The Ministry of Industry and Trade revoked the licenses of 40 multi-level marketing companies.

In less than a week, the Ministry of Industry and Trade has revoked the licenses of numerous multi-level marketing companies due to insufficient qualifications, expired licenses, business losses, or voluntary bankruptcy filings.

"Father Nguyen Dinh Thuc incites parishioners."

On March 7th, the Ministry of Industry and Trade announced that it would continue to revoke the licenses of two multi-level marketing companies: G10 International Franchise Trading Joint Stock Company and Gano Excel Vietnam One-Member Limited Liability Company.

The Ministry of Industry and Trade revoked the licenses of 40 multi-level marketing companies.

Thus, in just under a week, five multi-level marketing (MLM) companies have had their licenses revoked due to not meeting requirements, expired licenses, poor performance, or voluntarily filing for bankruptcy... And to date, incomplete statistics show that approximately 40 MLM companies have had their licenses revoked or have failed to meet licensing requirements as stipulated by regulations.

According to a notice from the Competition Authority, Ministry of Industry and Trade, G10 International Franchise Trading Joint Stock Company has its head office and multi-level marketing business location at No. 4, Alley 86/16, To Vinh Dien Street, Khuong Trung Ward, Thanh Xuan District, Hanoi City, Vietnam. The legal representative of the multi-level marketing business is Mr. Bui Anh Tuan. The multi-level marketing business registration certificate number is 043/QLCT-GCN, issued by the Competition Authority – Ministry of Industry and Trade on May 5, 2015, and amended for the third time on December 26, 2017. The reason for temporarily suspending multi-level marketing activities is restructuring and reorganizing the company's business operations; the suspension covers the entire country. The suspension began on February 20, 2017.

Regarding Gano Excel Vietnam Co., Ltd., its head office is located at 3rd Floor, Lu Gia Plaza Building, 70 Lu Gia Street, Ward 15, District 11, Ho Chi Minh City, Vietnam. The legal representative of this multi-level marketing company is Ms. Bo Thi Cam Nhung. The multi-level marketing registration certificate number is 060/QLCT-GCN, issued by the Competition Management Department – ​​Ministry of Industry and Trade on November 30, 2015. The reason for the temporary suspension of multi-level marketing activities is to resolve issues related to office rental. The scope of the temporary suspension is nationwide. The date of resumption of the temporary suspension is January 17, 2017.

Previously, on February 20th, the Competition Management Department of the Ministry of Industry and Trade announced the termination of business operations of two multi-level marketing companies: Triwonder International Co., Ltd. and Isagenix Vietnam Co., Ltd.

On March 4th, the Competition Authority of the Ministry of Industry and Trade announced the termination of multi-level marketing activities and requested the withdrawal of the deposit money of Tien Thinh Phat Trading Company Limited (Tien Thinh Phat). Most recently, on March 6th, the Competition Authority (Ministry of Industry and Trade) announced the termination of multi-level marketing activities of My Fortuna Company Limited and Queenet International Joint Stock Company.

In recent times, multi-level marketing activities have undergone many distortions, affecting people participating in the network. Among the common violations are the exploitation of multi-level marketing methods to conduct business services or raise funds. Furthermore, many businesses operating without a Multi-Level Marketing Certificate are still secretly recruiting participants and profiting illegally.

According to Dan Viet