The Ministry of Finance wants more global football tournaments added to the list of those on which people can bet.
The list comprises 27 events, including 15 leagues in Europe, Asia, North America and South America and 12 tournaments held every two or four years.
Gamblers will be allowed to bet on matches Vietnam play, including in the World Cup, AFC U-23 Championship, Olympics, Asian Cup, and U-20 World Cup.
The minimum and maximum bets on football matches, horse races and dog races will remain unchanged from 2017 at VND10,000 ($0.44) and VND1 million.
A 2017 government decree allows Vietnamese to bet on all football tournaments run by FIFA.
But gambling remains illegal in Vietnam. There are a handful of licensed casinos, but only holders of foreign passports are allowed to gamble there.
Vietnamese are known for their love of gambling. It is estimated they spend at least $800 million a year betting overseas, mainly in Macau, Singapore and Hong Kong.
Illegal betting and gambling are rife within the country too. Da Nang City police last year arrested a man running an online football gambling ring with stakes of nearly $1 million.