The Ministry of Industry and Trade’s Vietnam Competition Agency (VCA) has just announced the decision to fine three multi-level companies, including Greenlife Corporation, Stella Ivy Cosmetic Co., Ltd. (Oriflame), and Unicity Marketing Vietnam Co., Ltd.
Specifically, Greenlife Corporation (Pho Yen town, Thai Nguyen province) will be fined VND510 million ($22,600) for conducting multi-level sales activities without the approval of the Thai Nguyen Department of Industry and Trade. Additionally, the company’s amended business registration certificate did not include some of the company’s activities among the fields of operation.
VCA has decided to revoke the business registration certificate of Greenlife Corporation.
Greenlife also failed to properly and completely fulfil its training obligation for multi-level sales participants and did not grant multi-level sales network member cards to participants.
The company also failed to periodically report to competent state agencies and provided wrong or misleading information about the use of its goods to entice sales people to joint its multi-level sales network.
As a result, VCA has decided to revoke the business registration certificate of Greenlife Corporation. Previously, this company has been infamous because its members had led students to mortgage facilitates for usury loans, then poured the money into the multi-level company to become distributors.
VCA decided to issue