Vietnam: The time limit for payment of prizes in lottery business to customers is 60 days

10:34, 08/03/2007

This is a notable content of Decree No. 30/2007/NĐ-CP on lottery business issued on March 01, 2007 of Vietnam’s Government.

Thời hạn trả thưởng xổ số của doanh nghiệp đối với khách hàng , Nghị định 30/2007/NĐ-CP

Specifically, according to Decree No. 30/2007/NĐ-CP of Vietnam’s Government, structure of prizes, determination of winning results and payment of prizes in lottery business are prescribed as follows:

First: Structure of prizes

The number of prizes in each drive of issuance of lottery tickets shall be determined by lottery business enterprises to suit the prize payment ratio and the prize structure under the Finance Ministry's regulations.

Second: Determination of winning results

- The number of lottery draws by a lottery business enterprise shall be specified by the Finance Ministry in each period.

- The determination of winning results must be public, objective and honest and comply with the publicized rules of lottery draw.

- Lottery draw results must be supervised and certified by the Council for Supervising the Lottery Draw (the Lottery Supervision Council).

The Finance Ministry shall define the members, structure, tasks and powers of the Lottery Supervision Council.

Third: Payment of prizes

- A lottery business enterprise shall pay the full value of prizes to prizewinners strictly according to the publicized rules of lottery participation.

- The time limit for payment of prizes to customers is 60 days after the date on which winning results are determined or after the expiration of the duration of circulation of lottery tickets. Past this time limit, winning tickets are no longer valid for prize receipt.

- Prizewinners may receive prizes in cash or by bank-account transfer.

View details at Decree No. 30/2007/NĐ-CP of Vietnam’s Government, effective from March 03, 2007.

Ty Na

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