The Ministry of Industry and Trade planned to officially announce in mid-June results of the inspection to scrutinise seven multi-level marketing companies following the Lien Ket Viet scandal that defrauded 60,000 victims, officials said at a meeting on Friday.
The Ministry of Industry and Trade planned to officially announce in mid-June results of the inspection to scrutinise seven multi-level marketing companies following the Lien Ket Viet scandal that defrauded 60,000 victims, officials said at a meeting on Friday.
Nguyen Phuong Nam, the ministry’s deputy head of Competitive Management Department, said there had been no official conclusion to the inspection so far as it was a complicated issue.
In the near future, the department would focus on three areas including enhancing check-ups on multi-level marketing companies, increasing people’s awareness, and revising some legal documents related to the issue.
The department submitted to the Government that they should revise the Decree No 42 on multi-level marketing companies. The draft would be completed by the end of this month with an aim to tighten the activities.
Earlier, the ministry had announced the establishment of an inspection team, managed by the MoIT and police forces to oversee the operations of four Hà Nội-based multi-level marketing firms, including Thien Ngoc Minh Uy, Lien Ket Viet Nam, Lien Ket Tri Thuc and Thang Long Franchise.
Other firms subjected to such inspections include Unicity Marketing Viet Nam in HCM City, Amway Viet Nam in Dong Nai Province, and Lien Minh Tieu Dung Viet Nam in northern Bac Ninh Province.
The formation of the inspection team is the latest move by authorities to manage pyramid-type businesses in Việt Nam after the Lien Ket Viet multi-level marketing firm was caught swindling about 60,000 people in more than 27 cities and provinces nationwide, appropriating a total of VNĐ1.9 trillion (US$85 million) since 2014.
(Source:VNS)
