Entertainment industry with prizes: Open but needs appropriate management

VCN - The entertainment industry may have a positive contribution to society, especially in tourism development, but it needs strict management to limit negative issues.
entertainment industry with prizes open but needs appropriate management Stimulus packages boost local consumption and tourism
entertainment industry with prizes open but needs appropriate management Telecom industry expects high growth in next three years
entertainment industry with prizes open but needs appropriate management Due to impact of Covid-19, the Ministry of Finance continues pushing out policies reducing fees and costs
entertainment industry with prizes open but needs appropriate management
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.

entertainment industry with prizes open but needs appropriate management How to attract foreigners to invest in tourism real estate?

VCN - The open policy of foreign property ownership is vital to attracting foreign investment into the ...

"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.

By Huong Diu/ HuuTuc

Related News

The supporting industry needs high-tech human resources

The supporting industry needs high-tech human resources

VCN - The trend of shifting supply chains is opening up many opportunities for the domestic supporting industry to develop; the problem of human resources is becoming more urgent so that businesses can improve production capacity and self-sufficiency competitiveness by meeting the increasing requirements of the value chain.
Semiconductor industry needs 50,000 high-quality workforce in next 10 years

Semiconductor industry needs 50,000 high-quality workforce in next 10 years

Vietnam's workforce demand in the semiconductor–microchip field is forecast to be around 20,000 engineers for the next five years, and 50,000 engineers in the next 10 years, according to economists from the Fullbright University.
Vietnam making new moves in multibillion-dollar semiconductor industry

Vietnam making new moves in multibillion-dollar semiconductor industry

Vietnam is making strong progress in advancing its standing in the global semiconductor supply chain as many of the world’s largest chip manufacturers have landed in the Southeast Asian nation, insiders said.
The market is shifting, forcing the industry to speed up to adapt

The market is shifting, forcing the industry to speed up to adapt

VCN - A series of new policies from the import market pose many challenges for domestic export businesses, in which textiles, furniture and household appliances are directly affected industries.

Latest News

Indonesia licenses certificates of lobster cultivation for three Vietnamese companies

Indonesia licenses certificates of lobster cultivation for three Vietnamese companies

Three out of the five Vietnamese businesses, which have formed limited liability companies in Indonesia, have been verified and received certificates of lobster cultivation from the Directorate General of Aquaculture, according to Indonesia’s Ministry of Maritime Affairs and Fisheries.
Vietnamese spend nearly 150 trillion VND on online shopping

Vietnamese spend nearly 150 trillion VND on online shopping

Vietnamese consumers spent 143.9 trillion (5.68 billion USD) buying 1.53 million items on five e-commerce platforms in the first half of this year, representing a rise of 54.91% and 65.55% over the same period last year, respectively, according market analysis firm Metric.
Four tens of billion USD export markets

Four tens of billion USD export markets

VCN - According to General Department of Vietnam Customs, by the end of June 2024, Vietnam has four markets achieve export turnover of US$ 10 billion.
Successful digital transformation solutions for wood industry enterprises

Successful digital transformation solutions for wood industry enterprises

VCN - Refraining from rushing, implementing steps gradually, and maintaining a clear vision are the recommendations that experts give to wood industry enterprises for successful digital transformation.

More News

Vietnamese lychee sold well at Costco stores in Australia

Vietnamese lychee sold well at Costco stores in Australia

Lychee, one of Vietnam’s major export fruits, has been sold well at Costco stores in Western Australia and South Australia, according to the Vietnam Trade Office in Australia.
Durian exports forecast to top 3 billion USD in 2024

Durian exports forecast to top 3 billion USD in 2024

Durian exports may surpass 3 billion USD this year, according to Dang Phuc Nguyen, General Secretary of the Vietnam Vegetable and Fruit Association (Vinafruit).
FTA - support to promote pangasius export

FTA - support to promote pangasius export

VCN - The implementation of FTAs ​​always creates favorable conditions for businesses to expand and diversify markets, bringing Vietnamese seafood, including pangasius, to participate deeperly into the global production and supply chain.
Vietnam - France trade reached nearly US$2.5 billion in the first half of the year

Vietnam - France trade reached nearly US$2.5 billion in the first half of the year

VCN - France is Vietnam's leading trade partner in Europe with bilateral turnover reaching billions of US$/year.
Technology increases competitiveness in the logistics race

Technology increases competitiveness in the logistics race

VCN - In the context that the logistics industry in Vietnam is forecast to continue to grow strongly, many businesses are actively applying technology and expanding service chains to take advantage of opportunities and keep pace with the general trend.
MoIT proposes key solutions to cope with rising sea freight prices

MoIT proposes key solutions to cope with rising sea freight prices

The Ministry of Industry and Trade (MoIT) has requested local associations and businesses to coordinate implementing key solutions to promote imports and exports as sea freight rates rise.
Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnam's seaport cargo throughput is set to reach 1.2-1.4 billion tonnes by 2030, with container cargo expected to range from 46.3 to 54.34 million TEUs, according to a detailed plan for the development of seaport groups, wharfs, jetties, buoy berths, and water areas in 2021-2030, with a vision to 2050.
Binh Dinh seeks investment opportunities from Germany, France

Binh Dinh seeks investment opportunities from Germany, France

A delegation from the south central province of Binh Dinh led by Permanent Vice Secretary of the provincial Party Committee Le Kim Toan paid a working trip to Germany and France to explore investment opportunities from July 17-22, reported the provincial Department of Planning and Investment.
Warnings as HRC steel imports continue to increase rapidly

Warnings as HRC steel imports continue to increase rapidly

The amount of imported hot-rolled coil steel in the first six months of this year increased sharply to an alarming level, 1.7 times higher than domestic production.
Read More

Your care

Latest Most read
Indonesia licenses certificates of lobster cultivation for three Vietnamese companies

Indonesia licenses certificates of lobster cultivation for three Vietnamese companies

Three out of the five Vietnamese businesses, which have formed limited liability companies in Indonesia, have been verified and received certificates of lobster cultivation from the Directorate General of Aquaculture, according to Indonesia’s Ministry of Maritime Affairs and Fisheries.
Vietnamese spend nearly 150 trillion VND on online shopping

Vietnamese spend nearly 150 trillion VND on online shopping

Vietnamese consumers spent 143.9 trillion (5.68 billion USD) buying 1.53 million items on five e-commerce platforms in the first half of this year, representing a rise of 54.91% and 65.55% over the same period last year, respectively, according market analysis firm Metric.
Four tens of billion USD export markets

Four tens of billion USD export markets

According to General Department of Vietnam Customs, by the end of June 2024, Vietnam has four markets achieve export turnover of US$ 10 billion.
Successful digital transformation solutions for wood industry enterprises

Successful digital transformation solutions for wood industry enterprises

VCN - Ms. Nguyen Thi Linh Vy, Production Management Director at Imity Company, also states that although they had planned digital transformation two years ago, the company has not yet dared to implement it.
Vietnamese lychee sold well at Costco stores in Australia

Vietnamese lychee sold well at Costco stores in Australia

Lychee, one of Vietnam’s major export fruits, has been sold well at Costco stores in Western Australia and South Australia, according to the Vietnam Trade Office in Australia.
Mobile Version