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Friday, June 14, 2024

NA Standing Committee urges lottery market restructuring, insurance inspections

The Saigon Times

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HCMC – The National Assembly (NA) Standing Committee has requested the Government to restructure the lottery market and strengthen inspections over insurance services to ensure transparency in these businesses.

In a resolution recently issued by the NA Standing Committee on Q&A activities, the committee highlighted the need to restructure the lottery market to make it compatible with international practices and urged the integration of information technology in the management of lottery business.

Revenue from lottery business will be used for investment in sectors including healthcare, education, social welfare, key inter-regional and national projects, the resolution stated.

According to the Ministry of Finance’s report, 64 state-owned companies are holding lottery businesses across the country.

Last year, revenue from lottery business reached VND153,037 billion, an 11% increase compared to the previous year. Among those, 50% of the revenue was used to pay for winners, while VND45,016 billion was paid to the State budget, a 10.3% surge against 2022.

The NA Standing Committee also called for a comprehensive development of the insurance market to cater to the demands of individuals and organizations in the economy.

The NA Standing Committee underscored the significance of diversification and professionalization of the insurance distribution channels, aiming to create favorable conditions for clients to get access to insurance services, particularly low-income earners.

The committee reiterated the need to ensure transparency of information about insurance products and enhance the insurance consultancy quality, adding that forcing individuals and organizations to buy insurance products is prohibited in any way.

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