Why does Bytesoft Vietnam Joint Stock Company delay fulfilling its commitment to investors?

Citing business difficulties, Bytesoft Vietnam Joint Stock Company (Bytesoft Company - headquartered on the 12th floor, Sunsquare Complex, 21 Le Duc Tho, Nam Tu Liem District, Hanoi ) continuously delayed the liquidation of investment cooperation contracts, causing investors to be upset.

Headquarters of Bytesoft Vietnam Joint Stock Company is located on the 12th floor, Sunsquare Complex, 21 Le Duc Tho, Nam Tu Liem District, Hanoi.

Recently, Dai Doan Ket Newspaper received a petition from Ms. Nguyen Thi Hoai Thu (residing on Nguyen Luong Bang Street, Dong Da District, Hanoi) reflecting: On July 31, 2023, Ms. Thu signed an investment cooperation contract with Bytesoft Company (with Mr. Nguyen Van Thai as General Director) with an investment cooperation capital of 300 million VND. Accordingly, the contract term is 12 months from July 31, 2023 to July 31, 2024.

According to the agreement, during the term of the contract, the investor will receive a profit corresponding to the investment cooperation capital at a rate of 12%/year. Bytesoft Company receives and manages the investment cooperation capital of the investor by the investment cooperation method to develop incubation projects invested by the enterprise. After receiving capital from the investor, the enterprise has full authority to decide and choose to invest in potential enterprises and projects on the investor's cooperation capital. Regarding collateral, the enterprise uses a part of the enterprise's shares legally owned by Saifish Group Joint Stock Company as collateral for the enterprise's performance of obligations under the contract.

In May 2024, the investor submitted a request to terminate the cooperation contract with Bytesoft Company before the deadline and received a response from Bytesoft Company stating that the Company was facing difficulties. Specifically, according to the document from Bytesoft Company, the Company has been facing many difficulties due to the general recession in the economy , causing Bytesoft's business activities to stagnate. Although Bytesoft is still trying hard to find solutions to overcome losses and damages, maintaining Bytesoft's business activities, the burden of financial expenses in the current situation has partly led to Bytesoft's financial resources not being able to immediately fulfill all obligations to investors, but need a plan and roadmap. Bytesoft recommends that investors temporarily retain all issued contracts until the end of the contract term, in order to create conditions for Bytesoft to have time to consolidate its business operations as well as to give Bytesoft the opportunity to bring maximum benefits to investors as initially committed.

The investor said that, in order to support the operations of Bytesoft Company, the investor agreed with the plan proposed by Bytesoft Company to maintain the contract until the expiration date of the signed contract. However, when the contract expired, the company still gave the reason that it was facing difficulties, so it continued to delay the contract liquidation.

In the minutes of the meeting on July 31, 2024 (the contract expiration date), between Bytesoft Company and the investor, the Company representative shared about the current difficult situation, so they were not able to handle it immediately, so they asked the investor for more time with the option of extending the contract for a period of 3 years with an interest rate of 8%/year. However, the investor did not agree with the Company's proposed option.

After that, the investor continuously requested Bytesoft Company to liquidate the contract and pay off the investment as committed, but Bytesoft Company continuously delayed the liquidation of the contract and the return of capital to the investor. Not only that, Bytesoft Company also instructed the investor to continue signing another cooperation contract.

To have objective and accurate information about the incident, Dai Doan Ket Newspaper reporters registered to work with Bytesoft Company, however, more than a month has passed, and Bytesoft Company has not yet arranged a working schedule...

It is known that Bytesoft Vietnam Joint Stock Company has been operating since 2014, with Mr. Nguyen Van Thai (General Director) as the legal representative. Mr. Nguyen Van Thai also represents the following enterprises: Bytesoft Vietnam Technology Joint Stock Company, C3 Group Joint Stock Company.

Source: https://daidoanket.vn/vi-sao-cong-ty-co-phan-bytesoft-viet-nam-tri-hoan-thuc-hien-cam-ket-voi-nha-dau-tu-10292937.html