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Tax revenue from lottery sales reaches $180mn in Ho Chi Minh City in January-October

Tax revenue from lottery sales reaches $180mn in Ho Chi Minh City in January-October

Friday, November 17, 2023, 13:24 GMT+7
Tax revenue from lottery sales reaches $180mn in Ho Chi Minh City in January-October
A lottery ticket vendor in Ho Chi Minh City. Photo: Phuong Quyen / Tuoi Tre

Ho Chi Minh City collected VND4,370 billion (US$180 million) in lottery tax between January and October, up 7.3 percent year on year, according to the municipal taxman.

Accordingly, the city’s daily tax revenue from lottery activities amounted to over VND14.5 billion (nearly $600,000) during the period.

The increase made lottery sales one of the local budget’s key earners amid the ongoing economic slowdown.

Statistics from the Ho Chi Minh City tax department indicated that in October alone, the city collected VND839 billion ($34.6 million) in lottery tax, a 10.6-percent year-on-year increase.

Other localities nationwide have collected huge tax amounts from lottery business operations over the past few months.

Vietnam’s revenue from the lottery tax topped VND34.5 trillion ($1.4 billion) during the January-September period, improving some 20 percent year on year, and meeting 92 percent of this year’s target, according to data from the Ministry of Finance.

In spite of economic difficulties, the tax revenue from lottery sales grew month on month.

The budget revenue from lottery reached VND12,951 billion ($534.4 million) in the first quarter of the year, but the figure had risen to VND24,480 billion ($101 billion) as of the end of June, and VND34.5 trillion at the end of the third quarter.

The lottery market was seen booming in the southern region during the nine-month period, with its lottery ticket consumption made up 98.5 percent of the country’s total sales.

At the start of the year, the ministry allowed lottery companies in the southern region to adjust up the cap on lottery prize values to VND120 billion ($5 million) from VND110 billion ($4.5 million).

However, these lottery companies proposed the ministry allow ramping up lottery ticket issues at a recent lottery conference, causing controversy.

Several people said that it was necessary to control such a hot lottery market, especially in the south.

The worse the economy is, the more lottery tickets residents buy in the hope of gaining wealth, according to many experts.

Similarly, China has been seeing revenue from lottery sales grow strongly this year.

The number of lottery tickets sold in China in August reached the highest level against the previous months despite concerns over the current economic downturn, reported Reuters.

Socio-economic activities in Vietnam in general and in Ho Chi Minh City in particular are experiencing hardship.

Budget revenue from business and production operations in Ho Chi Minh City in October hit VND23.4 trillion ($964 million), down 27 percent year on year.

Budget collection from foreign-invested companies fell 20.3 percent year on year, while collection from state-run firms decreased 19.7 percent.

Between January and October, budget revenue neared VND160.7 trillion ($6.6 billion), equivalent to 97 percent of the amount recorded in the same period last year.

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Tieu Bac - Anh Hong / Tuoi Tre News


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