Vietnam Trade Office in the UAE warns Vietnamese businesses of fraudulent firms
- Local businesses withdrawing from market sees surge of 18.6% in two months
- Businesses urged to capitalise on opportunities to increase exports
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| Photo: VNbusiness |
These businesses are Green Light Foodstuff Trading LLC; Climax General Trading LLC; Loyalpur General Trading LLC; Choice Global FZC / Vital Fresh General Trading LLC; International Dragon Food Trading LLC (IDP).
These companies are more or less involved in ordering without paying, document forgery (including bank papers), cyber hacking, etc.
The Vietnam Trade Office in UAE recommended Vietnamese businesses to request their partner to open letters of credit (L/C) at reputable international banks with the verification of Vietnamese banks when doing business with them. At the same time, Vietnamese businesses should not allow them to pay in installation when selling them goods.
The office also advised Vietnamese businesses to not use such methods as document against acceptance (D/A) payment or Western Union international money transfers. Regarding documents against payment (D/P), Vietnamese businesses should ask for proper deposit rates (50% or more) to ensure safety for their side.
Vietnamese businesses should also verify partners’ information, including business license, ID of the business owner, especially new-transaction partners.
