Unable to mobilize capital, multi-trillion dong business is dissolved
The owner of a “super-business” with registered capital of VND500 trillion has announced the dissolution of his business because he has failed to arrange enough capital.
Nguyen Vu Quoc Anh, the legal representative of Auto Investment Group
Nguyen Vu Quoc Anh, the legal representative of Auto Investment Group, announced the dissolution.
Anh once stirred up the public half a year ago when he registered the super business with huge capital of VND500 trillion.
The latest news was published on the national information portal on business registration on January 6, 2022. The shareholders didn’t contribute capital as initially declared in the registration form.
In May 2021, on the portal, there was information about the registration of two businesses in the fields of information and communications in HCM City with surprisingly high capital of VND525 trillion.
The two businesses, Global Auto Business Group with registered capital of VND25 trillion, and Auto Investment Group with registered capital of VND500 trillion, were registered on May 20, 2021.
The registration caused a stir among the public because of the sky high capital registered, which was even higher than the biggest businesses in Vietnam, including the Electricity of Vietnamm (EVN) and Viettel.
Both two businesses have the same legal representative, three founding shareholders and the same business field – information and communications. The legal representative is Nguyen Vu Quoc Anh, born in 1986, who lives in Thu Duc City in HCM City.
During a livestream on YouTube at that time, Anh said he would have $21.7 billion in his bank account after just three months.
“I have many sources of money and many things can bring cash flow. We don’t need to seek clients, we will still have a mass of clients, millions of clients at once,” he said.
The man, on another channel, introduced himself as the ‘youngest brother’ and said he hoped ‘elder brothers’ contributed capital to his business.
He estimated that each ‘elder brother’ would contribute ‘billions dong’. However, he said that he doesn’t need such big amount of money to operate his business, because the amount is too large.
“My business just needs VND20 million or lower to operate,” he said.
He also believes that he can mobilize capital from the world’s investment funds because he can bring ‘millions of millions of dollars’ and ‘billions of billions of dollars’, while the operation cost is just tens of millions of dong.
“Frankly speaking, I have no money, but I have intelligence,” he said.
Most of the 100,000 businesses that have left the market in 2021 have been small and medium sized enterprises (SMEs), which has caused difficulties to millions of workers and their families.