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Vietnamese seafood enterprise defrauded by an Egyptian partner

Vietnamese seafood enterprise defrauded by an Egyptian partner

Thursday 05, 12 2019
Bad news to Vietnamese seafood enterprises came on a continual basis for the first days of 2017. Recently, Vietnam Association of Seafood Exporters and Producers (VASEP) has issued a warning about an Egyptian catfish importer...

Bad news to Vietnamese seafood enterprises came on a continual basis for the first days of 2017. Recently, Vietnam Association of Seafood Exporters and Producers (VASEP) has issued a warning about an Egyptian catfish importer, who seemed to have defrauded Vinh Hoan JSC. of USD 60 thousand.

Things started from the fact that after 6 months in a row, Vinh Hoan JSC. did not receive USD 58.800 from Al-Reda Group For Trading and Development (Egypt, Cairo, Uboor Market, Fish Corner, Shopes No.4 and 15; Tel: +202 447 99060; Fax: +202 447 99112; Representative: Mr: Hussam Eldein).

Vinh Hoan informed that Al-Reda purchased the company’s frozen catfish fillets in June, 2015 with the total order value of USD 58.881.60, equivalent to VND 1.3 billion (after deduction of 10% deposit of USD 6.542.4).

Despite Vinh Hoan repeatedly sent payment request emails during the period of June, 2015 and December, 2016, Al-Reda always refused to pay for a variety of reasons.

Even if Vinh Hoan has been an experienced catfish exporter, it got swindled in international transaction. Therefore, Vietnamese enterprises should do careful research on their partners when conducting transaction.

(Compiled by VietnamCredit)

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Financial News

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