Webinar on contract negotiation, signing with Indian partners
The Vietnam Trade Office in India held a webinar on July 5 to discuss several notes during the negotiation, signing and implementation of contracts with Indian partners, with about 150 business representatives interested in the Indian market taking part.
Speaking at the event, Vietnamese Commercial Counsellor in India Bui Trung Thuong, who has over 10 years of experience working in India, introduced reliable sources of information, including websites and portals such as www.indiantradeportal.in, agriexchange.apeda.gov.in, mca.gov.in, dgft.gov.in, etc., where businesses can learn about India's requirements and regulations, search for and verify information about potential partners.
Thuong also presented the transaction process, starting from receiving the inquiry until settling a contract, and explained important terms in the contract, the procedures for goods delivery, payment, and how to handle disputes when they arise.
He also advised firms to purchase cargo and marine insurance to minimise risks during the process.
According to him, industrial and consumer goods must meet the standards of the Bureau of Indian Standards (BIS) while food products require certification from the Food Safety and Standards Authority of India (FSSAI), to ensure that Vietnamese enterprises comply with the quality and safety requirements for goods to be exported to India.
To enjoy benefits from the ASEAN-India Free Trade Agreement (AIFTA), Vietnamese businesses need to declare a Certificate of Origin (CO) according to the AI format and keep the CO dossier carefully. This will be essential as India may request to verify the procedures later on, he said.
The next webinar is expected to provide more detailed guidance on how to verify information about partners in India, instructions on resolving disputes, complaints, and preventive measures. Specific information will be posted on the website of the Vietnamese Ministry of Industry and Trade.