Japanese-invested Con Cung retail store chain fined for violations

15:47 | 30/01/2019
Con Cung JSC, the well-known mum and baby retail store chain has been fined for VND25 million ($1,086) for departing from its promotional programme plans submitted to the authorities.
japanese invested con cung retail store chain fined for violations

Under Decision No.03/QD-XPVPHC announced on January 18, 2019 by the Drug Administration of Vietnam (DAV) under the Ministry of Health (MoH), Con Cung violated Article 88(3b) of Decree No.176/2013/ND-CP dated November 14, 2013, governing fines in the healthcare sector.

Few months ago, the Market Surveillance Agency (MSA) under the Ministry of Industry and Trade (MOIT) also imposed a fine of VND250 million ($10,869) on Con Cung for eleven counts of violations.

According to MSA, Con Cung JSC failed to fully comply with regulations that information must be published in case of promotions; and failed to follow the contents of the promotion programmes which it submitted to the state management agency.

Previously, the Con Cung retail store chain in Ho Chi Minh City was examined under the MSA's instructions due to customer complaints about product labelling.

The Con Cung retail store, Concung.com, was founded in 2011, with the number of stores reaching 100 in Ho Chi Minh City and 20 other cities and provinces by the end of 2016. In 2015, its revenue reached VND114 billion ($4.96 million) and hit VND921 billion ($40.04 million) in 2017. Con Cung now owns Concung.com, a retail chain distributing products for pregnant women and children, and the ToyCity chain.

In early 2017, Con Cung received investment from SSI Asset Management (SSIAM) and DAIWA-SSIAM II, the investment fund co-managed by SSIAM and Daiwa Corporate Investment.

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By Bich Thuy

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