the best modus operandi.

The Vietnamese online betting market is valued – today, in its illegal state – at $1 billion.