Vietnam lottery firms hike prizes amid tough competition

By Minh Son   January 1, 2017 | 04:55 pm GMT+7

The increase in top prizes took effect on the first day of 2017.

Traditional lottery companies throughout Vietnam’s south have officially raised their top prizes by a third in an effort to compete with a new emerging American-style jackpot.

Effective January 1, the firms increased their top prizes to VND2 billion (nearly $86,100), up 33.3 percent from VND1.5 billion ($64,600).

The hike was based on a decision made by the Southern Lottery Council in October of 2016. Prior to that, traditional lottery prizes in Vietnam topped out at VND1.5 billion ($64,600). Companies who sold the numbered tickets have complained that the mega jackpots have eaten up their businesses.

A manager at a traditional lottery in Ho Chi Minh City told VnExpress in early October that the number of tickets sold in recent months had declined by about 10-30 percent due to competition from Vietlott.

On Christmas day, Vietlott, the operator of the American-style lottery, announced that two winners had split a $7 million jackpot--the largest to date. The pair represented the seventh and eighth winners of the lottery, which began two months prior.

Vietnam's annual average income was around $2,100 in 2015, according to the World Bank.

Vietnam generally does not allow its citizens to gamble, but lottery tickets are popular across the country.

Related news:

> Vietnam lottery firms raise prizes to compete with American-style jackpot

> Happy Christmas: Vietnamese ticketholders win $7 million lottery jackpot

 
 
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