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Vietnam Moved to License Online Casino Gambling

Vietnamese government officials tasked with formulating new regulations for online casinos are being told to produce their recommendations before the end of 2006. Vietnam has been considering the regulation of online casino gambling for the past year and the Ministry of Post and Telematics is being urged to complete its study as soon as possible. The popularity of online casino gambling increased dramatically in Vietnam in 2005, and the government is keen to implement policies that will minimize underage gambling and compulsive gambling habits.

One of the factors warranting the regulation of the online casino industry is the rapid development and sophistication of the technologies that power online casino games and websites. The Vietnamese government has admitted that gambling at online casino sites constitutes a popular and legitimate form of entertainment, assisted by the introduction of broadband internet in some parts of the country. Currently approximately 8 million Vietnamese residents use the internet, which adds up to about ten percent of the total population.

Elsewhere in Asia however, the Chinese government has indicated that it has no plans to assist the online casino industry within its borders. In China, convicted online casino operators face imprisonment and heavy fines. Beijing has recently created a special legislation department dedicated to finding and prosecuting online casino operators targeting Chinese online casino and gambling fans.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.