The Ho Chi Minh City Department of Planning and Investment has asked the municipal police department and the Ministry of Public Security to 'keep an eye' on an individual who recently registered for some businesses with a charter capital of almost US$23 billion.

A source close to Tuoi Tre (Youth) newspaper confirmed on Tuesday that the city’s investment department had received the applications for business licenses from three companies.

Their charter capital is VND525.1 trillion ($22.8 billion).

Among them, the Auto Investment Group, headquartered at Bitexco Financial Tower in downtown Ho Chi Minh City, has a starting capital of VND500 trillion ($21.6 billion).

The legal representative of all three companies is 35-year-old Nguyen Vu Quoc Anh, whose stakes at these companies are valued at VND500.076 trillion ($21.69 billion).

Two other shareholders at the firms are Nguyen Thi Diem Hang and Luu Huu Thien, according to VnExpress newspaper.

Vingroup, Vietnam’s largest private conglomerate, has a charter capital of more than VND34 trillion ($1.48 billion) and a market capitalization of nearly VND400 trillion ($17.4 billion).

Another financial giant – Vietcombank – has a charter capital of more than VND37 trillion ($1.6 billion) and a market capitalization of more than VND360 trillion ($15.6 billion).

An official at the Ho Chi Minh City Department of Planning and Investment believed that someone may be trying to toy with the law.

“This is completely irresponsible, especially during the current serious pandemic situation,” the official continued.

“Therefore, we have to report the incident to the municipal police department and the Ministry of Public Security.”

According to the law, capital contribution to a company must be made within 90 days after it is registered at designated agencies.

A business that fails to do so is subject to a fine worth VND5-10 million ($217-435).

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