Hanoi names ten disappeared foreign-invested companies

Hanoi names ten disappeared foreign-invested companies

VietNamNet Bridge - A recent inspection of foreign-invested enterprises (FIEs) in the city shows that 10 firms have disappeared, according to the Department of Planning and Investment of Hanoi.

These firms did not register a tax code or make a tax declaration, did not operate at the registered office, and did not report on their business and investment activities in accordance with regulations. All of them have disappeared. Under Vietnam’s laws, these firms will have their investment certificate and business registration certificate revoked.

The Hanoi Tax Department has named five missing or fleeing companies, including: Fujiya Vietnam Co., Ltd. and Narai Co., Ltd. of Japan, Vladivostok Avia Lines Co., Ltd. of Russia, OPAC Power Co., Ltd. and Investimo JSC.

Five other firms were found not to be operating at their registered offices, including: Tabata South Vietnam JSC, Airea Co., Ltd. (Japan), MTV DIC Vietnam Company Limited, To Viet Construction Co. Ltd (China) and Thailand Vietnam Holiday Vision (India).

Thirty days since the announcement was published, if these firms are still absent or have unfounded explanations, the Hanoi Department of Planning and Investment will report to the Hanoi People's Committee with the aim of terminating their operation and revoke their investment certificates.

It is common for FIEs to go bankrupt or to be dissolved due to financial difficulties. Some FIES performed fraudulent acts by asking for a certificate of investment to borrow capital and then leave Vietnam to appropriate the loans. Many foreign investors fled the country, leaving debts worth tens of millions of dollars.

vietnamnet