The National Competition Commission ( Ministry of Industry and Trade ) has just announced the termination of multi-level sales activities and requested the withdrawal of deposit of Toan Thang Franchise Company Limited.
The termination of operations is due to the expiration of the multi-level marketing registration certificate and the termination notice has been submitted to the Department of Competition and Consumer Protection (now the National Competition Commission) on August 28, 2020.
In the latest announcement, the management agency said the company has requested to release the company's deposit at the bank because the multi-level sales registration certificate has expired.
Within 30 days, multi-level marketing participants and competent authorities handling violations in multi-level marketing activities are responsible for notifying the Ministry of Industry and Trade that multi-level marketing enterprises have not fulfilled the responsibilities prescribed for managing multi-level marketing business activities.
Recently, many multi-level marketing businesses have terminated multi-level marketing activities (Photo: Sen Viet).
"In case no notice is sent to the Ministry of Industry and Trade within the above-mentioned time limit, the Ministry of Industry and Trade will issue a document approving the multi-level marketing enterprise to withdraw the deposit," the competent authority said.
The deposit is an amount of money that ensures the fulfillment of the obligations of a multi-level marketing enterprise towards multi-level marketing participants and the State in prescribed cases. The deposit is blocked by the bank during the entire period of operation and can only be withdrawn and used with the written consent of the Ministry of Industry and Trade, except in some cases.
Toan Thang Franchise Company Limited, headquartered in District 1, Ho Chi Minh City, was granted a Certificate of Registration for Multi-level Sales Activities on July 27, 2015; amended and supplemented for the 8th time on March 14, 2019.
According to statistics, in 2024, the total number of people participating in multi-level marketing will reach nearly 700,000 people, a decrease of about 400,000 people compared to 2019. Although the number of people participating in multi-level marketing has decreased, the total revenue from multi-level marketing of businesses has still increased.
In 2024, multi-level sales revenue reached VND 16,206 billion, an increase of 28.9% compared to 2019 (VND 12,575 billion). The average commission and bonus level is about VND 951,000/month, equivalent to 12% of the average income per capita of the whole country in 2024. To date, there are only 16 enterprises nationwide with multi-level sales registration certificates (down 4 enterprises compared to the beginning of 2024).
Source: https://dantri.com.vn/kinh-doanh/cong-ty-da-cap-toan-thang-cham-dut-hoat-dong-20250531174816880.htm
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