Vietnam’s ‘mega’ company collapses after six months

Nguyen Vu Quoc Anh, CEO and legal representative of the HCMC-based company, signed the decision to dissolve the company on December 31, six months after its incorporation. This was received by the National Business Registration Portal a week later.

“The reason for the dissolution is that the shareholders have not paid for the number of shares listed for purchase as set forth in the original registration filing,” the notice of dissolution reads.

The group, which specializes in computer programming, was created last May. It has registered registered capital of VND 500 trillion, or 6% of Vietnam’s GDP in 2021, far exceeding the market capitalization of Vietnam’s largest companies like Vingroup, Vietcombank and Hoa Phat Group.

Anh, 36, had told VnExpress last June that he had been cautious in registering to collect such an unprecedented sum; and planned to work with Vietcombank, Techcombank, OceanBank and real estate companies like Novaland and FLC to mobilize the funds.

“I’ve worked for big companies like Central Group, Vingroup, SCI Group and K-Group, so I know a lot of people. I don’t have funding issues,” he said.

He also mentioned the possibility of raising funds from foreign investors.

The company, which was registered at Bitexco Financial Tower in HCMC District 1, was to raise capital within 90 days from May 20, the day it was incorporated.

Anh claimed to be the largest shareholder with a 99.996% stake in the company while other shareholders, listed as Nguyen Thi Diem Hang and Luu Huu Thien, held stakes of 0.002% each.

The company was also targeting revenue of $1 billion this year and $30 billion to $50 billion in the next 20 to 30 years, primarily from the sale of software products.

Global Auto Business Group JSC (GAB Group), the legal entity to which the three shareholders of the “mega” company registered to contribute their capital, also announced its dissolution along with the Auto Investment Group.

About Charles D. Goolsby

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