A company named USC Interco was established in Hanoi on January 17 with registered capital of VND144 trillion (US$6.3 billion) with share price of VND100,000 (US$4.32) apiece, local media reported.

Illustrative photo.

USC Interco’s registered capital is higher than that of Vietnam’s largest mobile carrier Viettel and only behind state-owned Vietnam National Oil and Gas Group (PVN) and Electricity Vietnam (EVN).

Vietnam currently has five enterprises with registered capital over VND100 trillion (US$4.3 billion), including three major state-run corporations of PVN with VND281.5 trillion (US$12.15 billion), EVN with VND194.1 trillion (US$8.38 billion), Viettel with VND141 trillion (US$6.1 billion), and two foreign-invested companies which are Formosa Ha Tinh with VND183.3 trillion (US$7.91 billion), and Vietnam Beverage with VND111.9 trillion (US$4.83 billion).

Located in Hoai Duc district, Hanoi, USC Interco has three shareholders, all are individuals, namely Nguyen Hoan Son with capital contribution of VND57.6 trillion (US$2.48 billion) and also director of the company, Kim Thi Phuong and Tran Gia Phong with VND43.2 trillion (US$1.86 billion) each.

The company registers for operation in 59 lines of business, of which real estate is the core business.

Under the Law on Enterprises, shareholders have 90 days to pay in full their registered share amount.

The law, however, prohibits case of providing untruthful information in the application for business registration or application for adjustments to business registration.

More importantly, companies that declare false registered capital, failure to contribute sufficient registered capital as declared, deliberately determine inaccurate values of contributed assets would subject to fines from the authority.

In last month’s report from the General Statistics Office, the registered capital of the Hanoi-based new enterprise accounted for 53.9% of total registered capital in January and led to a sharp increase in average registered capital of new establishments at VND32.3 billion (US$1.39 million), up 115.3% year-on-year.