Being accused of pouring money into a multi-level trading company BBI Vietnam, what does Shark Hung say?

Information Shark Pham Thanh Hung, Vice Chairman of the Board of Directors of Cengroup, is related to the suspected multi-level model of BBI Vietnam’s general in recent days. Suddenly, on December 13, both BBI Vietnam and Cengroup released a press release, claiming that Shark Hung has divested from this model even though nearly two months earlier, he still appeared at his birthday. of BBI Vietnam.

To widen public opinion, we directly contact Shark Pham Thanh Hung to discuss this issue.

* The media is asking the question that BBI Mall is a multi-level paradigm, who has appeared at many events of BBI Vietnam. What are your views?

Since approaching this business model, I have always been explained by my founding members that this is an e-commerce business model in the form of accumulating points and points, which can then be Used to exchange goods and services on this platform.

Through research, I also know that the e-commerce model in the form of community connection has also been implemented and successfully in many countries around the world and in the region.

* Can you explain in detail the operating model of BBI Vietnam?

Quite simply, this is an e-commerce model where customers receive promotions with bonus points for their transactions. The accumulated reward points will then be used to exchange goods and services on the system. The point-based reward model has been used quite commonly in Vietnam, such as the Vietnam Golden Lotus program of Vietnam Airlines and its associated partners.

* It is known that you signed a cooperation with BBI Vietnam in January, so what is the specific content of this cooperation? Have you invested capital in this company?

The content is purely signed as an angel investor (early stage investment), and does not include any other binding conditions.

My investment is small and I am a minority shareholder – that is, a minority shareholder and does not dominate, or control the company’s operations.

* Do you directly open stores on BBI Mall?

I am an investor, not an online store.

* He shared that BBI Vietnam has a license to operate e-commerce trading floor with full legal basis. E-commerce trading floors will buy and sell products, but according to information from VTV24, products exchanged on BBI Mall are only “virtual”, users create their own virtual trading orders to pour money into the system. What do you say about this?

According to the executive board’s plan, and I was reported to have been licensed by the legal representative. As for the virtual order, I knew this was a mistake and made a hole, and was fixed by BBI right before VTV24 reported. However, because BBI Mall is an e-commerce platform that acts as a connection, transactions between suppliers and customers are voluntary.

In other words, BBI Mall is not a distributor or a sales agent.

Shark Hung in a BBI Vietnam event.

* What is the revenue level that is said to be over 180% per year paid by BBI Vietnam to people in the system? What do you think about this unusually high interest rate?

As far as I understand, there is no interest rate, but the discount amount on the order will be converted by BBI into a reward point for the buyer, the conversion rate may vary from item to item and from time to time.

According to the model I suggested to them from the beginning, these bonus points will also be used to consume goods and services within the system only. And as far as I know, the system does not currently allow turning points into cash.

* How did this incident affect your personal image?

Currently, many individuals and businesses use the personal image of influential figures in general, and the Shark in particular in a fairly common way on social networks. For investing in BBI and startups in general is a form of venture capital, therefore, always risky. Therefore, we jokingly say “just crave, be foolish” to enter the dream of startup as Steve Jobs said.

My investment in BBI is personal and has nothing to do with other companies or organizations.

* Up to now, what is the relationship between you and BBI Vietnam?

I divested at BBI and have no relation.

* Do you have anything you want to communicate more with readers?

I would say that the public should have an objective, multi-dimensional and calm view on issues that have not been clarified yet, especially when new business models are still in the process of building and testing. Even the government has a scheme for sharing economy, which allows testing Sandbox mechanism.

Young start-ups need the guidance of authorities to stay on track. Because of the same business model, it may be acceptable in one country, but may not be suitable in another.