Vietnam being a communist nation, may have an expanding economy. But it seems the government is still under the dilemma of sticking to their moral high grounds or allowing foreign investment by gambling companies to raise their taxable income.
Vietnam and gambling are known to have an opposing history and culture for ages now. Even when several countries have legalized betting activities, Vietnam still prefers to stick with its restricting laws. But let’s keep aside the entertainment factor and desires of the citizens to look into the economical aspect. Hosting wagering events indeed have a crucial impact on the economy of any nation. While others are adding digits to their revenue, the Vietnamese government penalizes gambling, especially for local people.
But, now the question is, is it profitable from the financing perspective to keep the ban intact? Well, let’s try to dig into this debatable topic.
How gambling evolved in Vietnam for the past 100 years
Gambling has an older history than you might imagine. A span of 100 years does not seem like a long time. Though there has been a tremendous evolution in the game and a massive expansion in the entertainment industry, Vietnam is still shard-handed with gambling like it used to be in the 20th century. But this doesn’t stop the Vietnamese from obsessing over casino games, both offline and online, and participating in sports betting.
Ethical analysis of gambling
Betting is not just seen from the monetary and fun element, but much more than that. Ancestors and current governments feel that gambling must be looked at from moral grounds first, and anything else comes later. Indeed, the ban continues in Vietnam, keeping in mind such ethical and traditional norms that do not favor betting.
It is no surprise that gambling can be addictive. Resultantly, there are chances that a person indulges in unapproved ancillary habits like drinking, smoking, neglecting work, destroying relationships, and more. This is what the Vietnamese government fears, and hence, the penalizing of gambling laws.
Though such ideologies and frights are correct in their place, there has to be some acceptance to change. Other countries have also taken this chance and legalized gambling activities in a very controlled manner. Responsible gambling must be encouraged, and help can be provided to those who begin to get addicted.
What are the effects of gambling on the economy of Vietnam?
When governing authorities realized that gambling could act as a powerful tool in boosting the economy, there came a time when governing authorities realized that gambling could act as a powerful tool in boosting the economy. And, they have proved to be profitably correct in thinking so and legalizing the commercialization of casinos. The online channels of gambling have brought in mind-boggling returns for the states and centers of different nations.
- As long as Vietnam is concerned, there is an implication that it is staying behind in generating revenue through gambling. The local penalizing laws are indeed preventing the nation’s economy from being hiked with the help of casinos and slots. It is even missing out on the tax collection on incomes of gambling prizes won by the citizens.
- Though Vietnam is emerging to be a growing country in East Asia, there is still a long way to cover. No doubt, the country has several revenue collection modes, including garments, crude petroleum, footwear, and more. But, legalizing casinos can certainly add more to the growth of the economy.
There are plenty of gambling sites operating in Vietnam such as Gclub. But none of them are licensed or safe to play in. It is deemed unlawful to run a Vietnamese gambling site and to play on a foreign gambling site from within the country. The government took steps to ban such sites and the penalties for illicit betting – while seldom implemented.
Now, Vietnam is developing a framework to allow football betting. It hopes to attract investment for the sports sector of the nation and to reduce rampant unlawful gambling.
In 2017, the government decided to allow sports betting to locals on an experimental basis. But the conditions were so strict that people still prefer going around the rules like using VPN or crossing borders.
Vietnam has a whopping 90 million population. It has a huge potential market for the gambling industry to grow. If Vietnam follows Singapore’s footsteps and opens the market, it can operate the casinos on a huge scale. It will be a commercial success, bringing many tourists without attracting crime which has been the prime problem.
Should gambling be banned forever?
The continuous debate on legalizing gambling or not has been a constant topic even in these modern times. It should be understood that if something has both positive and negative sides, more focus should be directed towards improving the cons. Indeed gambling comes with the risk of addiction and monetary loss; there is a scope of controlling such adverse outcomes.
- There can be strict limits up to which both the deposits and withdrawals can be made. This will prevent people from draining their savings. Also, with such limits, they would not be able to bet frequently. Hence, the chances of addiction will reduce.
- Banning gambling forever does not seem to be a sound decision. It is imperative to stay in line with the changing world. Other nations are becoming quick in adopting new things, including online casinos. So, even Vietnam would want to catch up with their fellow nations.