Suggestions given to Vietnamese firms in trading with EU partners: Trade Office

The EU-Vietnam Free Trade Agreement (EVFTA) has created new opportunities for Vietnamese businesses, but they still need to equip themselves with the necessary skills to avoid losses and tap into this deal.

The recommendation was made by Do Viet Ha, a representative of the Trade Office of Vietnam in Germany, following some recent trade scams related to 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 from Mexico.

Suggestions given to Vietnamese firms in trading with EU partners | Business | Vietnam+ (VietnamPlus)
Suggestions given to Vietnamese firms in trading with EU partners. (Photo: VNA)

She told the Vietnamese media that most international trade 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 the authenticity of partners’ addresses, phone numbers, and financial capacity.

Ha also detailed some points needing attention to minimize risks when Vietnamese businesses carry out transactions with foreign companies, including EU enterprises.

The Trade Office of Vietnam in Germany can assist enterprises in verifying information about German partners to help reduce risks, Ha went on.

The official also recommended that when exporting goods to Germany, companies should grasp the EU and this country’s technical standards for imports, especially the rules on food safety and social responsibility or the regulation on deforestation-free products and the Carbon Border Adjustment Mechanism.

As EU countries, including Germany, are working to shift to green, clean, and environmentally friendly economies, they will impose strict regulations on the environment and sustainable development. Given this, Vietnamese firms need to devise suitable business plans and make timely adjustments to meet new requirements and standards, Ha added.

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(Source: VNA)