Vietnamese culture places great significance on lottery. With two national and numerous provincial lotteries to contribute to local economies and to state budgets respectively, lotteries also play a pivotal role in supporting cultural activities while giving ordinary Vietnamese an opportunity to win big prizes that improve their standard of living.
In the first quarter of this year, ticket consumption in the southern region reached over VND35 trillion ($1.5 billion), an increase of 22 percent year-on-year driven primarily by ticket sales in Soc Trang and Bac Lieu provinces as well as lottery companies operating there contributing significantly to state budget.
Lotteries are an extremely popular activity among Vietnamese citizens of all ages, from students to retirees. Lottery is considered an integral part of national culture and many believe winning an prize will bring good luck. Unfortunately, however, the government imposes stringent regulations regarding lottery participation; winning an item requires being 18 years or over and a citizen. If someone wins their prize they are required to pay an income tax progressive personal income tax as per Vietnamese government regulations.
One of the easiest and most accessible ways to play Hanoi Lotto is through retail purchases of tickets from retail shops. Recently, Vietlott was also introduced – offering more advanced play with larger prizes while making participation simpler than traditional lottery.
Even during tough economic times, Vietnam’s lottery industry continues to flourish, contributing 25 percent more to state budget than it did in 2017. Provincial and district governments use lottery sales revenue as a major source of income, and this industry should only expand further as economic development strengthens in Vietnam.
Lottery companies are rapidly expanding their operations into northern and central regions of the country, increasing both their number of outlets as well as number of lotteries operating there – some run by government while others run privately – as part of an economic boost according to experts.
Covid pandemic has also brought benefits for the lottery industry. Many lottery firms saw pre-tax profits double last year. Furthermore, these firms increased market share both retail and wholesale markets.
When winning the lottery in Vietnam as a foreigner, they can opt to receive their prize in foreign currency or authorize one or more lawful representatives to collect on their behalf; this might be necessary due to factors like illness or death that prohibit receiving it personally.
