Lotteries in Vietnam are racing to introduce new lottery products, with one such jackpot lottery promising prizes up to five times larger than traditional lotteries. Tickets will go on sale starting this July – lottery is a popular pastime in Vietnam as many hope to change their lives through luck; lottery also generates revenue for the government while improving social welfare while winners may use prize money from winning to invest in businesses or purchase houses.
Although lottery companies have seen much success, not everyone in this business has found it easy. Profit for some lottery companies has declined due to overhead expenses and slow sales volumes in Q1 2021.
Tien Giang Province Lottery Company reported a drop of 19% in total revenues and 27% in after tax profits due to reduced sales due to lifting lockdowns in southern regions. Other companies in Ho Chi Minh City and Dong Nai also saw profits decrease; they remain optimistic of an improved year ahead.
Vietnam’s lottery industry is highly competitive. Market players range from small enterprises and individual sellers, some selling as few as 200 tickets a day but others making much more depending on luck and customer numbers.
Most lottery ticket buyers in Vietnam are locals; however, foreigners have also shown increasing interest in purchasing lottery tickets with large cash prizes of up to VND5 million in jackpot types. Unfortunately, rules surrounding winning lotteries in Vietnam can be stringent: foreigners must be at least 18 years old with a valid passport in order to win one of these jackpot tickets.
There are also provincial and district-level lotteries which vary from the main national lottery. Each one imposes their own set of regulations, some having stricter age restrictions while others requiring minimum capital investment in order to participate.
Vietnam lottery is a beloved pastime enjoyed by millions of people every year. Offering hope of wealth and helping those less fortunate or handicapped. Lotteries provide many with a means of making an income, and are an integral part of Vietnamese culture. So de is similar to its predecessor huahui, introduced into Vietnam by Chinese migrants and soon becoming a staple of old Saigon’s gambling scene. Lotteries are legal in Vietnam and participants can exchange winnings into foreign currency as needed. Foreigners, however, must pay a progressive personal income tax upon winning at a lottery as winnings from ticket sales or the lottery program constitute income to Vietnam’s government.