Illustrative image (Photo: VNA) It is necessary to travel to India to meet partners, look into Indian companies' business activities and find out important information such as company name, address, phone number, email, website, legal representative, business code, and goods and services tax (GST) and import and export codes (IEC), said Thuong.
Regarding the contract negotiations, he advised enterprises to be very cautious and take it step by step.
The exchange of information between the two parties should be in writing or via email, he said, adding that it is necessary to choose the L/C (Letter of Credit) payment method to ensure transaction safety.
In case a dispute happens, businesses need to calmly assess the situation, discuss directly with their partners and intermediary units such as customs, transport and logistics service providers, and soon file a complaint with the Directorate General of Foreign Trade of India.
The official also recommended exporters to buy cargo and marine insurance to minimise risks during the transaction, as it is very important to protect assets and ensure the safety of firms in the course of doing business with Indian partners.
For more information, especially about India’s market and tax regulations, enterprises can search on such websites as https://www.mca.gov.in; www.dgft.gov.in; www.indiantradeportal.in; www.agriexchange.apeda.gov.in, added Thuong./.
VNA
