The National Competition Commission ( Ministry of Industry and Trade ) has just announced that Sunrider Vietnam Co., Ltd. has terminated its multi-level marketing activities and requested to withdraw its deposit.
According to the announcement, this multi-level marketing company is headquartered at Lam Giang Building, 167-173 Tran Hung Dao Street (District 1, HCMC). The legal representative and General Director is Ms. Nguyen Ngoc My Uyen.
Sunrider Vietnam was granted a certificate of registration for multi-level marketing activities from July 15, 2015, the first extension was on June 5, 2020, and the third most recent amendment was on November 11, 2024.
The management agency said that this enterprise requested to release the deposit amount at Standard Chartered Commercial Joint Stock Bank (Vietnam) - Ho Chi Minh City Branch. Because the company has terminated multi-level sales activities and the National Competition Commission has issued a notice confirming the receipt of the notification dossier to terminate multi-level sales activities.
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 The deposit is blocked by the bank during the entire period of operation and can only be withdrawn and used with the written consent of the Ministry of Industry and Trade, except in some cases.
Also related to the deposit regulations, the Ministry of Industry and Trade proposed to increase the minimum deposit level for multi-level marketing enterprises in the draft new Decree, in order to increase the responsibility of enterprises to participants.
Accordingly, the Ministry of Industry and Trade proposed two options. Option 1, the deposit level is equivalent to 5% of charter capital but not less than 50 billion VND. Option 2, the deposit level is equivalent to 5% of charter capital but not less than 20 billion VND.
The Ministry of Industry and Trade explained that the deposit level of 10 billion VND according to current regulations (Decree 40/2018) is too small compared to the actual damage suffered by people in criminal cases related to multi-level marketing that have been prosecuted.
Source: https://dantri.com.vn/kinh-doanh/mot-cong-ty-ban-hang-da-cap-o-tphcm-dung-hoat-dong-20250802152229855.htm
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