Seven years have passed since the Vietnamese government legalized sports betting in 2017. The horse racing industry has started to move forward in some areas, but the reality is that there are still no official racecourses with gambling. Large-scale projects under development in various regions are being held up by the “invisible barriers” of the establishment of legal systems and the complexity of administrative procedures.

只有两家机构营业，且均无赌博执照

目前，越南仅有两家赛马场在运营：2017年开业的平阳省大南赛马场，以及2024年开业的海防市珍珠马术学院。两家赛马场仅以赛事和体育项目的形式运营，不涉及正式的博彩活动，且尚未获得博彩运营许可证。此外，由于许可证申请和行政程序方面的延误，河内朔山县、林同省和永福省的大型赛马场开发计划也进展缓慢。

【图1】重大大型马术相关项目

尽管已经合法化，但其运作仍面临诸多障碍

越南赌博合法化的基础随着法令的实施而建立 编号：06/2017/ND-CP 2017 年。该法令正式将赛马、赛狗和足球博彩合法化，作为旨在促进旅游和娱乐业发展的更广泛政策的一部分。

事实上，根据Statista的数据，越南的博彩收入预计将在2024年达到38亿美元，使其成为国家财政不可忽视的增长领域 [1]河内市正在推进的朔山赛马场项目预计每年可创造高达2.5亿美元的税收收入 [2]此外，赛马场附近还规划有包含赌场、度假村、豪华酒店的综合开发项目，其定位并非独立设施，而是区域开发的核心。

市场未来潜力巨大，但外资进入仍困难

Despite the attractiveness of the market, there is still no precedent for a foreign investor to obtain a gambling license. The main reasons for this are the Vietnamese government’s cautious stance and the complexity of legal and administrative procedures. In addition, horse racing operations require the acquisition of vast swaths of land, which requires a huge amount of time and coordination for land use rights acquisition, customs procedures, construction approvals, etc. It is also difficult for foreign companies to acquire land on their own, so the presence of a reliable local partner is essential.

马术运动也得到推广，文化基础设施也在发展

除赛马外，目前越南16个省市均设有骑马和训练设施，其中河内和林同省的Thien Ma Da Nguy赛马场拥有最多的马匹 [3]为了顺应这些趋势，马术联合会的成立正在筹备中，并期待融合体育、旅游和文化的赛马相关产业能够得到发展。