Vietnamese Lottery Firms See Higher Profits in 2022

January 31, 2023 | Government

VIETNAM (January 28, 2023) — Many lottery companies in southern Vietnam reported that pre-tax profits increased by around 1.5 times in 2022 as life returned to normal after the Covid pandemic.

The HCMC Lottery Co., a leading lottery firm in the south, reported revenues of VND12.18 trillion ($516.1 million), surging nearly 60% against 2021.

Meanwhile, the Vietnamese online newspaper ‘VnExpress’ reports the company’s pre-tax profits increased by VND500 billion to VND1.595 trillion, ending two consecutive years of losses.

Soc Trang Lottery Co. saw revenues jump from VND2.56 trillion to VND5.6 trillion, and pre-tax profits rise by 58% to VND700 billion, posting bigger figures against recent years during and before the pandemic.

Dong Nai Lottery Co. said that revenues did not recover much compared to the years before the pandemic, but added that its after-tax profits surged from VND518 billion to VND628 billion.

The company added that its higher profits were partly due to the launch of a new service with an attractive prize structure, which consumers found easier to play and win.

An Giang Lottery Co. gained revenues of VND5.723 trillion and profits of roughly VND725 billion, both increasing against 2021, despite the scarcity of printing paper and the hike in the price of imported paper.

Selling more than 564 million lottery tickets in 2022, Ben Tre Lottery Co. achieved revenues of VND4.488 trillion, and pre-tax profits of VND670 billion.

Vung Tau Lottery Co. recorded revenues of VND5.69 trillion, an increase of VND2.3 trillion against 2021, and pre-tax profits of VND652 billion, for an increase of 38%.

Tien Giang Lottery Co. reported profits of VND720 billion, the highest in its history.

Do Quang Vinh, chairman of the Southern Lottery Council, said lottery firms performed well last year because the pandemic was put under control, the socioeconomic situation returned to normal, and people’s lives became more stable.

See the original article.

SOURCE: VnExpress.