Vietnam being a communist nation, may have an expanding economy. But it seems the government still faces the dilemma of sticking to its high moral standards or allowing foreign investment by gambling companies to increase their taxable income.
Vietnam and gambling have been known to have a history and culture that have been opposed for ages. Even when several countries have legalized betting activities, Vietnam still prefers to stick to its restrictive laws. But let’s leave aside the entertainment factor and the desire of citizens to look at the economic aspect. Organizing betting events indeed has a crucial impact on the economy of any nation. While others add numbers to their income, the Vietnamese government penalizes gambling, especially for locals.
But, now the question is, is it financially profitable to keep the ban intact? Well, let’s try to dig into this questionable topic.
How gambling has evolved in Vietnam over the past 100 years
The game has a history older than you might imagine. A 100-year period doesn’t seem like a long time. Although there has been a huge evolution in gaming and a massive expansion in the entertainment industry, Vietnam is still as roughed up with gaming as it was in the 20th century. But that doesn’t stop Vietnamese from obsessing over casino games, both offline and online, and participating in sports betting.
Ethical analysis of the game
Betting is not only seen from a monetary and fun perspective, but more than that. The ancestors and current governments believed that gambling should first be viewed from a moral standpoint, and everything else comes later. Indeed, the ban continues in Vietnam, keeping in mind those ethical and traditional standards that do not favor betting.
It’s no surprise that gambling can be addictive. As a result, there are chances that a person will indulge in unapproved ancillary habits like drinking, smoking, neglecting work, destroying relationships, etc. This is what the Vietnamese government fears, and therefore the criminalization of gambling laws.
While such ideologies and fears are correct in their place, there has to be some acceptance of the change. Other countries have also seized this opportunity and legalized gambling activities in a very controlled manner. Responsible gambling should be encouraged and support can be provided to those who start to become addicted.
What are the effects of gambling on Vietnam’s economy?
When the governing authorities realized that gambling could be a powerful tool in stimulating the economy, there came a time when the governing authorities realized that gambling could be a powerful tool in stimulating the economy. And, they have proven to be profitable in thinking this way and legalizing the marketing of casinos. Online gambling channels have brought mind-boggling returns to states and centers in different nations.
- As far as Vietnam is concerned, there is an implication that it lags behind in generating income from gambling. Local criminal laws in effect prevent the country’s economy from being boosted with the help of casinos. and slot machines. It even misses the point of collecting tax on income from gambling earned by citizens.
- Although Vietnam is emerging as a growing country in East Asia, there is still a long way to go. There is no doubt that the country has several ways of collecting income, including clothing, crude oil, shoes, etc. But, the legalization of casinos can certainly add more to the growth of the economy.
There are many gambling sites in Vietnam, such as Gclub. But none of them are authorized or secure. It is considered illegal to operate a Vietnamese gambling site and to play on a foreign gambling site from the country. The government has taken steps to ban these sites and the penalties for illegal betting – though rarely enforced.
Today, Vietnam is developing a framework to allow betting on football. He hopes to attract investment for the nation’s sports sector and reduce rampant illegal 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 to bypass rules like using a VPN or crossing borders.
Vietnam has 90 million inhabitants. It has a huge potential market for the gaming industry to grow. If Vietnam follows in Singapore’s footsteps and opens up the market, it will be able to operate casinos on a large scale. It will be a commercial success, attracting many tourists without attracting the crime which has been the main problem.
Should gambling be banned forever?
The ongoing debate over whether or not to legalize gambling has been a constant topic even in these modern times. Understand that if something has both positive and negative sides, more focus needs to be placed on improving the disadvantages. Indeed, gambling involves a risk of dependence and monetary loss; it is possible to control these side effects.
- There may be strict limits up to which deposits and withdrawals can be made. This will prevent people from draining their savings. Moreover, with such limits, they would not be able to bet frequently. As a result, the risks of addiction will decrease.
- Banning gambling forever doesn’t seem like a good move. Keeping in step with the changing world is imperative. Other countries are quickly adopting new things, including online casinos. So even Vietnam would like to catch up with its neighbors.