The trial license would be issued by competent authorities, with the government reviewing results at the end of the period to decide whether to legalize or discontinue the activity.

Under the draft, the operator must have minimum charter capital of VND1 trillion ($37.9 million). Foreign ownership would be capped at 49%, and no foreign shareholder could be permitted to hold a larger stake than a domestic investor. Shareholders would also be barred from transferring stakes during the trial.

The operator would be required to contribute at least 10% of net betting revenue, after payouts, to the state budget in addition to regular taxes. Minimum bets would be set at VND10,000 ($0.38), with a daily cap of VND10 million ($379) per player.

The ministry cited rapid global growth in the sector, noting that betting revenues reached $70 billion worldwide and are projected to double to $141 billion by 2030 with an annual rate of 11.5%.

Vietnam’s betting market, both formal and informal, is estimated at 3-5% of GDP, according to a UK-based research firm.