Vietnam Busts Billion-Dollar Gambling Ring

Imagine stumbling upon a billion-dollar money laundering scheme, perfectly hidden behind online gambling.

That’s precisely what Vietnam’s police discovered, unearthing an elaborate network of phony businesses and illegal bets.

Think of billions laundered through hundreds of fake accounts, plus a massive under-the-radar football betting ring reaping millions.

Keep reading to learn how these busts unsettle Vietnam’s gambling market and drive calls to reform outdated legislation.

Vietnam’s Billion-Dollar Crackdown: Illegal Betting and Money Laundering in the Crosshairs

3 Key Points

1. Billion-Dollar Operation: Police traced VND30 billion in laundered funds to offshore gambling and sophisticated fraud.
2. Illegal Sports Betting: Gangster Tran Trung Hieu’s ring handled VND1.2 trillion in bets since 2023.
3. Legislative Reform: Experts push Vietnam to update Decree 6 and finally legalize broader sports betting beyond land-based casinos.

Vietnam has shattered a billion-dollar money laundering operation linked to online gambling, according to law enforcement reports. On 23 January, police in Danang arrested five suspects, confiscating a network that laundered VND30 billion (£960.9 million/€1.14 billion/$1.2 billion) in offshore-generated funds. The criminals established 187 fake businesses holding 600 corporate bank accounts, using fraudulent IDs, registration certificates, and seals.

Biggest Money Laundering Case in Danang’s History

Authorities called it the largest money laundering case Danang has seen. Between 2022 and 2024, a sophisticated crew washed illicit money from offshore gambling platforms and broader fraud. Investigators discovered the criminals used insider help from bank employees to smoothly move funds without immediate detection.

The crackdown underscores rising pressure on Vietnam’s black market. As the National Assembly mulls reforms, the government aims to curb illegal gaming that’s flourishing online.

Black Market Betting: Bust of a Major Football Ring

Just days before revealing the laundered billions, police tackled another major illicit gambling venture. On 21 January, they unveiled a multimillion-dollar sports-betting scheme in Dong Nai province. At its core was gangster Tran Trung Hieu, known as Hieu De, who allegedly raked in VND1.2 trillion since 2023. Police seized more than VND1.1 billion in cash and charged 15 co-conspirators.

According to investigators, the ring used professional, complex methods to avoid detection. With illegal online gambling prohibited in Vietnam, this black market boomed—an estimated VND250.6 trillion—fueled by robust demand for international football wagering.

Outdated Laws Prompt Calls for Reform

Local laws remain restrictive. Decree 6, passed in 2017, theoretically legalized sports betting but only at land-based casinos. The law sets a VND1 million cap on legitimate sports wagers and restricts the activity to 20 out of 58 provinces. Banning online or mobile bets, it forces enthusiasts to wager via phone or in person.

At a VAFIE (Vietnam’s Association of Foreign Invested Enterprises) conference in November, experts slammed Decree 6 as “vague, prohibitive, and outdated.” They argued it fails to harness betting demand, inadvertently boosting illegal markets. Nguyen Mai, VAFIE chairman, called sports betting “a regulated sector without the willingness to manage it.” The group’s recommendations head to the Ministry of Finance this year, urging modernized rules.

Vietnam’s dual bust—one money laundering ring overshadowing a billion dollars and another massive sports betting network—highlights the scale of clandestine gambling. The government’s crackdown intensifies scrutiny on offshore operators, but critics argue genuine reform lags. With mounting evidence of demand for sports wagering, policymakers face a pressing need to update Decree 6. Until broader legal frameworks emerge, criminals may continue exploiting internet sportsbooks, leaving the black market to thrive amid strong local appetite for football and other high-profile sports.