Why hasn't betting on football, horse racing, and dog racing been implemented in Vietnam?

According to Finance Minister Ho Duc Phoc, there are three types of betting, football, horse racing, and dog racing, but they have not been implemented yet.

Finance Minister Ho Duc Phoc stated that this is a new form, the Ministry is both researching and implementing it, and preventing the risks of these forms - Photo: VGP/Nhat Bac

Research, deploy, and prevent the risks of these forms.

At the question-and-answer session of the National Assembly Standing Committee on the morning of March 18, delegate Nguyen Thi Hue ( Bac Kan delegation) was interested and asked Finance Minister Ho Duc Phoc about the content related to the business of electronic games with prizes and betting.

Delegate Nguyen Thi Hue asked the Minister of Finance to inform her about the changes in the legal framework for electronic game business and prize betting in recent times.

"Why has the Ministry of Finance not yet granted a license to any betting business? At the same time, I request the Minister to provide solutions to make management in this field effective," said the delegate.

Delegate Nguyen Tao (Lam Dong) also asked the leaders of the financial sector to propose solutions to the problem of betting business, contributing to preventing illegal betting and foreign currency outflows.

Responding to this content, Minister Ho Duc Phoc said that currently, there are 93 electronic games located in 5-star hotels. However, the condition to participate in the business is that the enterprise must have capital. 500 billion VND or more, must have electronic equipment system, professional team to monitor.

"Those games are only applicable to foreigners. This system has supported 5-star hotels, helping to achieve business results as well as solving labor problems," he said.

Regarding betting, according to Finance Minister Ho Duc Phoc, there are three types of betting: football, horse racing, and dog racing, but they have not been implemented yet.

Regarding the implementation of football betting, the leader of the Ministry of Finance said that when developing regulations to organize bidding, there were problems with the Law on Bidding. Recently, when amending the Law on Bidding, regulations on this issue were included in the law. The Ministry of Finance is developing a decree and will soon implement this type.

"For horse and dog racing, investors need to build a standard racing cage system, with professional equipment and workers, ensuring implementation. This is a new type, the Ministry is actively researching, implementing and preventing risks in this form," the leader of the Ministry of Finance emphasized.

Regarding horse and dog racing betting business, Mr. Phoc said that this type of business has been approved for investment project, but the Ministry of Finance has not yet received the application for licensing. Regarding the horse racing betting business project at the racetrack in Soc Son, it has been licensed but is facing problems with capital contribution.

The Minister said that in the near future, the Ministry of Finance will also coordinate with ministries, branches and provincial People's Committees to implement this. However, this type is associated with a series of other conditions such as: Land, planning, environmental impact assessment, land recovery, land allocation... In the near future, the Ministry of Finance will coordinate with relevant agencies to implement this issue.

Mr. Phuc stated that this is a new form, the Ministry is both researching and implementing it, and preventing the risks of these forms.

With this form, when granting an investment license, the Ministry of Planning and Investment will submit it to the Prime Minister for the Prime Minister to issue an investment policy. When completing the infrastructure to meet the conditions for granting a betting license, it will be related to the Ministry of Finance.

Motorcycle insurance is compulsory insurance for the benefit of the people.

Also at the question and answer session, delegate Le Thi Song An (Long An Delegation) raised the issue that voters and people have been reflecting that recently, the purchase of compulsory civil liability insurance for motor vehicle owners for third parties is still a formality. When an incident occurs, the settlement procedure is very complicated, causing inconvenience to insurance buyers when paying. She asked Minister Ho Duc Phoc to let her know whether it is possible to digitize this type of insurance? And whether it is possible to change the current regulations to make it voluntary instead of mandatory?

In response to this question, Finance Minister Ho Duc Phoc said that recently, motorbike accidents have been very large, accounting for about 63% of accidents. Therefore, motorbike insurance is compulsory for the benefit of the people.

In addition, motorcycle insurance participants pay a small amount, only 55,000 VND, but the benefits are large, up to a maximum of 150 million VND/person. That is, this matter is concerned with the vulnerable when using motorcycles.

When paying, only in cases of death do police records need to be sent, while in other cases compensation is made through electronic records established by both parties.

Regarding digitalization, according to Mr. Phuc, the Ministry has directed businesses to focus on creating databases, digitalization, and cashless payments, in line with future trends. At the same time, setting up and sending documents is also done electronically.

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