Current limitations and law of Vietnamese casinos

The Vietnamese government has announced the implementation of new legislation governing electronic slot machine gaming in the nation. Vietnam.- The Vietnamese government has issued new regulations controlling electronic gambling, including laws for foreigners playing at local casinos, side bets, and illicit internet gambling. According to Asia Gaming Brief, the new laws are by Decree No. 121/2021/ND-CP, which includes a list of 15 forbidden behaviors connected to all prizes.” Winning electronic slot machines” contains slot machines. The majority of casinos such as in Vietnam only allow foreigners to gamble.

Vietnamese people may now only access two casinos: one on the southern island of Phu Quoc and one on Van Don in the northern province of Quang Ninh. Last March, casino owners petitioned the government to allow Vietnamese people to visit casinos in popular tourist sites like Quang Nam and Ba Ria-Vung Tau to compensate for the loss of visitor revenue caused by the COVID-19 outbreak.

 Persons eligible to collaborate in e-playing:

The rules governing who is eligible to participate in e-gaming under the new rules are stricter than those outlined in Decree 86. Specifically, foreigners and remote area Vietnamese who legally enter Vietnam with legitimate passports or global tour documents issued by a foreign government and whose visa is valid. It has complete civil act ability prescribed by Vietnamese law and willingly observes game rules. As a result, Decree 121 prohibits foreigners and remote places. Vietnamese from illegally entering Vietnam or lawfully entering Vietnam but departing before their visa expires under guidelines for participating in e-gaming like

Traditional monetary management entails:

The method for issuing conventional money and “register” it with the Treasury and the Tax Administration in terms of model, amount, and type before depositing it. The foundation for providing invoices to compute the company’s income change information gets replaced with a “notice” procedure to the Ministry of Finance and the Tax Agency. Similarly, Decree 121 repeals the rule on the basic information that traditional corporate money must have; as a result, the conventional currency can only get identified by its mark and symbols. Decree 121 simplified the standards for the shape and quality of traditional money and the processes for utilizing this cash in the business of this new legislation.

Furthermore, enterprises alleviate the stress of acquiring licenses or permissions from the appropriate authorities by using cash. Payment for conventional money under Circular 09 requirements remains unaltered from earlier regulations. Players can pay in cash, through wire transfers from overseas accounts or foreign currency payment accounts formed in recognized Vietnamese banks to the operator’s specialist foreign currency accounts, or by credit card. Given the rise of multiple cashless payment alternatives today, these restrictions appear to be rather than limited.

Deductible costs are now more adaptable:

The rules for deducting costs for this sort of business get relaxed. The hiring management fee cap was previously at 4% of sales and no longer matters. On the one hand, Decree 121 and its accompanying rules will increase the state’s control of such conditional transactions and create a more beneficial business climate after all specified requirements are satisfied.

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