Firms warned of transactions with partners in US market

Some Vietnamese enterprises have recently reported losses incurred from business contracts with partners in the US market, according to the Vietnam Trade Promotion Centre in New York.

firms warned of transactions with partners in us market hinh 0
Illustrative image (Photo: Reuters)

The losses mainly result from fraud, bankruptcy or inability to pay, the centre said.

The main reason is that Vietnamese firms have not carefully checked their partners before establishing business relationships, or given their partners more benefits in contract terms, especially in payment terms.

Foreign businesses have often taken advantage of this loophole to delay or escape payment.

To avoid risks and losses, Vietnamese firms should be more careful in the context that markets are seriously affected by the COVID-19 pandemic, especially in checking information related to partners on the internet, the centre said.

In addition, they can ask for support from Vietnam’s commerce representative offices abroad for checking information like addresses, phone numbers, representatives and operation of foreign firms, it added.

VNA