Hanoi Authorities Tighten Financial Oversight of Local Lottery Company
The Hanoi People’s Committee has ordered enhanced financial supervision of the Hanoi Lottery Company Limited, citing signs of financial distress.
In a recent decision, the committee instructed relevant departments, including the Department of Finance, to collaborate and ensure comprehensive financial monitoring of the company until the end of 2025.
Enhanced financial supervision for the Hanoi Lottery Company.
The move comes as a response to the company’s concerning financial performance, with accumulated losses surpassing 50% of the owner’s capital investment by the end of 2023. The company, wholly owned by the state, has attributed these losses to an unusually high number of lottery winners.
As part of the financial oversight, the Hanoi Lottery Company is required to develop a comprehensive financial recovery plan within 30 days of the decision. This plan should include an analysis of the reasons for their business losses and propose solutions regarding organization, labor, and agent management.
Additionally, the company must devise strategies to optimize its existing assets, boost revenue from legitimate business activities, and cut costs to restore financial stability.
The company’s management has acknowledged the challenges and assured compliance with the committee’s decision, expressing their commitment to working with the relevant departments to address the financial concerns and ensure a sustainable path forward.
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