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What To Do When You Win Vietnamese Traditional Lottery?

What To Do When You Win Vietnamese Traditional Lottery?

On a lucky day, you found out that you have won the Vietnamese traditional lottery. You felt overjoyed but also nervous about what to do next. Do not worry, let’s check out the article below to discover all the necessary information you have to do when you win the Vietnam traditional lottery.

First, visit to https://loto188.me/rong-bach-kim.html, take a look at some lottery prediction tips to become a winner.

Now, keep croll and reading

Signing on the winning ticket

When you know you have won the lottery, the first thing to do is to sign on the winning ticket. Why do you have to do that? That’s because it helps to ensure legal ownership. After signing, you also need to take pictures and preserve the ticket carefully in order to keep it in its best condition.

According to Vietnamese laws, winning lottery tickets must be in their original form, in original size, not torn, patched, erased or repaired. If you happen to have your ticket faded or torn but still sufficient grounds for determining the original shape, the authenticity of the ticket, the lottery company will verify and decide whether to pay prizes or not.

Prepare the necessary documents to receive the award

If you win a prize less than 10 million VND, you can come to any lottery stand and exchange your lottery ticket for cash. However, if your prize is about 10 million VND or more, you need to go to the legal lottery company with documents to prove your identity. You could bring bring identity card or ID card, passport, and any other kinds of identity documents, such as license, household registration.

A note to remember before going to lottery company is that you have to carefully check their address as well as phone number. This helps you find a reliable company with the obligations to pay you the winning prize.

Remember to contact the lottery company within the limit time for prize receipt

Accordance with Vietnamese regulations, the time limit for requesting prize when winning a lottery ticket is 30 days from the date announcing the winning results or from the expiry date of circulation of the lottery ticket. After this date, the winning lottery tickets shall no longer be valid for receiving prizes.

Now you have known the time limit for requesting award, what about the time you will receive it? Well, the laws also states that after your requestment, the lottery company has 5 working days to determine the authenticity of the ticket and send you the reward.

Remain anonymous

Have you known that Vietnamese laws allows the lottery company to publish your private information unless you request them not do so. Hence, you need to require the lottery company keep all of your information, including your name, your address, time and place you would receive the reward, and the amount of money you get.

Remaining anonymous will keep you stay away from a host of problems. For instance, you can avoid the situation being requested to hand out a lot of money for charities, long-lost friends, relatives, and even the financial “experts” promising to develop your business at a rapid pace.

Authorize to a reliable person to receive your award

In case, you are not able to directly receive the reward due to objective reasons, such as being on a business trip, having a serious disease, you can authorize your legal representative to receive the reward.

The authorization of reward receipt must be made in writing and certified by the ward or commune administration of your place of residence.

Pay personal income tax when winning traditional lottery tickets

If you win lottery prizes worth over 10 million VND per ticket, you will have to pay personal income tax. The taxable income will be calculated based on lottery prizes of each lottery prize exceeding 10 million VND.

So how much tax will you pay?

The rule is quite simple. All you have to do is to follow the formula: Personal income tax to be deducted = Taxable income (x) tax rate of 10%.

Let me give you an example: Miss A won a lottery prize worth 2 billion VND. So, the income tax she had to pay: (2,000,000,000 VND – 10,000,000 VND) x 10%= 199,000,000 VND. This means the money she had left was 1,801,000,000 VND.

Pay off all your debts

What would you next after receiving the reward? The best thing is to pay off all your debts. Whether it is credit card debt, a mortgage or school loan, you should pay off them on before the interest rate is going up. And you know the interest rate is going more and more fluctuate. Winning the lottery is your chance to start over again and build a more wealthy life, which you can only do once you clear the proverbial slate of what you already owe.

Create a budget and an investment plan to manage the money

Although winning a lottery can turn people into billionaires after a night, not many of them stay rich for a long time. Most of them become as poor as a church mouse and stuck in a terrible life after burning a hole in their pockets.

As to avoid being in that destitute situation, you should build a detailed budget to manage the money. You need to determine how much can be spent on monthly expenses, how much to save and how much can be allocated to discretionary funds. By creating and maintaining, you are ensured to have a long-lasting affluent life with your beloved ones. Along with the budget, you also need to develop an investment strategy to grow your money and become even wealthier.

Now you have known what to do when realizing you are the winner of Vietnamese traditional lottery. If you find this article useful, please give us a like, and we will be back with more helpful information about lottery.

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