Vietnamese businesses fall into traps in South Asia, Africa  Vietnamese businesses have been heading towards South Asia and A HCM City-based company signed a contract on buying 150 tons of scrap cotton from Pakistani SG Trading Corporation. The company accepted the seller’s requirement on the payment method, under which it would pay for the products through a bank in After remitting money to the Pakistani bank, the buyer received the import consignment. However, instead of cotton, it received only stone and waste. The company then failed to contact the seller and asked for the help from the commercial division under the Vietnamese Embassy in The answer the company got was that the buyer was just a “bogus” company which did not exist in reality, while the remitted money was appropriated. The commercial divisions in African countries have repeatedly given warnings about the high risks when doing businesses with local businesses. However, the number of victims in swindling cases still has been increasing rapidly. A Vietnamese business signed a $400,000 contract on buying Tali logs from The Ministry of Industry and Trade of Vietnam and In August 2012, a Hanoi-based enterprise signed a contract on importing $12 million worth of scrap iron from Doctors John Metal Refinery Scrapyard ( After that, the foreign partner, through a South African bank which issued a letter of guarantee worth $20,000, urged the Vietnamese company to remit $20,000 to it. The Vietnamese commercial division in Prior to that, a Vietnamese company ignored the warning by the Vietnamese commercial division in A report showed that the trade turnover between Vietnamese businesses have been cheated not only in unfamiliar and far markets like According to Vu Thinh Cuong, Trade Counselor to In most of cases, the projects had not got capital allocated, or had been given to local businesses already. However, foreign “brokers” still worked out with Vietnamese businesses on the projects with an aim to appropriate the money the Vietnamese pay to “lobby for the projects.” Even Vietnamese businesses sent their staff to NLD |
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Article 7
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