return icon

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. 

Luong Bang

100,000 businesses leave market, millions of families in difficulties

100,000 businesses leave market, millions of families in difficulties

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.



Exhibition spotlights Hue’s enameled bronze art


Government seeks to resolve businesses’ capital shortage

Online exposure confers stardom on young singers

Restrictions on traditional entertainment channels by the Covid-19 pandemic have turned out to be a blessing in disguise for some young singers presenting their talents online.

Hanoi's transport department proposes more vehicles using the exclusive BRT lane

Hanoi Department of Transport has proposed the municipal People's Committee to allow passenger cars with 24 seats or more, official vehicles, ambulances and fire trucks to use Bus Rapid Transit (BRT) lanes in the capital.

16 Vietnamese designers to open Thailand Fashion Week 2022

A fashion collection by 16 young Vietnamese designers is set to open Thailand Fashion Week 2022 for the first time, with the outfits on show featuring images of Vietnamese cultural heritages.

The man who helps Vietnamese find their biological parents

Do Hung Phuc’s joy is to help those who lost their parents at birth to find their roots. In three years, the young man has created many magical and emotional reunions.

US increases coffee imports from Vietnamese market

The market share of Vietnamese coffee as part of the United States’ total imports increased from 8.95% to 9.6% during the opening four months of the year, according to statistics compiled by the General Department of Vietnam Customs.

Teenager specializes in diaphonization of animals

Two years ago, after he saw images of diaphonized specimens on the internet, Nguyen Tien Minh Duy, 15, from Buon Ma Thuot City began searching for information and learning about diaphonization.

Universities use ‘conflicts’ to help students learn more about business

Future schools need to be good at designing experiences for students to help them in their career and purpose, Lee Newman from Spain’s IE University said in an interview with VietNamNet.

Famous painter Bui Xuan Phai's works on display for first time

Sixty works by late famous painter Bui Xuan Phai, many of which were created toward the end of his life, are on display in Ho Chi Minh City.

5-year-old Hanoian conquers highest mountains in Vietnam

Dang Quang Vinh, together with his parents, has climbed the five highest mountains in Vietnam, including Lao Than, Lung Cung and Nhiu Co San, which even adults dare not climb.

Belgian comic artist, musician to attend Hue Festival 2022

Belgian comic artist Dany and musician-singer Konoba will represent artists from the Wallonie-Bruxelles region at Hue Festival 2022, according to the Wallonie-Bruxelles delegation in Vietnam.

Family has 3 kids with small stature

The family of Doan Thi Nhan in Hoang Viet hamlet, Tan Phuoc commune of Tan Hong district in Dong Thap, in the Mekong Delta, has a number of children with small stature.

Vietnamese player wins first int’l badminton title at Croatia Open

Vu Thi Anh Thu of Vietnam secured a gold medal in the Croatia Open badminton tournament on June 23 in Dubrovnik.

Face masks and community immunity

Recently, I visited a government agency. The security guards, who were not wearing face masks, did not allow me to enter the agency because I did not have a mask.