Firms advised to study partners before trading in Latin America

Trade Counselor in Mexico and Panama Luu Van Khang has advised Vietnamese businesses to carefully study their partners, following a range of trade frauds in Latin America in which firms from the Southeast Asian nation were victimised.
Firms advised to study partners before trading in Latin America ảnh 1Illustrative image (Source: VNA)
Mexico City (VNA) – TradeCounselor in Mexico and Panama Luu Van Khang has advised Vietnamese businessesto carefully study their partners, following a range of trade frauds in LatinAmerica in which firms from the Southeast Asian nation were victimised.

The official said language barriers makeVietnamese businesses more vulnerable to scams, adding that most of thecriminals use bank accounts in a third country to hinder investigationsby competent agencies.

Khang recommended Vietnamese enterprises to signcontracts with legally authorised representatives of their partners, and usethe L/C (letter of credit) payment method instead of T/T (telegraphictransfer).
If they have no choice except to use the T/T method,they should not transfer money to bank accounts in a third country or personal accounts,he added.  

Apart from coordinating with the Vietnamese TradeOffice in information verification, they should cooperate with law firms andbusiness associations in Mexico in particular and Latin America in general todiversify the sources of information, Khang said.

As members of the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP), Vietnam and Mexico have greatopportunities to boost their trade ties.

Mexico has committed to eliminating 77% of tarifflines from January 14, 2018, and 98% after a decade since the coming into forceof the agreement. As a result, Vietnam's exports such as seafood, coffee,rubber, phones, and auto components to Mexico have recently experiencedsignificant growth, ranging from 27% to 65%.

Mexico has also gradually increased its export ofbeef, pork, agricultural products, and beverages to the Southeast Asiannation./.
VNA

See more

Hideaki Egashira revealed plans to expand Idemitsu's investment in Vietnam. (Photo: tapchicongthuong.vn)

Idemitsu to expand investment in Vietnam

Hideaki Egashira, General Director of Idemitsu Vietnam Co Ltd, a subsidiary of Japanese petroleum company Idemitsu Kosan, has revealed plans to expand the company's investment portfolio in Vietnam.

Illustrative image (Photo: VNA)

Over 56% of Japanese firms looking to expand investment in Vietnam: Survey

According to a recent survey by JETRO on business conditions for Japanese-affiliated companies overseas, the expanding domestic market demand and the increasing profitability rate are major driving forces for Japanese businesses to continue expanding their operations in Vietnam in the coming years.

Vietnam’s rice exports to Singapore surge (Photo: VNA)

Vietnam’s rice exports to Singapore surge

Vietnam’s rice exports to Singapore recorded significant growth in 2024, cementing Vietnam’s position as the third-largest rice supplier of the city state, according to the Vietnam Trade Office in Singapore.

The 21st conference of the 17th Hanoi Party Committee on January 21 (Photo: VNA)

Hanoi sets ambitious growth targets for 2025-2030

Hanoi has set a goal of achieving an annual growth rate of 10.5-11% during the 2025-2030 period, focusing on bolstering traditional economic drivers while implementing innovative solutions to promote new ones.

Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA)

Vietnam commits to supporting Czech investors: Minister

Minister of Industry and Trade Nguyen Hong Dien pledged Vietnam’s support to Czech businesses and investors while addressing the bilateral business forum held in Prague on January 20 as part of Prime Minister Pham Minh Chinh’s official visit to the European country.

Processing mango products for export at the factory of An Giang Fruit and Vegetables JSC. in Lam Dong province (Photo: VNA)

UNCTAD leader highlights Vietnam’s role in global trade

Vietnam has emerged as a remarkable example of how trade and investment can fuel inclusive growth and development, according to Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD).

Le Anh Quan, Standing Vice Chairman of the municipal People's Committee and Chairman of the Vietnam-Korea Friendship Association delivers speech at the event. (Photo: VNA)

Vietnam, RoK strengthen friendship, cooperation

The Vietnam-Korea Friendship Association (VKFA) and the Korean Association in the northern city of Hai Phong hosted a friendship exchange on January 20 during which the Vietnam-Korea Business Club in Hai Phong was launched.