The Lucky Business Owner: A $47 Million Windfall and a Joyous Celebration with His Wife

A Ho Chi Minh City businessman has won the Vietlott Mega 6/45 jackpot, taking home a whopping VND47 billion (~USD2 million). The lucky winner, Mr. T.D, hit the jackpot with the numbers 11-19-22-29-40-44.

Mr. T.D, who owns a business in Ho Chi Minh City, has been a regular player since the beginning of the year, purchasing his tickets online. Upon receiving the life-changing phone call, he excitedly shared the news with his wife and family.

When asked about his plans for the windfall, Mr. T.D expressed his intention to expand his business and take care of his family. He also demonstrated his generosity by donating VND500 million to the Tam Tai Viet Fund for social welfare activities.

As per regulations, Mr. T.D is required to pay personal income tax in Ho Chi Minh City, amounting to over VND4.7 billion (10% of the prize money exceeding VND10 million). This tax will be deducted upon receipt of the prize.

Vietlott, officially known as Vietnam Computerized Lottery One Member Limited Liability Company, was established in 2011 and is directly managed by the Ministry of Finance. It operates computerized lottery games and other prize-winning entertainment activities across Vietnam, adhering to all relevant legal frameworks.

Vietlott’s Impressive Financial Performance

According to Vietlott’s audited 2023 financial statements, the company recorded an impressive VND4,967 billion in revenue. While sales only increased by approximately VND9 billion, net profit still reached VND242.7 billion, a nearly 17% surge compared to 2022.

A closer look at Vietlott’s reports reveals that gross profit for the year actually dipped by over 5%, settling at VND268.7 billion. However, robust growth in financial income and other earnings propelled net profit to a five-year high.

Cost of goods sold for the year stood at over VND4,699 billion, a slight uptick from 2022, and accounted for a substantial 94% of total revenue. Vietlott allocated VND3,438 billion for prize payouts and provisions, mirroring the previous year’s level.

While net profit for 2023 remained relatively flat year-on-year, a notable surge was observed in “other income,” which clocked in at over VND53.3 billion, a more than sixfold increase. This surge resulted from penalties related to business cooperation contract violations, as per the statement’s notes.

Additionally, Vietlott’s interest income climbed 37% to touch VND64.25 billion. The company had over VND1,126 billion in term deposits across various banks as of the end of 2023, according to the financial statement notes.

As of the end of 2023, Vietlott boasted total assets of over VND1,278 billion and carried no bank debt. Shareholders’ equity stood at over VND552 billion, including VND500 billion in owner’s capital and nearly VND53 billion in retained earnings.

The impressive performance continued into the first half of 2024, with Vietlott notching up its highest-ever six-month revenue of VND3,250 billion. This figure marked a 33% jump from the year-ago period and even outpaced full-year revenue for the pre-2020 era.

Cost of goods sold rose in tandem with revenue, climbing to over VND2,704 billion. The lion’s share of this amount was attributable to prize payouts, which totaled approximately VND2,248.5 billion, reflecting a VND559 billion increase from the same period a year earlier.

Vietlott’s gross profit for the period improved 36% to surpass VND545 billion, while its gross profit margin expanded to 16.8%. The company trimmed its selling, general, and administrative expenses while increasing its sales commission expenses, which came in at nearly VND329 billion, a 33% year-on-year climb.

All told, Vietlott posted a six-month net profit of VND169.5 billion, up 15.7% from the year-ago period. This half-year profit also outshone the full-year profits recorded during the pandemic years (2019-2021).