Business warning about Hong Jiu Fruit Company (Chongqing, China) being investigated

The Ministry of Industry and Trade has received a report from the Vietnam Trade Office in China that the Chairman of the Board of Directors and a number of senior leaders of Chongqing Hongjiu Fruit Products Joint Stock Company (Chinese name: 重庆洪九果品股份有限公司; English name: Chongqing Hongjiu Fruit Co., Limited) in China are being subject to criminal enforcement measures due to their involvement in a case of loan fraud and/or false VAT invoices that the Chongqing Municipal Police are investigating. Some Chinese media outlets reported that the company's headquarters in Chongqing has been restricted from entering and exiting by authorities.

Business information:

- Company name: Chongqing Hongjiu Fruit Products Joint Stock Company (Chinese name: 重庆洪九果品股份有限公司; English name: Chongqing Hongjiu Fruit Co., Limited).

- Representative: Jiang Zongying (Chinese name: 江宗英; Vietnamese name: Giang Tong Anh).

- Business code: 91500103742896264D.

- Website: www.hjfruit.com.

- Business registration date: October 12, 2002.

Currently, there is no official conclusion from the Chinese authorities on the matter. However, many Chinese mainstream media outlets have reported quite widely and are quite interested in this issue because Hong Cuu Company is a large enterprise in the fruit sector.

Faced with this situation, the Ministry of Industry and Trade recommends that Vietnamese enterprises should note:

(i) Closely monitor information from Chinese authorities and official media to update related developments.

(ii) Proactively review contracts, transactions and shipments related to Chinese enterprises under investigation; guard against risks related to finance and payment.

(iii) Carefully research the information and situation of the expected cooperation partner, carefully review the content of cooperation agreements to avoid legal and financial risks and impacts on the reputation and interests of the business.

The Ministry of Industry and Trade will continue to coordinate with relevant agencies to closely monitor the developments of the case and update information to the business community when there are new developments./.

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Author: Foreign Market Development Department

Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/canh-bao-doanh-nghiep-ve-cong-ty-trai-cay-hong-cuu-trung-khanh-trung-quoc-dang-bi-dieu-tra.html