The spontaneous Vietlott business establishments will be strictly handled

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The Vietlott ticket price is only 10,000 vnd

Regarding the deployment of computerized lottery business operation, the Ministry of Finance acknowledged that to implement the modernization policy of the lottery industry, the Prime Minister issued Decision No.1109/QD-TTg approving the Scheme on establishment of the Vietnam Computerized Lottery Company.

On that basis, the Ministry of Finance issued Decision No.2933/QD-BTC on the establishment of Vietlott with the function of operating computerized lottery business nationwide.

The legal framework for operating computerized lottery business was fully issued. Besides, Vietlott must be controlled and abide by the provisions of the Enterprise Law, the provisions of the law on Tax and other related legal provisions.

The leaders of the Ministry of Finance also worked with the provinces and cities which are selected for operating the computerized lottery business to discuss the plan of deployment, management and supervision and facilitation for Vietlott to deploy business in provinces and cities.

Concurrently, the Finance Ministry has issued dispatches to the Central Propaganda Department, and the Ministry of Information and Communications to propose the authorities for collaboration to promote the State policy in the modernization of the lottery business operation.

According to the Vietlott report, in the first time deploying the business operation, due to the “new” products and the high market demand for computerized lottery tickets, especially at the localities which have not been deployed this business operations, there are some organizations and individuals which bought computerized lottery tickets at localities which are being deployed to resell in other provinces and cities with a higher price from 1,000 vnd to 2,000 vnd to enjoy the difference.

These are spontaneous activities, Vietlott has not had this policy and signed any agent contracts with any organizations or individuals except the provinces which are allowed to distribute tickets.

The Ministry of Finance directed to enterprises to strengthen the management and supervision of the business system to ensure compliance with the provisions of law.

To prevent the above situation, Vietlott requested lottery agents to strictly abide by the provisions of law in computerized lottery business operations and sell the tickets via terminal at the Vietlott Points of Sale, and the ticket price for one-time reward costs 10,000 vnd /each .

Concurrently, the Company issued and applied the appropriate sanctions if it detects violations of the agents, in the case of serious violations it will terminate the agent contract.

Recently, the Prime Minister has assigned the Ministry of Finance to direct Vietlott to implement in accordance with the provisions of the law; collaborate with the People's Committees of provinces and centrally run cities to direct the local authorities and agencies to manage, monitor, review and strictly handle the violations in computerized lottery business operation.

Share risks with foreign partners

Related to the cooperation with foreign partners to deploy the computerized lottery business under the model of Business Cooperation Contract (BCC), the Finance Ministry said the computerized lottery business operation is a new type. Vietnam does not have necessary elements to deploy technology (including hardware and software), management experience, and product development strategies in line with the taste of players.

Hence, there needs to be cooperation with foreign partners who have the experience to take advantage of technology and management experience, business organization, the investment capital and risk sharing. In Decision No.1109/QD-TTg, the Prime Minister has allowed the Company to choose the business partners as prescribed by law to do business effectively.

The cooperation between foreign partners and Vietlott under the model of Business Cooperation Contract of the Law on Investment, which does not change the form of ownership of the 100% State-owned limited company.

Under the provisions of the Business Cooperation Contract, Vietlott partners take responsibility to invest the entire technology systems, technical equipment and software of computerized lottery business; the partners will enjoy certain charge rate on the revenues, sufficient to compensate on invested expense and enjoy a profit rate as prescribed.

The Partner is obliged to transfer the technology and assets to Vietnam after finishing the Business Cooperation Contract.

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The responsibility of Vietlott is co-operation with partners; monitoring business process and the implementation of the contract, to ensure compliance with the provisions of law; requiring partners to transfer technology under the roadmap, and ensure that finishing the contract can control and operate the system.

Regarding the accounting of revenue, expenses and income of Vietlott are implemented as the regulations of the law on enterprises, tax and Business Cooperation Contract.