HOT: Pepper exports face trade fraud again

VPSA has just issued a warning to businesses in the industry about the situation of fraudulent partners taking goods out of the port while the shipper still holds the original B/L.

According to the Vietnam Pepper and Spices Association (VPSA), in May 2024, a number of member companies in VPSA (the company) sold pepper to a customer named Mafipro SDN BHD located at 3.02D (East Wing), Level 3, Menara BRDB, 285 Jalan Maarof, Bukit Bandaraya, 59000 Kuala Lumpur, Malaysia (trading person Mr. Bernard Joseph) through a shipping agent, a limited liability company in Ho Chi Minh City.

In 9 months, Vietnam earned more than 1 billion USD from pepper exports. Photo: VPSA

However, when the goods arrived at the Malaysian port, the shipment was taken out of the port by the fraudulent partner while the shipper still held the original B/L. Currently, 3 companies have been scammed like this. VPSA recommends that businesses be more careful when working with the above partners, especially those who are doing business for the first time.

According to preliminary data from the General Department of Customs, in September 2024, Vietnam exported 20,000 tons of pepper, earning 125 million USD, up 10.4% in volume but the value skyrocketed 84.9% over the same period last year. Accumulated to the end of September, pepper exports reached 203,000 tons, earning more than 1 billion USD, down 1.5% in volume but up 46.9% in value. The reason is that the export price of pepper increased sharply by 49.2% over the same period last year, to 4,941 USD/ton.

Notably, last September, the average export price of “black gold” reached 6,239 USD/ton, up 67.5% compared to the same period last year and this was also the month with the highest export price in many years. The high price of pepper also caused a rise in commercial fraud.

Previously, Ms. Hoang Thi Lien - President of VPSA - commented that in the next 3-5 years, global pepper output will still not be enough to meet consumer demand. Sellers are looking to establish a connection in the Vietnamese pepper industry to avoid a situation of massive orders in the market and control prices.

“Pepper has entered a new price increase cycle. This cycle will last 10-15 years and the price may peak at 350,000-400,000 VND/kg,” said Mr. Hoang Phuoc Binh - Permanent Vice President of the Chu Se Pepper Association (Gia Lai province), adding that pepper prices are entering a new price increase cycle after many years of “lying at rock bottom”.

Source: https://congthuong.vn/nong-xuat-khau-ho-tieu-lai-doi-mat-voi-tinh-trang-lua-dao-thuong-mai-349822.html