Vietnam Police Dismantle Billion-Dollar Money Laundering and Illegal Betting Rings
Vietnamese law enforcement has carried out a major crackdown on illegal gambling and money laundering operations, arresting multiple suspects linked to a billion-dollar scheme. The arrests follow the discovery of a sophisticated financial network that laundered offshore gambling proceeds through hundreds of fraudulent businesses.

Major Crackdown on Financial Crimes
Vietnamese law enforcement has arrested multiple individuals involved in a large-scale money laundering scheme connected to online gambling.
Authorities revealed that the operation, which laundered approximately VND30 billion (£960.9 million/€1.14 billion/$1.2 billion), is the most significant case of its kind in the city of Danang.
The arrests, carried out on January 23, follow an extensive investigation into financial crimes linked to offshore gambling and fraud.
Between 2022 and 2024, the group, which included bank employees, reportedly created 187 fraudulent businesses and opened 600 corporate bank accounts. These accounts were used to funnel illicit funds into Vietnam, utilizing fake identification documents, business registration certificates, and counterfeit bank seals.
Illegal Sports Betting Operation Uncovered
The money laundering case comes shortly after another major bust targeting illegal sports betting operations. On January 21, police in Dong Nai province dismantled an online football betting ring operated by Tran Trung Hieu, also known as Hieu De.
Authorities reported that the operation, described as “professional, complex, and executed using sophisticated methods,” generated an estimated VND1.2 trillion since 2023.
During the raid, law enforcement arrested Hieu De and 15 other individuals, seizing more than VND1.1 billion in cash.
The operation capitalized on Vietnam’s thriving underground betting market, which is driven by the popularity of international football and the ease of access to online sportsbooks.
Regulatory Challenges and Calls for Reform
Despite the growing popularity of sports betting, Vietnamese law strictly prohibits online gambling. The underground market is valued at an estimated VND250.6 trillion, highlighting the high demand for betting opportunities beyond the limited legal framework.
Currently, sports betting is only permitted at select land-based casinos, with stringent caps and restrictions in place.
In response to the challenges, the Vietnam National Assembly Standing Committee has set 2025 as the deadline to review and potentially amend Decree 6.
This 2017 regulation, which initially opened the door to legal sports betting, has faced criticism for being too restrictive and failing to adapt to evolving market dynamics. The decree limits bets to VND1 million and allows betting activities in only 20 of the country’s 58 provinces.
During a conference organized by the Vietnam Association of Foreign Invested Enterprises (VAFIE) in November, experts labeled the existing legislation as “vague, prohibitive, and outdated.”
VAFIE chairman Nguyen Mai described sports betting as “a regulated sector without the willingness to manage it.” The association has submitted recommendations to the Ministry of Finance, advocating for policy changes that would accommodate modern betting trends and ensure better regulatory oversight.