Legal Form of Vietnam Computerized Lottery Company

01:33, 11/07/2024

The Ministry of Finance issued Circular 120/2016/TT-BTC on July 14, 2016, specifically regulating the legal form of the Vietnam Computerized Lottery Company.

Circular 120 stipulates the legal form and legal status of the Vietnam Computerized Lottery Company as follows:

- The company is organized and operates in the form of a single-member limited liability company 100% owned by the State in accordance with the Law on Enterprises, relevant legal documents, and its Charter.- The company has legal status under Vietnamese law, its own seal, and is permitted to open accounts in Vietnamese Dong and foreign currencies at the State Treasury, domestic and foreign banks according to relevant legal regulations.- The company has its own capital and assets, and is responsible for its debts and other financial obligations with all its assets.

Furthermore, Circular 120 also stipulates that during the business process of computerized lottery, the following objectives must be ensured:

- Modernize lottery operations to meet the recreational needs of the people;- Preserve and develop the state-owned capital invested in the Vietnam Computerized Lottery Single-Member Limited Liability Company.

According to regulations, the business sectors of the Vietnam Computerized Lottery Company include:

- Operating various types of computerized lottery products nationwide;- Operating other computerized lottery products as decided by the Ministry of Finance.

See details Circular 120/2016/TT-BTC effective from July 14, 2016.

-Thao Uyen-

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