ANTD.VN - Mr. Nguyen Canh Cuong - former Counselor of the Embassy in the UK said that there are cases where Vietnamese businesses are subjective and trade with partners that are about to go bankrupt.
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Many Vietnamese exports to the UK benefit from UKVFTA |
Sharing at the seminar "Exporting to the UK market - Strategies and ways to find information" organized by Industry and Trade Magazine on the morning of October 30, Mr. Nguyen Canh Cuong said that Vietnamese enterprises still have some limitations in systematically searching and analyzing information from foreign sources.
Examples from the UK Department for Business and Trade, the database of the Dutch Ministry of Foreign Affairs' Centre for Export Support from Developing Countries.
In addition, Vietnamese businesses can access free, in-depth information sources and databases on UK businesses on the website companieshouse.gov.uk. All UK businesses must register there.
Mr. Nguyen Canh Cuong added that the first thing to do is to access this page to verify whether the partner you are transacting with is registered, exists; is active; and whether the person you are transacting with is a director or a person authorized to transact with you.
“I have witnessed Vietnamese businesses that, because they did not keep up with changes in their partners, had worked together for ten years with relative smooth sailing but did not know that the financial health of their British partners had changed. They still worked, still trusted, still let their partners pay late, even let them deliver goods first and pay later, not knowing that their partner of the past few years was about to go bankrupt.
Or the director I have known for the past 10 years has been fired but continues to work as usual, putting himself in a situation of great loss and very high risk" - Mr. Nguyen Canh Cuong said.
Therefore, do not take lightly the matter of checking the financial status of customers and partners, including traditional customers and partners, to avoid putting yourself in risky situations and causing great losses.
According to Mr. Vu Viet Thanh - Department of European - American Markets (Ministry of Industry and Trade), since 2021, the UKVFTA Agreement coming into effect has become an important driving force, promoting economic, trade and investment cooperation.
Most obviously, the impact on Vietnam's export sector to the UK benefits greatly from the UKVFTA.
After more than 3 years of implementing the agreement, Vietnam's exports to the UK have grown continuously and steadily. By the end of 2023, it can be seen that Vietnam's exports to most key markets in the European region have decreased unprecedentedly, all at double-digit rates. However, Vietnam's exports to the UK have maintained stable growth momentum.
If calculated over the 3 years of implementing the UKVFTA, the total two-way trade turnover between the two countries grew by an average of 8.9% per year, in which Vietnam's exports to the UK grew by an average of 9.4% per year.
“This is a much higher growth rate than the general growth rate of Vietnam's exports or the total two-way trade turnover of Vietnam to the EU or to Europe in general in the first 9 months of the year.
Vietnam's trade surplus with the UK in the past 9 months also stood at 5.1 billion USD, up 24% over the same period last year," Mr. Vu Viet Thanh informed.
On the other hand, according to the representative of the Ministry of Industry and Trade, the UKVFTA with its comprehensive tariff removal orders also contributes significantly to increasing the market share of some of Vietnam's strong product groups in the UK market.
According to data we have compiled from ITC's Trade Map, there are currently a number of important Vietnamese export products that are leading the UK market segment.
For example, pepper, cashew nuts, footwear, coffee; seafood is in 5th place and garment is in 6th place. In 2023, with the efforts of many domestic relevant agencies, a number of Vietnamese agricultural products have been officially exported to the UK market, such as: oranges, tangerines, grapefruit, lychees, durian.
Along with that, we also persistently worked with great efforts of the Vietnam Trade Office in the UK, helping Vietnamese dragon fruit products continue to circulate normally in the market.
The representative of the Ministry of Industry and Trade recommends that Vietnamese enterprises exporting to the UK need to look up and carefully study information about the market, business information, and partners to avoid being scammed and cheated in trade; need to strictly control the entire production process, ensure traceability, ensure food hygiene and safety quality...
At the same time, it is necessary to clearly identify the product's market segment; have a methodical plan to conduct in-depth research on market tastes and trends.
Source: https://www.anninhthudo.vn/chu-quan-khong-xac-minh-doi-tac-doanh-nghiep-viet-xuat-khau-sang-anh-co-nguy-co-rui-ro-cao-post594015.antd
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