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TIPS FOR VIETNAM EXPORTERS: HOW TO AVOID DEFRAUDS

TIPS FOR VIETNAM EXPORTERS: HOW TO AVOID DEFRAUDS

Friday 10, 01 2020
As reported by Tran Thi Thanh My, Commercial Counselor, Vietnam Embassy in Thailand, in 2016, the Vietnam Trade Counselor handled 6 such cases. In 2017, there were more than 20 cases, in which the biggest loss was up to USD65,000 dollars.

Recently, Vietnam Trade Office in Thailand has continuously received assistance requests from a number of Vietnamese importers in dealing with fraudulent claims. As reported by Tran Thi Thanh My, Commercial Counselor, Vietnam Embassy in Thailand, in 2016, the Vietnam Trade Counselor handled 6 such cases. In 2017, there were more than 20 cases, in which the biggest loss was up to USD65,000 dollars. The actual number might be bigger as there could be cases not reported.

Fraudsters:

Individuals impersonating businesses, anonymous companies - not registered on the website of the Department of Enterprise Development - Ministry of Commerce Thailand, hackers ...

Methods:

Vietnam’s importers seek for Thailand manufacturers and exporters via Internet and conduct transaction when not verifying their information. Taking advantage of subjectivism, greediness and lack of foreign trade of some Vietnamese enterprises, the fraudsters offer at prices lower than market prices or low deposit if paid early.

Products: A4 paper, fruit, dried fruit…

Solutions:

To avoid the risk of losing money, enterprises when conducting foreign trade should apply following solutions:

  1. Conduct on-site investigation

  2. Request partners to provide comprehensive information with the invoice for verification

  3. Verify information via official channels

With more than 20 years of experience in information service field, VietnamCredit is confident to support business decision making process of exporters and importers, reducing potential risks. VietnamCredit has a global network of partners to provide timely information that minimizes risks in trade.

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