On July 3, the People’s Committee of Ha Tinh province issued a decision to place Ha Tinh Lottery Company Limited under special financial supervision until the end of 2025. This decision was made due to indications of financial instability, with the company’s cumulative losses by the end of 2023 exceeding 50% of the owner’s investment capital.
The Ha Tinh Lottery Company Limited, a state-owned enterprise, has been tasked with formulating a 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.
Ha Tinh Lottery Company Limited under financial supervision
Additionally, the company is expected to develop strategies to optimize its existing assets, increase revenue from business activities, and reduce expenses to restore financial stability. The plan will be submitted to the Department of Finance and relevant authorities for review and consultation with the provincial People’s Committee.
This is not the first time the Ha Tinh Lottery Company Limited has faced special supervision. The company attributes its financial losses to high payout rates to customers.
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