Suggestions given to Vietnamese firms in trading with EU partners
The EU-Vietnam Free Trade Agreement (EVFTA) has created new opportunities for Vietnamese businesses, but they still need equip themselves with necessary skills to avoid losses and tap into this deal.
Workers sort cashew nuts at a factory of the Nguyen Thong company in Phu Yen province. (Photo: VNA)
Berlin (VNA) – The EU-Vietnam Free TradeAgreement (EVFTA) has created new opportunities for Vietnamese businesses, butthey still need equip themselves with necessary skills to avoid losses and tapinto this deal.
The recommendation was made by Do Viet Ha, a representativeof the Trade Office of Vietnam in Germany, following some recent trade scams relatedto the export of cashew nuts to Italy, the export of cinnamon,star anise and cashew nuts to the UAE, and the import of some goods fromMexico.
She told the Vietnam News Agency that most of internationaltrade scams came as a result of businesses not learning thoroughly about their partners,or contacting only via email, telephone or fax which made them unable to check theauthenticity of partners’ addresses, phone numbers, and financial capacity.
Ha also detailed some points needing attention to minimiserisks when Vietnamese businesses carry out transactions with foreign companies,including EU enterprises.
The Trade Office of Vietnam in Germany can assist enterprises in verifyinginformation about German partners to help reduce risks, Ha went on.
The official also recommended that whenexporting goods to Germany, companies should grasp the EU and this country’s technicalstandards for imports, especially the rules on food safety and social responsibilityor the regulation on deforestation-free products and the Carbon Border AdjustmentMechanism.
As EUcountries, including Germany, are working to shift to green, clean, andenvironmentally friendly economies, they will impose strict regulations on theenvironment and sustainable development. Given this, Vietnamese firms need todevise suitable business plans and make timely adjustments to meet new requirementsand standards, Ha added./.
The Ministry of Industry and Trade (MoIT) recommended on July 25 that Vietnamese companies be cautious and thoroughly negotiate payment clauses when conducting transactions with foreign firms, following a suspected scam involving five batches of Vietnamese farm produce in Dubai.
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Since the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020, most commitments in the agreement have been implemented and left positive impacts on business activities, especially trade, said Do Viet Ha of the Trade Office of the Vietnamese Embassy in Germany.
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Workers sort cashew nuts at a factory of the Nguyen Thong company in Phu Yen province. (Photo: VNA) 
