A woman receives a business registration certificate at Hanoi's Planning and Investment Department.

On January 17, the city’s Department of Planning and Investment granted a business registration certificate to the USC Commercial Services and International Investment Consultation Joint Stock Company.

The registered figure was so large that the case was reported to authorities to double-check.

Eventually, last Thursday, a company representative asked for the business registration to be terminated because the member of staff was drunk when he filled out the form.

Staff were already skeptical about the registered capital, but usual, drunk people never say they’re drunk.

Kim Thi Phuong - one of three founders of the giant company - told online newspaper dantri.com.vn that she had nowhere near that kind of money.

“I don’t have money. My family is struggling to make ends meet,” said Phuong, who sells mineral water, adding that her partners were skint as well, one being a timber salesman and the other working the mineral water trade with her.

Associate Professor Dinh Trong Thinh from the Academy of Finance told Vietnam News Agency that under the Law on Enterprises, newly-established companies had to prove their registered capital within 90 days.

Those who dishonestly or incorrectly submit documents for investment/business registration certificates face fines of VND10-20 million.

“The punishment is not strict enough to deter people. They could use these certificates to commit fraud,” he said.

In this case, it would be a miracle if the three people could come up with $6.3 billion in 90 days.

There are currently only five companies in Vietnam with charter capital of over VND100 trillion. — VNS

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