The Ministry of Finance, in a draft bill, said that only betting on international football events directly organized by the International Federation of Association Football (FIFA) is currently allowed, though these events often occur only every two or four years.

More annual events are set to attract more bettors, it said.

The ministry also wants to allow gamblers to pay via digital wallets and prepaid cards on top of current bank transfers.

Vietnam legalized betting in 2017, but has yet to license any bookmaking business.

The ministry requires bookmakers to have a minimum capital of VND1 trillion ($43.3 million), causing concern over recouping investments.

With its proposal, the ministry hopes to allay such fears.

Vietnamese are known for their love of gambling. It is estimated they spend at least $800 million a year betting overseas, mainly in Macau, Singapore and Hong Kong.

Illegal betting and gambling are rife within the country too. Da Nang City police last month arrested a man running an online football gambling ring with stakes of nearly $1 million.