S Korea’s Kyowon ends multi-level marketing operations in Vietnam
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South Korea’s Kyowon The Orm Vietnam Co., Ltd. has completed procedures to terminate its multi-level marketing (MLM) operations in Vietnam, the National Competition Commission (NCC) under the Ministry of Industry and Trade said in a statement.
On November 4, 2025, the Danang city Department of Industry and Trade issued Document 2396/SCT-QLTM confirming receipt of the company’s notification dossier for ending MLM activities.
Authorities said the termination was initiated voluntarily by the company, with official cessation taking effect from July 28, 2025.
Under current regulations governing multi-level marketing, Kyowon The Orm Vietnam is required to publicly post notices of termination at its head office and branches while ensuring the lawful rights and interests of MLM participants are fully protected.
Kyowon The Orm Vietnam was established in 2018 with headquarters in Ho Chi Minh City. The company’s chairman, general director, and legal representative is Kim Jeonghwan, a South Korean national.
The firm has charter capital of nearly VND284 billion ($10.84 million). Its owner is Kyowon Healthcare Co., Ltd.
Although the company previously operated multiple branches and representative offices across Vietnam, tax authority data show several representative offices have ceased operations and completed tax code deactivation procedures. Some units remain active, including its Hanoi branch and representative offices in Bac Ninh and Binh Duong.
The termination comes amid tighter regulatory oversight of Vietnam’s direct-selling industry in recent years, with authorities increasing scrutiny over compliance, capital requirements, and consumer protection.
In the first eight months of 2025, NCC inspected five multi-level marketing firms for regulatory compliance and imposed combined fines of nearly VND1.2 billion ($45,484) for administrative violations. The commission also referred two cases of suspected unlicensed multi-level marketing involving Greenleaf and LucMall to the police for further action.
Currently, Vietnam has 15 licensed multi-level marketing businesses in operation, according to the NCC.
Content retrieved from: https://theinvestor.vn/s-koreas-kyowon-ends-multi-level-marketing-operations-in-vietnam-d18511.html.
