single-member limited liability company, the Shareholders’ Meeting, if the business is a joint-stock company, or partners, if the business is a partnership;
- Three consecutive issues of a central newspaper publishing the business’s notice of termination of multi-level marketing activities.
b/ Order and procedures for termination of multi-level marketing activities:
- The business shall submit directly or send by post to the Vietnam Competition Authority a dossier of notification of termination of multi-level marketing activities and, at the same time send by post a notice of termination of multi-level marketing activities to each of provincial-level Industry and Trade Departments of the localities where it conducts multi-level marketing activities;
- The business shall post up the notice of termination of multi -level marketing activities at its head office, branches, representative offices and business places, and on its website and notify the termination of multi -level marketing activities to multi-level marketing participants;
- Within 10 working days after receiving a valid dossier of notification of termination of multi-level marketing activities, the Vietnam Competition Authority shall issue a written certification of receipt of the dossier of notification, inform provincial-level Industry and Trade Departments nationwide of the business’s termination of multi-level marketing activities by one of the modes prescribed in Clause 4, Article 3 of this Circular and post such information on its website;
- Within 90 days after the Vietnam Competition Authority issues a written certification of the dossier of notification of termination of multi-level marketing activities, the multi-level marketing business shall fulfill its obligations toward multi-level marketing participants as prescribed by law.
2. In case a business terminates multi-level marketing activities because its multi-level marketing registration certificate expires or is revoked:
a/ Within 10 working days after its multi-level marketing registration certificate expires (extension not permitted) or is revoked, the business shall:
- Submit directly or send by post a notice of termination of multi-level marketing activities to the Vietnam Competition Authority and each of the provincial-level Industry and Trade Departments of the localities where it conducts multi-level marketing activities;
- Post up the notice of termination of multi-level marketing activities at its head office, branches, representative offices and business places and on its website and notify the termination of multi-level marketing activities to multi-level marketing participants;
- Get the notice of termination of multi-level marketing activities published on 3 (three) consecutive issues of a central newspaper.