Conditions for establishing a legal betting business establishment in accordance with Vietnamese law

Linh Gia March 16, 2022

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Football betting for international tournaments has been legalized in Vietnam. The 2022 World Cup season has kicked off with thrilling and eye-catching matches along with bustling betting activities. So, what are the conditions for establishing a legal betting business? Today, LSX Lawfirm will give you an article about “Conditions for establishing a legal betting business establishment in accordance with Vietnamese law“, as follows:

Legal grounds

Decree No. 06/2017/ND-CP;

Circular 101/2017/TT-BTC;

Conditions for establishing a legal betting business establishment

Businesses wishing to pilot international football betting businesses must meet the following conditions:

Firstly, Having a Certificate of Eligibility for International Football Betting Business;
Have a minimum charter capital of 1,000 billion VND (one thousand billion VND) or equivalent;
Secondly, The investment plan on technology system, technical equipment and business software must be modern and synchronous, can be easily upgraded, operate accurately, safely and stably;
Thirdly, A feasible international football betting business plan, the method of distributing bet tickets, and the place where betting tickets will be issued must comply with the provisions of this Decree and the provisions of law;
Finally, Commitment to comply with the provisions of Vietnamese and international laws;
Commitment to ensuring security, social order and community support.

The Government allows 01 enterprises to organize a pilot business of international football betting. The pilot period for the international football betting business is 05 years from the date the enterprise is granted the Certificate of eligibility for the international football betting business.

After the pilot period, the Government will review and evaluate to decide whether to continue to allow piloting the international football betting business or may terminate the pilot international football betting business.

Conditions for applying for the Certificate of eligibility for international football betting business

So businesses that want to do betting business need to meet specific conditions, of which lanes need to issued with a Certificate of Eligibility for International Football Betting Business.

The condition for being grant the Certificate of eligibility for international football betting business is that the enterprise must be ready in terms of facilities; and techniques for business processes; in which the system of technology, technical equipment, and business software is modern and synchronous, can easily upgraded, accurate, safe, stable operation then.

Dossier of application for the Certificate of eligibility for international football betting business

So to grant a Certificate of Eligibility for the International Football Betting Business, enterprises need to prepare a set of documents; complete with the following documents:

An application for a Certificate of eligibility for betting business;
A certified true copy of an enterprise registration certificate issued by a competent state management agency in accordance with the law on enterprises, or an uncertified copy and enclosed with the original for comparison then;
A certified true copy of the Certificate of Investment Registration or the decision on investment policy and the business of international football betting, granted by a competent state management agency in accordance with the law on investment or uncertified copy and present together with the original for comparison;
Judicial record cards for business managers and executives;
Documents and records proving that the enterprise fully meets the conditions specified in Clause 2 of this Article then;
Draft Betting Rules and internal regulations on prevention and combat of money laundering then.

How do I prepare my application?

Enterprises submit 01 application for the Certificate of eligibility for international football betting business to the Ministry of Finance to check the completeness and validity of the application then.

Then within 5 working days, from the date of receipt of the dossier, The Ministry of Finance shall notify the completeness and validity of the dossier; request the enterprise to supplement documents (if any), and send 05 sets of official documents for appraisal.

Within 90 days from the date of receiving complete and valid dossiers; The Ministry of Finance considers and issues the Certificate of eligibility for betting business. In case of refusal to issue the Certificate of eligibility for betting business, The Ministry of Finance shall notify in writing the enterprise and clearly state the reason.

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How to choose a business that organizes a pilot international football betting business?

The Ministry of Finance shall assume the prime responsibility for, and coordinate with the Ministries of Culture, Sports and Tourism, the Ministry of Planning and Investment, the Ministry of Justice, the Ministry of Public Security with, and relevant ministries and branches in organizing bidding to select enterprises to organize The pilot organization for international football betting business applies the provisions of the Law on Bidding.

Procedures for businesses investing in betting business are regulated by which law?

Enterprises selected to pilot international football betting business accordingly to the provisions of Decree 06/2017/ND-CP shall carry out investment procedures in accordance with the provisions of the law on investment.

Is the football betting business carried out by multiple business?

The Government allows 01 enterprise to organize a pilot business of international football betting. The pilot period for the international football betting business is 05 years; from the date the enterprise is granted the Certificate of eligibility for international football betting business. So After the pilot period; The Government will summarize and evaluate; to decide on the continuation of the pilot international football betting business; or may terminate the pilot business of international football betting.

Contact LSX Lawfirm

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