This is no longer an unacceptable news for citizens in Vietnam, as their trust in many companies has declined over the past few years. The reason is quite simple, businesses fraud has mushroomed and the government provides no strict punishment for such a commitment. Therefore, the idea of having some modes of protection for entrepreneurs is necessary, or it will be better if businessmen can make their own accurate decision.
As known as ambitious and creative people, many Vietnamese businessmen confidently engage in numerous profitable sectors namely trading, banking, and insurance. Nevertheless, no matter which path they do follow, greed and emotion are two substantial obstacles that lead them into risky situations. Co-operating with an incompetent partner, underestimating potential competitors or investing in a questionable company are just several terrible sceneries of the consequences come from their previous irrationalities.
Of course, the risk is the risk, it always appears in an unexpected and unavoidable way so all investors can do is to recover their properties after something bad happened. Notwithstanding if they obtained enough information before pursuing any plan, they could surely negate the upcoming incident which is harmful or at least, reduce the total loss in their future project. Hence, business information reports are the most suitable document for them as those provide data on how the concerning companies/corporations/groups have run. This is remarkable because after analyzing both monetary and non-monetary index which is used to present in the reports, entrepreneurs are obviously clear-headed to estimate the advantages and disadvantages of launching a new business. Afterward, "to do or not to do" is not an important task, thanks to BIR, now they have their best efficient means of protection: preparation.
Even there has some difficulty in order to change the habit of using business information reports in Vietnam, the increase in this promising market is undeniable. The number of credit rating companies has doubled since 2017 and the times BIR sale in 2018 is above 8000 (a great result for this field and the figure for only VietnamCredit). Many extra-large transnational companies and multinational corporations in Vietnam hungrily pay attention to the information of their partners and that will be counted as a wise movement.
>>> Read more: How to check the legitimation of business registration in Vietnam?
Written by: VietnamCredit