Is it permissible to use foreign currencies in casino business in Vietnam?

Is it permissible to use foreign currencies in casino business in Vietnam?

Pursuant to Point b, Clause 1, Article 13 of the Decree 03/2017/NĐ-CP and Clause 1, Article 8 of the Circular 10/2017/TT-NHNN stipulating foreign gamblers may receive the prize money in foreign currencies as follows:

Article 13. Rights and obligations of gamblers

1. Gamblers shall have the following rights:

b) Receive and transfer or bring prize money in foreign currencies abroad under Vietnam's law on exchange management and the guidance of the State Bank of Vietnam, applicable to foreigners or Vietnamese overseas citizens who have foreign passports issued by competent foreign authorities or valid laissez-passers and lawfully enter Vietnam;

Article 8. Receipt and use of prize money by gamblers

1. A foreign gambler may receive the prize money in either foreign currency or Vietnamese Dong.

Pursuant to Clause 1, Article 15 of the Decree 03/2017/NĐ-CP and Clasue 1, Article 3 of the Circular 10/2017/TT-NHNN stipulating casino enterprises are allowed to exchange foreign currencies for tokens and vice versa for gamblers as follows:

Article 15. Management of tokens

1. Tokens of each enterprise must bear separate marks and/or signs for identification and be in conformity with Article 17 of this Decree. The face value of tokens may be nominated in Vietnam dong or a freely convertible foreign currency. The conversion of foreign-currency face value of tokens shall comply with the guidance of the State bank of Vietnam. Enterprises must not use tokens of other enterprises for business.

Article 3. Exchange of tokens

1. Casino enterprises must exchange Vietnamese Dong or other currencies for tokens and vice versa for gamblers.

As regulations above, casino are permissible to use and exchange foreign currencies for tokens and vice versa. Besides, casino can also exchange prize money for foreign currencies.

Pursuant to Article 20 of the Decree 03/2017/NĐ-CP stipulating management of payment and foreign exchange as follows:

1. Enterprises may accept the use of Vietnam dong, cash in foreign currencies and/or bank cards of gamblers for exchange for tokens for playing prize-winning games at casinos. The foreign-currency receipt and spending by enterprises are permitted when they have been licensed by the State bank of Vietnam according to regulations in Chapter IV of this Decree.

2. Enterprises may collect cash in foreign currencies from their casino business and use such cash in foreign currencies to pay out prizes to gamblers being foreigners and Vietnamese overseas citizens who have foreign passports issued by competent foreign authorities or valid laissez-passers and lawfully enter Vietnam who win the games and for other foreign exchange transactions after being licensed by the State bank of Vietnam according to regulations in Chapter IV of this Decree.

As regulations above, casino enterprises are aloowed to use foreign currencies cash to pay out prizes to gamblers being foreigners and Vietnamese overseas citizens. Besides, they can also use those money for other foreign exchange transactions after being licensed by the State bank of Vietnam.

Is it permissible for gamblers to exchange for tokens via bank cards?

Pursuant to Article 7 of the Circular 10/2017/TT-NHNN stipulating payment with bank card as follows:

Article 7. Payment with bank card

1. A casino enterprise may accept bank cards of gamblers for exchange for tokens when they play prize-winning games in a casino. It may only receive cash in Vietnamese Dong from an acquiring bank.

2. A casino enterprise and gamblers shall themselves carry out an agreement on use of bank cards in casino business in conformity with applicable regulations on provision of payment services and payment facilities, and the law on foreign exchange management.

As regulations above, you are permissible to accept bank cards of gamblers for exchange for tokens but only receive cash in Vietnamese Dong from an acquiring bank.

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