In recent years, multi-level marketing (MLM) has emerged as a popular business model in developing countries, particularly in ASEAN. However, its complexity and potential for abuse have raised significant concerns regarding consumer protection, regulatory adequacy, and fraud prevention. This article provides a comparative legal analysis of the regulatory frameworks governing MLM in Vietnam, Thailand, the Philippines, and Indonesia. It also evaluates the effectiveness of risk governance mechanisms in managing MLM-related fraud and proposes legal reform directions for Vietnam based on best practices in the region..
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