Seminar helps businesses solve trade disputes
A seminar took place in Ho Chi Minh City on October 6 to help businesses prevent risks and address disputes in international trade.
A steel factory (Photo: VNA)HCM City (VNA) – A seminar took place in Ho Chi Minh City on October 6 to help businesses prevent risks and address disputes in international trade.
The event was co-organised by the HCM City Investment and Trade Promotion Centre (ITPC) and the Vietnam International Arbitration Centre (VIAC).
Participants held that in recent import-export activities, many Vietnamese enterprises have met with risks when selling or purchasing goods from foreign partners, who did not seriously implement the signed contracts.
According to Nguyen Minh Hang, Dean of the Law Department under the University of Foreign Trade, said that the main reason of trade disputes in Vietnam over the past time was the quality of goods. Therefore, businesses should look into regulations on goods quality and goods quality examination in contracts they will sign.
Most Vietnamese firms did not consider thoroughly articles in the import-export contracts and felt puzzled in addressing trade disputes in import-export activities, she said, adding that they were not aware of the importance of trade arbitrators and consulting experts about legal regulations while signing trade contracts so they were at a disadvantage compared to their partners in trade disputes.
When facing trade disputes, businesses need to seek support from trade arbitrators to have effective solutions, said Vu Xuan Phong, VIAC Vice President.
As the UN Convention on International Sale of Goods (CISG) will take effect in Vietnam on January 1, 2017, experts said enterprises should examine their import-export contracts carefully to take advantage of benefits from the convention.
CISG now has 85 member nations, including most of Vietnam’s major partners like the EU, the US, Japan, the Republic of Korea, Singapore and Canada.-VNA
You should also see
Sun World Ba Na Hills - A fairyland in Da Nang
Ba Na Hills is a clear testament to the role of the private economy in the development of tourism in Da Nang as well as the city’s economy as a whole. Sun World Ba Na Hills was honoured in 2023 at the World Travel Awards as “Asia’s Leading Theme Park”.
See more
Business
Hai Phong Techfest connects Vietnamese, RoK businesses
The Department of Science and Technology of the northern port city of Hai Phong is organising the International Techfest Connect 5+, a science and technology festival to promote connectivity in the northern coastal region, from April 15-16.
Business
Banks record positive business indicators in Q1 2024
Many banks have reported positive business indicators, especially credit growth, in the first quarter of this year.
Business
Brand building for Vietnamese agricultural products needed to boost exports
Vietnam's agricultural development has gained many achievements in recent times, with seven commodities recording annual export turnover of over 3 billion USD, namely wood and wooden products, shrimp, coffee, rice, rubber, vegetables and fruits, and cashew nuts. These products are present in most of the world's major import markets such as the US, the European Union (EU) and Japan.
Business
InfographicFour commodities post Q1 export value of over 5 billion USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
Business
Binh Duong sees vibrant investment cooperation at Horasis China Meeting
The Horasis China Meeting 2024, held in Binh Duong on April 15, witnessed a flurry of investment activities as the southern province granted in-principle approvals and investment certificates to multiple infrastructure, manufacturing, and real estate projects worth hundreds of millions of USD.
