Viet firms advised to guard against international trade fraud

Market management officers inspect goods at a supermarket in Tuyen Quang province in Vietnam. — VNA/VNS

HANOI: Vietnamese firms have been advised to guard against increasingly sophisticated scams in international trade, Vietnam News Agency reported Wednesday (Dec 6), citing an official of the Ministry of Industry and Trade.

As most of Vietnamese enterprises are small or medium-sized, they face a high risk of scams and disputes, while their experiences in avoiding and dealing with such cases are limited, Hoang Minh Chien, deputy director of the Vietnam Trade Promotion Agency under the ministry, was quoted as saying.

Many are not familiar with commercial dispute resolutions such as arbitration and mediation, he said, adding that the ministry would continue to provide market updates and early warnings to industry associations and enterprises about emerging forms of fraud in international trade.

According to the ministry, scams in the global market cost enterprises an estimated 5 per cent of revenue per year, with damages averaging US$1.7 million per case.

A survey from PwC Vietnam in 2022 showed that 52 per cent of Vietnamese businesses polled have experienced international trade fraud, meaning that one in two businesses has ever faced international transaction fraud or economic crime. - Xinhua

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Vietnam , trade , fraud


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