In the era of the 4.0 revolution, everything in society is about development and integration. New concepts such as Big Data, AI and Blockchain have gradually stolen the spotlight.
In order to understand such concepts, we must, first of all, refer to their core, which is information. The intelligent and comprehensive connection among types of information creates a playground for Vietnamese businesses. The development of the socio-economic form in the IR 4.0 era has witnessed the “mass invasion” of foreign businesses and, of course, desire to penetrate international markets of many domestic enterprises.
This is a good sign because it shows that the Vietnamese economy is growing day by day. However, besides the advantages it brings, we cannot help mentioning the negative effects it has caused. Recently, many Vietnamese enterprises have been involved in the fraud, appropriation of property by foreign enterprises from America, Thailand, UAE and Africa.
There have been a lot of Vietnamese businesses who have put a lot of efforts to avoid and minimize the risks of economic pitfalls, however, most of them have faced with information-related problems. About 90% of Vietnamese enterprises do not have the habit of understanding their partners before cooperating, which may lead to a huge loss of money. Foreign companies often study in advance the market and especially their counterparties to limit the risks they may face. On the contrary Vietnamese businesses do not seem to be aware of it and think spending money on information is costly and time consuming. This is a loophole for crooks and bad people to take advantage of.
You cannot and should not trust your partner completely unless you have had a long-term cooperation with them. In a strange market where business practices and business psychology are totally different from Vietnam, Vietnamese businesses will not be able to anticipate what challenges they may face…
It requires a lot of steps and methods to investigate and evaluate a company for an accurate and reliable credit report. If your company is operating in such fields as commercial credit, import and export, manufacturing or distribution, company report is the key to not only understand your partner but also to give you success.
According to VietnamCredit, a company information provider with 22-year long history in Vietnam, three main factors that must be taken into account when evaluating financial performance and trustworthiness of a company are:
1. Financial factor:
We need to go deep into the following criteria: Liquidity, Activity, Leverage, Profitability. These indicators are accurately revealed in VietnamCredit company report. With these important information, we can have both overview and insight of a company and their business operations.
2. Internal factor:
For a business, besides information related to finance, we cannot ignore the internal factors such as: Management, Organization and Facilities. To evaluate a business, it is not simply a matter of eye-witnessing, but also of evidence. Therefore, company report is very important in helping customers to evaluate their partners and customers.
3. Market factor:
To judge as objectively as possible, we do not just delve into internal factors, but external factors including business environment. VietnamCredit assesses this factor through three indicators: Position, Trademark and Future prospect to ensure comprehensiveness and give customers a multi-dimensional view of their current/future partners.
It is essential to cooperate with business organizations that provide company information. Having the important information of partners means we take the initiative and can make more accurate decisions and avoid risk. We can use it as a springboard to become a wise businessman in the modern age.
With more than 22 years of history in the business information industry with a team of dedicated, experienced professionals, VietnamCredit is proud to be Vietnam's leading enterprise in the field of providing business information and company reports such as Comprehensive company reports, Company light reports, Financial reports and International company reports. VietnamCredit always runs on a mission to bring information for the development of Vietnamese enterprises in particular and beyond is the desire to promote Vietnam's economy more and more.
Read more: Textile & Garment industry to face the 4.0 industrial revolution