Vietnam releases new rules for casino operators

The Vietnamese government has released a new set of rules to coincide with a decree granting locals access to two land-based casinos in the country.

Included in the new rules and regulations, valid from February 12, is a surveillance system to help the Ministry of Finance (MoF) monitor all Vietnamese casinos, regardless if they’re eligible to accept locals.

At the end of last year, the government released a decree officially allowing Vietnamese locals to enter the casinos, lifting a long-standing ban.

While the decree confirmed a three-year trial proposed earlier in 2017, it’s taken almost a year to initiate due to the lack of regulations and guidelines for operators.

MoF has since issued the Circular Guiding Management and Supervision of the Collection of Taxes on Casino Business Activity, featuring several new rules to complement those already published, including the minimum income a local must earn to play at the venues. The regulations created ensure casinos operate appropriately, and they report winnings for tax purposes.

Outlined in the new rules is the requisite cashiers use a conventional currency. While this prohibits cryptocurrencies like bitcoin, the digital payment methods were already banned in Vietnam last year. Those who accept or offer cryptocurrency payments can face fines up to $USD9000.

According to Vietnamese media outlets, the rules state businesses must exchange and return the money to the cashier before and after playing, while foreign exchanges must comply with the State Bank of Vietnam guidelines.

All transactions must be recorded and monitored via computer software, which is then collected and compiled into revenue reports. Relevant state management agencies are to be notified of all transactions to ensure the collection of taxes.

All casino operators are required to pay taxes under the Law on Tax Administration, the Law on Value Added Tax, the Law on Special Consumption Tax, the Law on Corporate Income Tax and other documents set out in the new regulations.

For added security, the rules state casinos are required to hold cash or conventional currency in specific containers, which are to be sealed instantly after being taken away from the casino’s table games.

The video surveillance system aims to ensure all casino operators comply with the new rules, while giving the three-year trial the best shot at running smoothly.

While the decree, issued late last year, indicated the two Vietnamese casinos locals could enter, locals are reportedly yet to gamble on a single casino game.

The decree outlined that only locals aged over 21 who earn a minimum income of VND10 million per month can enter two gambling venues in Vietnam, which are both reportedly under construction in the Van Don Special Economic Zone in the northern province of Quang Ninh, and Phu Quoc.

Given the number of stipulations attached to the new casino domestic expansion, it’s no surprise illegal operations such as an unlicensed poker room, continue to operate.

According to VNexpress, Vietnamese police recently raided an illicit den in Ho Chi Minh City, catching 20 players playing poker illegally.

Police revealed the den has been operating without a licence for more than two months.

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