Ministry of Industry and Trade revokes licenses of 40 multi-level marketing companies

In less than a week, the Ministry of Industry and Trade has revoked the licenses of a series of multi-level marketing companies due to not meeting the requirements, their licenses expiring, their business losses, or their self-imposed bankruptcy.

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On March 7, the Ministry of Industry and Trade announced that it would continue to revoke the licenses of two multi-level marketing businesses, G10 International Franchise Joint Stock Company and Gano Excel Vietnam LLC.

Ministry of Industry and Trade revokes licenses of 40 multi-level marketing companies

Thus, in less than a week, up to 5 multi-level marketing companies had their licenses revoked due to not meeting the requirements, their licenses expired, poor business performance, or self-declaration of bankruptcy... And up to now, incomplete statistics show that there are about 40 multi-level marketing companies whose licenses have been revoked or have not met the licensing requirements as prescribed.

According to the announcement of the Competition Management Department, Ministry of Industry and Trade, G10 International Franchise Joint Stock Company has its head office and multi-level marketing operation location at No. 4, Lane 86/16, To Vinh Dien Street, Khuong Trung Ward, Thanh Xuan District, Hanoi City, Vietnam. The legal representative of the multi-level marketing enterprise is Mr. Bui Anh Tuan. Multi-level marketing registration certificate No. 043/QLCT-GCN issued by the Competition Management Department - Ministry of Industry and Trade for the first time on May 5, 2015, and amended for the third time on December 26, 2017. Reason for temporary suspension of multi-level marketing operations: restructuring and reorganizing the Company's business activities, the scope of temporary suspension of multi-level marketing operations nationwide. The start date of temporary suspension of multi-level marketing operations is from February 20, 2017.

As for Gano Excel Vietnam LLC, its head office is located on the 3rd floor, Lu Gia Plaza Building, 70 Lu Gia, Ward 15, District 11, Ho Chi Minh City, Vietnam. The legal representative of the multi-level marketing enterprise is Ms. Bo Thi Cam Nhung. The multi-level marketing registration certificate No. 060/QLCT-GCN was first issued by the Competition Management Department - Ministry of Industry and Trade on November 30, 2015. Reason for temporary suspension of multi-level marketing activities: the owner temporarily suspended to resolve issues related to office rental. Scope of temporary suspension of multi-level marketing activities: nationwide. Time to start continuing to temporarily suspend multi-level marketing activities: January 17, 2017.

Previously, on February 20, the Competition Management Department of the Ministry of Industry and Trade today announced the termination of business operations of two multi-level enterprises, Triwonder International Company Limited and Isagenix Vietnam Company Limited.

On March 4, the Competition Management Department, Ministry of Industry and Trade, announced the termination of multi-level marketing activities and requested the withdrawal of deposit of Tien Thinh Phat Trading Company Limited (Tien Thinh Phat). Most recently, on March 6, the Competition Management Department (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 changes, affecting people participating in the network. Among the common violations are activities that take advantage of multi-level marketing methods to provide services or mobilize finance. Even many businesses have not been granted a Multi-level Marketing Certificate but still secretly operate to mobilize participants to gain illegal profits.

According to Dan Viet