Hanoi, Vietnam (AP) For the first time, the country is set to let people gamble online, and people are turning to gambling as a way to supplement their incomes.
Vietnam has long struggled to compete with other Asian nations with the same kind of fast-growing online gambling industry, but the country’s gamble-loving population has taken advantage of a government-backed online gambling system to make big bets.
More than 100,000 Vietnamese gamblers have opened up online betting accounts since the start of 2017, the first year of the nation’s betting system, according to the countrys Ministry of Foreign Affairs.
The online gambling boom has given the country a reputation as a hotbed of gambling activity and gambling in general.
It has allowed gamblers to make a significant income while avoiding taxes and social stigma.
Online gambling accounts are typically limited to two people.
The gambling boom also has allowed some of the country to open up to more gambling players.
Hanoi has become a major online gambling destination for Vietnam’s gamblers, many of whom come from China, Hong Kong, Japan, Taiwan and elsewhere.
The popularity of online gambling in Vietnam is helping to drive up the country�s economy, which has been slowing for years as its economy has stagnated amid a rise in the cost of living.
The gambling boom in Vietnam has helped boost the country, which last year lost its fourth-largest GDP category.
Vicente Beltran, who heads the National Council of Gaming Industry, an association representing local online gambling companies, said that as gambling in Asia continues to rise, it is important to understand how it works in Vietnam.
The government has invested heavily in the new online gambling infrastructure, he said.
Vincent Nguyen, the deputy head of the National Government of Gaming, told The Associated Press that Vietnam�s gaming industry has reached a critical mass.
There is no doubt that the Internet gambling is a huge source of income for Vietnamese gamifiers, he added.
The countrys gambling market is projected to grow to $1.3 billion in 2020, from $600 million in 2021, according the National Bureau of Statistics.
More:More:Vietnamese gambling is expected to hit $2.4 billion in 2021 from $3.4 million in 2020.VN:Associated Press