Illustrative image (Photo: Reuters)Hanoi (VNA) – Some Vietnamese enterpriseshave recently reported losses incurred from business contracts with partners inthe US market, according to the Vietnam Trade Promotion Centre in New York.
The losses mainly result from fraud, bankruptcy or inability to pay, the centresaid.
The main reason is that Vietnamese firms have not carefully checked theirpartners before establishing business relationships, or given their partnersmore benefits in contract terms, especially in payment terms.
Foreign businesses have often taken advantage of this loophole to delay orescape payment.
To avoid risks and losses, Vietnamese firms should be more careful in thecontext that markets are seriously affected by the COVID-19 pandemic,especially in checking information related to partners on the internet, thecentre said.
In addition, they can ask for support from Vietnam’s commerce representativeoffices abroad for checking information like addresses, phone numbers,representatives and operation of foreign firms, it added./.
VNA
