The finance ministry is drafting a decree on sports betting, which it estimates could earn the state at least $US2 billion a year.

An official in the ministry's finance and banking department says it's seeking opinions from several ministries before submitting for government approval.

If approved, the decree would allow a planned horse racetrack in northern Vietnam to go ahead and fully legalise betting at existing horse and dog racetracks in southern Vietnam.

Gambling has long been officially regarded as a social evil in Vietnam, but betting on everything from cockfights to English Premier League football matches is widespread.

ABC Radio Australia - August 4, 2008