In its feedback to the Ministry of Finance’s revised draft decree on pilotting international horse/dog racing and football betting, the Vietnam Chamber of Commerce and Industry (VCCI) proposed lifting the daily betting cap 10-fold to VND100 million ($3,800) per player.

The draft currently rules increasing the daily limit from VND1 million to VND10 million, which VCCI said remains “too low compared with market realities.”

The agency warned that modest limits could continue to push high-spending bettors toward unregulated offshore platforms, depriving the state of tax revenue and weakening oversight.

VCCI noted that high-value players are a key revenue source in mature betting markets and suggested either adopting a VND100 million daily cap or applying the VND10 million limit separately for each betting product.

The agency also recommended allowing foreign investors to hold up to 50% of licensed companies, compared with the current 49% cap, to attract international capital and expertise in a technology- and capital-intensive industry.

To improve competitiveness, VCCI further suggested loosening advertising restrictions and permitting controlled promotional activities, arguing that current prohibitions leave legal firms at a disadvantage against illegal websites that advertise freely.

It also proposed halving mandatory budget contributions outside taxes to 5% of gross gaming revenue (GGR) during the pilot phase. Combined with a 30% special consumption tax, the total burden exceeding 40% of GGR is “too high” for early-stage operators, it noted.

Under the draft decree, only one enterprise would be allowed to pilot international football betting for five years, with a minimum charter capital of VND1 trillion ($38 million) and the 49% foreign ownership cap still in place.

Analysts estimate Vietnam’s legal and illegal betting market could equal 3-5% of GDP, underscoring the sector’s growth potential as the government seeks to tighten oversight and formalize wagering activities.