Lottery Revenue Reaches 153.037 trillion VND in 2023

The Ministry of Finance specifies that all revenue from the lottery is deposited into the local budget and annually approved by the National Assembly for investment in development.

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In 2023, the revenue from lottery businesses reached 153,037 billion VND, an increase of 11% compared to 2022. This was mentioned in the report sent to the National Assembly by the Minister of Finance Ho Duc Phoc, serving the question and answer session at the 31st meeting of the Standing Committee of the National Assembly, which will take place on March 18.

The lottery revenue in 2023 reached 153,037 billion VND, an increase of 11%. Photo: NLĐO

According to the report of the Ministry of Finance, there are currently 63 lottery companies operating in 63 provinces and cities, conducting traditional lottery business; and 1 Vietnam Lottery Co., Ltd., which started operating electronic lottery nationwide in 2017.

With the revenue of 153,037 billion VND in 2023, an increase of 11% compared to 2022 (of which about 50% is used for prizes), the businesses paid 45,016 billion VND to the state budget, an increase of 10.3% compared to 2022, of which electronic lottery accounted for 3.4%.

The Ministry of Finance emphasized that all lottery revenues are allocated to local budgets and are annually approved by the National Assembly for investment and development, with priorities given to the fields of education, vocational training, and healthcare.

The agency also highlighted that this is an important revenue source for localities, especially those in the South, to implement their investment and development goals. In addition, lottery business activities also provide employment for the system of agents and ticket sellers.

Despite the record revenue in 2023, the Ministry of Finance also pointed out that traditional lottery products still account for a large proportion. Lottery business development varies among regions, with traditional lottery market share in the South reaching 93.3%.

From practical experience, the Ministry of Finance also mentioned that there have been cases where organizations and individuals have taken advantage of civil law to conduct lottery ticket business and distribution through electronic and internet applications, and intermediary payment methods.

In the coming time, the Ministry of Finance will continue to coordinate with ministries and sectors to strengthen management, supervision, and handling of violations in lottery business activities.