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Cooperation with Berjaya does not affect the ownership of Vietlott

15:54 | 26/11/2016

VCN- The Berjaya Group (from Malaysia) and Vietnam Lottery Company (Vietlott) signed a business cooperation contract to support Vietlott technically, because there are no domestic enterprises having enough experience to manufacture equipment for the lottery business.

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Illustrative photo.

At the press conference with the theme "Managing business operations of computerized lottery" held on the afternoon of 23rd November 2016, Mr. Nguyen Thanh Dam, the Deputy Director General of Vietlott said, according to the decision to establish the company, Vietlott was allowed to select business partners in accordance with the Law. Therefore, the partner Berjaya was selected by Vietlott on the basis of international bidding.

Specifically, the business cooperation contract between Barjaya and Vietlott is valued at more than $US 210.6 million in the form of BCC (business cooperation contract). Thus, this cooperation does not affect the percentage of ownership of Vietlott, and this company is still a 100% State-owned enterprise.

Mr. Nguyen Hoang Duong, the Deputy Director of the Department of Finance, banks and credit institutions, under the Ministry of Finance added that the computerized lottery business was still new. In fact, until now, in addition to Vietlott, there are no domestic enterprises providing services and equipment for the computerized lottery business. Therefore, when cooperating with Vietlott, Berjaya will give 100% of the capital, technical equipment and software. In return, Barjaya will enjoy a certain profit rate of revenues from the lottery business to offset investment costs. However, representatives of the Ministry of Finance did not disclose the specific profit rate.

Vietlott will take advantage of foreign technology and experience in the computerized lottery business. The cooperation contract between Berjaya and Vietlott will last 18 years. After termination of the contract, the Malaysian partner will transfer its technology to Vietlott to ensure that Vietlott can operate the lottery system itself.

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Bejiaya is a company specializing in the field of real estate, food, management of lotteries and gambling, as well as owning a factory in the US to manufacture equipment for the computerized lottery business. In addition to providing software and lottery equipment, Bejiaya Group also owns Sport ToTo - the largest company in the Malaysian lottery market today.

By Thuy Linh/ Hoang Anh