Entertainment industry with prizes: Open but needs appropriate management

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Workshop "Developing entertainment industry with prizes: Current situation and solutions". Photo: H. Diu

On June 23 in Hanoi, the Association of Foreign Investment Enterprises held a seminar "Developing the entertainment industry with prizes: Current situation and solutions".

Helping tourism industry

Experts at the workshop said the system of legal documents governing the field of prize-winning in Vietnam has been completed at the Government decree level, according to which, there are three types of play. Business-allowed prizes include: betting, casino and prize-winning electronic games for foreigners.

Up to now, there have been eight casino business enterprises, 61 prize-winning video game businesses and one licensed dog betting business. These businesses generated a total turnover of more than VND 19 trillion in 2019, contributing nearly VND 4.9 trillion to the State budget.

According to Prof.Dr.Nguyen Mai, Chairman of the Association of Foreign Investment Enterprises, if the tourism industry wants to become a key economic industry, it is necessary to build entertainment industry. But the business of this industry in Vietnam is still too modest, partly because of its perception and viewpoint it is a "sensitive" area, without a multi-dimensional approach and lack of a legal system.

Economist Can Van Luc said that the products, services, tourism and entertainment in Vietnam were not diversified, so it was necessary to research and developentertainment strategies and policies with tourism in a methodical, professional and strictly controlled manner based on international experience such as from China, Singapore and Malaysia.

Anti-revenue loss

With the above issues, experts agreed on the need for effective and strict management to ensure against budget revenue loss. Nguyen Ngoc My, Chairman of Vabis Group, suggested that Vietnam should be open to all types of entertainment in general and sports betting in particular.

"The doors also need to have appropriate nets to prevent the entry of harmful elements, causing adverse impacts on culture and society," My emphasised.

My said it is necessary to have a strong unit to manage and manage an entire "multi-smokeless industry" worth billions of dollars, to make the most of the economic benefits the sports betting industry brings, while ensuring safety and social order. My also proposed that sports betting should be managed by 4.0 technology because this is an inevitable trend to ensure accuracy, transparency, safety and against budget loss.

Also at the seminar, Nguyen Minh Tien, Deputy Director of the Department of Finance of Banks and Financial Institutions (Ministry of Finance), said entertainment activities were identified as a constituent and supporting component for the development of tourism. So in the near future, entertainment business will be made with prizes and betting in the direction of public and transparent bidding, limiting illegal business, ensuring revenue for the State budget.

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"The Ministry of Finance continues to review Decree 03 amended in the direction of forming large-scale entertainment complexes, with a minimum capital of US$2 billion, to have enough tourism, hotels, entertainment and recreation, ensuring creation of favourable conditions for the development of tourism," Nguyen Minh Tien stated.