The World Health Organization (WHO) declared Covid-19 a pandemic, pointing to the over 182,383 cases of the coronavirus illness with 7,144 deaths in over 162 countries and territories around the world and the sustained risk of further global spread, as of March 17.

Recently, many Vietnamese businesses are looking for sources of materials and products for the prevention of the Coronavirus (Covid-19). However, some foreign subjects have taken advantage of the complicated developments of the disease to defraud Vietnamese businesses of their money in the process of importing and exporting these commodities. Some Vietnamese companies deal with a new partner who they take information on the internet (in some cases from the Alibaba websites). Besides, although they never have a business deal, Vietnamese businesses still agree to pay by wire transfer (Telegraphic Transfer - T/T), 30% to 50% of the contract value before receiving goods. It makes foreign partners easy not to deliver the goods as the signed contract despite a deposit.

Therefore, to avoid risks, Vietnamese businesses need to be very cautious, find out more about the existence and legitimacy of partners as well as possible dangers before having business commitments with first-time companies. Firstly, Vietnamese businesses need to conduct some preliminary checks, such as looking up the address and contact information of the company/partner on Google to verify the existence and legality of the partner. Then, when signing the contract, domestic importers need to ask pay by Irrevocable Letter of Credit (L/C, At sight) to avoid risks of payment.

Vinacontrol expects Vietnamese businesses to take measures to protect their rights, especially when import and export activities are affected by the Covid-19 epidemic.

Vinacontrol is the leading inspection, testing, verification, and certification organization in Vietnam, ready to meet the requirements of your business in controlling the quality of products and goods.

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