Rights and obligations of Vietnam Lottery Company (Vietlott)

Rights and obligations of Vietnam Lottery Company (Vietlott) (Image from the Internet)

Below are the contents mentioned in Decision 2836/QD-BTC of 2024 regarding the Charter of organization and operation of Vietnam Lottery Company (Vietlott) .

Rights of Vietnam Lottery Company (Vietlott)

As stipulated in Article 9 of the Charter, the rights of Vietnam Lottery Company (Vietlott) include:

1. Organizational rights:

   - Organize management and business apparatus in compliance with laws, state objectives, tasks, and this Charter.

   - Establish branches, representative offices, and dependent accounting units of the Company in line with business operation needs and legal regulations after approval from the representative owner.

   - Based on business plans and strategies, the Company determines labor usage plans, proactively recruits, hires, contracts, allocates, trains, rewards, disciplines, and terminates labor contracts; selects payment, bonus methods, and decides salaries based on business performance and other employer rights under the labor law and other legal provisions.

   - Assign company personnel for overseas work, study, or surveys as per legal regulations, except for the Company’s Chairman, General Director, and Controllers.

2. Rights related to capital, assets, financial, and investment activities:

   - Manage and utilize capital and assets for business and other legal activities, including management, utilization of Company funds as per legal guidelines and industry-specific characteristics.

   - Allowed to mobilize capital under legal provisions on state-invested capital management for business activities.

   - Lease assets (including financial leasing) for business activities as per Company needs and ensure business efficacy. Leasing and asset usage must comply with legal norms.

   - Manage, use, lease, mortgage, and pledge state-allocated assets and resources for effective business operations, capital preservation, and development in compliance with legal norms; dispose of, liquidate damaged, outdated, unused, unusable, or inefficient fixed assets to recover capital.

   - Utilize Company-managed assets, capital, and land use rights to invest outside the enterprise related directly to lottery business activities as per legal guidelines.

3. Business and organizational rights:

   - Operate in fields relevant to state-assigned business industries; expand business scale according to capacity and periodic missions in line with business strategies approved by the representative owner in compliance with legal provisions.

   - Autonomy in business operations and choice of business organization formats. The Company may select partners for computerized lottery business cooperation under legal provisions ensuring no ownership form change. Business partners are selected upon representative owner approval.

   - Operate computerized lottery products nationwide as per legal regulations.

   - Distribute computerized lottery tickets under approved business plans and legal lottery business regulations; develop distribution networks through selecting agents as per lottery business legal norms.

   - Formulate, issue, and apply standards, processes, labor norms, wage unit prices, and other costs ensuring business efficiency and compliance with legal provisions.

4. Participate and cooperate with domestic and international lottery organizations and associations in alignment with industry-related compliance to legal norms.

5. Research and propose to competent state management agencies the amendments, issuance of legal documents, mechanisms, policies related to computerized lottery business activities.

6. Other rights as stipulated in the Law on Enterprises, Law on Management and Utilization of State Capital Invested in Production and Business, and other legal documentation.

Obligations of Vietnam Lottery Company (Vietlott)

As stipulated in Article 10 of the Charter, the obligations of the Company include:

1. Obligations regarding organizational structure:

   - Organize management, business apparatus in compliance with state-assigned objectives, tasks.

   - Organize activities of branches, representative offices, and dependent accounting units in line with business operation needs and legal regulations upon approval from the representative owner.

2. Obligations concerning capital, assets, financial, and investment operations:

   - Receive, manage, and utilize capital, assets, and resources assigned by the representative owner for business and execution of state-assigned tasks efficiently, preserving, and developing state capital. Rigorously manage, properly execute policies on capital use, assets, bear legal responsibility for capital and asset losses.

   - Distribute profits, establish funds, fulfill financial obligations to the state budget, execute financial management policies as per legal regulations.

   - Track receivables, payables per debt entities; regularly classify, urge debt collection, build debt payment plans, balance cash flow to ensure debt settlement on committed timelines.

   - Manage, control, and operate to utilize state-assigned capital, resources efficiently and other resources within Company activities.

   - Fully fulfill tax obligations and state budget contributions as per law; execute individual income tax deductions for winnings per legal guidelines.

   - Implement policies on accounting, auditing, financial reporting, statistics reporting, regular reporting, information disclosure per legal regulations and representative owner requests; ensure accuracy, integrity of reports and disclosed information.

3. Obligations concerning business and organizational operations:

   - Operate within legally permitted industries as stated in the Establishment Decision, Company Charter, and Enterprise Registration Certificate.

   - Conduct computerized lottery activities under legal norms and related legal regulations.

   - Ensure rights and interests of employees and their management participation rights, fulfill employee obligations per the Labor Code and other legal provisions.

   - Annually disclose and publish financial statements and other Company activity information per legal guidelines on state-invested capital management and representative owner requests.

   - Implement risk management and insure Company assets, liability, and personnel in business per legal stipulations.

4. Subject to supervision, inspection by the representative owner and relevant state management agencies regarding salary, bonus policies for employees, management, and other Company officials.

5. Comply with inspection, auditing by financial agencies and authoritative state bodies as per legal norms.

6. Execute other legal obligations and state assignments.

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