4 multi-level marketing companies banned from operation
- Local companies aim to become satellite businesses for foreign firms
- Foreign beer companies boost investment in Vietnam
- Owners of bogus companies arrested in Hanoi
- Hanoi makes public companies with overdue tax payments
Earlier, the VCA had requested Queenet International JSC, located in Tram Troi town, Hoai Duc district, Ha Noi to close its business from 20 February due to its unprofitable and ineffective operation while My Fortuna LLC (located in Yen Hoa ward, Cau Giay district, Hanoi city) had been prohibited from operating nationwide from February 12 due to changing its business method.
Within 90 days, the two companies must fulfill their obligations for their shareholders in the multi-level marketing networks in accordance with the law.
 |
| Photo for illustration. |
According to the VCA, individuals involved in the multi-level marketing businesses may submit their requests directly to the above companies or to the VCA in case their rights were violated.
In addition, the VCA has suspended operations of G10 International Commercial Franchise JSC (located in Thanh Xuan district, Hanoi city) from 20 February to December 20 2017, and asked the company to reorganize its structure and business.
Gano Excel Vietnam LLLC located in District 11, Ho Chi Minh City extended the delay of its operation from January 17 until May 17 due to issues related to the office rental.
Multi-level marketing networks or multi-level sales activities in recent time have transformed their operations with more sophisticated law violations, causing public concern and badly affecting people participating in the network.
Against this backdrop, the Ministry of Industry and Trade has intensified its inspection and supervision over multi-level marketing companies with signs of violating the laws.
For less than a week, up to 5 multi-level marketing companies have been forced to close because of their law violations, their expired licenses or bankruptcy.
