Ha Tinh Province’s People’s Committee has placed Ha Tinh Lottery Company under special financial supervision, as per Decision No. 1316/QD-UBND, due to indications of financial instability and accumulated losses exceeding 50% of owner’s investment capital by the end of 2023.
The supervision plan mandates the company to devise a financial recovery plan within 30 working days of the decision, analyzing the causes of their business losses and proposing solutions regarding organization, labor, and agent network. The company must also optimize its assets to boost revenue from legitimate business activities and cut costs to restore financial health.
Once the plan is finalized, the company will submit it to the Department of Finance and relevant departments for review and advice to the Provincial People’s Committee.
If the company’s financial situation improves, and there are no further signs of financial instability, the Department of Finance will advise the Provincial People’s Committee to lift the special financial supervision.
However, if the company’s finances remain unstable, the Department of Finance, in collaboration with relevant departments, will propose further measures to the Provincial People’s Committee.
In the event that the company’s financial situation shows no signs of improvement, the Department of Finance will report to the Provincial People’s Committee, who will then instruct the Department of Planning and Investment to take charge of proposing ownership transformation or rearrangement of the company in accordance with regulations.
In 2023, frequent customer winnings resulted in a loss of 600 million VND for Ha Tinh Lottery Company.
Regarding the company’s losses, Mr. Tong Tuan Long, Director of the company, attributed them to accumulated losses since 2012, although there has been a decreasing trend in recent years. However, in 2023, frequent customer winnings resulted in a loss of 600 million VND. He also mentioned the challenge posed by the proliferation of illegal lottery ticket sellers.
A leader from the Ha Tinh Province Department of Finance attributed the company’s financial instability and losses mainly to prolonged tax arrears. The company has been gradually paying off the debt, but the process incurs additional penalties for late payment.
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