Risk of being cheated of hundreds of millions of dollars, a series of Vietnamese companies called for help: Information with PLO on March 9, 2022, the Vietnam Cashew Association (Vinacas) said it had worked with a number of banks (NH) related to agencies and shipping companies. At the same time, Vinacas continues to receive complaints from exporters to find a way to solve the case of 100 containers of cashews exported to Italy at risk of fraud and loss of goods. According to https://plo.vn/ Kinh-te/nguy-co-bi-lua-ca-tram-trieu-usd-hang-loat-cong-ty-viet-keu-cuu-1047457.html
Launching a trick of ‘buying goods worth 2 million USD’ to trap Vietnamese people: According to information from the Ministry of Industry and Trade, recently the Vietnam Trade Office in Nigeria received a number of applications from domestic enterprises (DN), offers to deal with complaints about fraudulent Nigeria, Cameroon and Togo businesses. According to https://plo.vn/ Kinh-te/tung-chieu-mua-hang-tri-gia-2-trieu-usd-gai-bay-nguoi-viet-832675.html.
As the above practical examples, we see that the common point is that Vietnamese enterprises, especially Vietnamese SMEs, have not yet built risk management tools in trade promotion and business coordination effectively. This is especially potential loss when Vietnamese enterprises integrate into regional and global markets more and more deeply.
Corporate risk management is a relatively new concept to Vietnam’s fledgling economy. Enterprises need to build a risk management system from customer selection, contract signing, raw material purchase, goods delivery and payment operations, especially payment in foreign exchange. By implementing a self-contained risk management process, businesses will avoid the situation where the water reaches their feet to jump like the real examples mentioned above. Therefore, the enterprises are should not afraid of spending money in building a risk management system that leads to avoidance or failure to conform to the system.
We, Dong Du International Acccounting, Taxes & Legal Consulting Group HCMC, Vietnam, A member of ONESMP Singapore, are committed to accompanying our clients in perfecting an enterprise risk management system in line with the current production situation of our company. to maximize the opportunity cost of the business. In case your business needs detailed advice, please contact us in Ho Chi Minh, Vietnam as soon as possible.
Toni Tran CEO
Master of Japanese Accounting, Lawyer, CPA, CPTA, PhD student in corporate governance at UBIS Switzerland.
Dong Du International Accounting, Taxes & Legal Consulting Group Vietnam, A member of OneSMP Singapore, Southeast Asia Business Consulting Network, we specialize in accounting services, corporate tax advice, legal advice, business training, human resource consulting, product & market surveys…over 15 years up to now in the Vietnam market. Currently, we have also built a team of foreign experts from Japan, Singapore, Thailand, Cambodia … to help customers inside and outside Vietnam to expand appropriate business opportunities as well as possible.
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