Trade promotion conference November 2023: Preventing fraud in international trade

On November 30, at the headquarters of the Ministry of Industry and Trade , the Trade Promotion Conference with the Vietnamese Trade Office System Abroad in November took place with the theme "Preventing fraud in international trade".

The conference attracted over 300 delegates from agencies under the Ministry of Industry and Trade, Trade Offices, Vietnam Trade Office Branches, Vietnam Trade Promotion Offices Abroad, Department of Industry and Trade, Department of Agriculture and Rural Development, Industry Associations, businesses and news agencies and newspapers registered to attend.

The conference took place in both direct and online formats, to facilitate the participation of a large number of delegates from Vietnamese Trade Offices abroad, relevant agencies and businesses from 63 provinces and cities across the country.

Speaking at the opening of the Conference, Mr. Hoang Minh Chien - Deputy Director of the Department of Trade Promotion, Ministry of Industry and Trade - said: The series of Trade Promotion Conferences with the Vietnamese Trade Office System abroad, held monthly in recent times, has provided a lot of useful information on import-export market trends, opportunities for import-export promotion, new requirements of export markets as well as information on production and supply capacity of export goods of specific product groups.

The Trade Promotion Conference with the Vietnamese Trade Office System Abroad in November 2023 took place with the theme "Preventing fraud in international trade"

Based on the proposals of localities, associations, and enterprises, the November conference was held with the theme “Preventing fraud in international trade” . The conference will focus on exchanging and sharing experiences and information on regulations, identifying risks in commercial activities; thereby preventing and avoiding fraud and commercial disputes when implementing import and export activities.

The leader of the Trade Promotion Agency also informed: The world economy is being affected by global crises and the consequences of the Covid-19 pandemic, in which the problem of fraud in international trade is relatively prominent with diverse methods and sophisticated tricks.

According to the results recorded in 2022, global businesses suffered losses of about 5% of revenue each year due to fraud, with an average value of 1.7 million USD per fraud case. It can be seen that trade disputes and fraud are currently an existing problem in international trade transactions that Vietnamese export enterprises must always take into account, in the context of international trade with many fluctuations and risks.

Although Vietnamese export enterprises have a lot of experience, most of them are small and medium-sized enterprises, lacking in experience in preventing and dealing with international trade fraud and disputes. Many enterprises are not familiar with the business culture of importing countries, and sometimes do not understand much about their partners, the dispute resolution system, the order and procedures for dispute resolution. Many enterprises are not familiar with the use of forms of trade dispute resolution such as commercial arbitration or commercial mediation. Many Vietnamese export enterprises have recently been "trapped" by trade fraud, scams or "entangled in legal problems".

Faced with the increasing number of international trade frauds, the Ministry of Industry and Trade has promptly directed its functional units, the Vietnamese Trade Offices abroad, and relevant agencies to regularly update information and warn localities, industry associations, and businesses about common or newly emerging forms of trade fraud and scams. At the same time, it has guided and enhanced the training of knowledge of international trade and finance, and international transaction skills for localities and Vietnamese businesses, especially small and medium-sized enterprises, to improve the capacity of businesses in international trade transactions.

“At today’s conference, I hope that industry associations and localities will share their business risks and make recommendations to the Ministry of Industry and Trade and Vietnamese Trade Offices abroad on solutions to support businesses in overcoming difficulties and minimizing risks that may occur in the future,” Mr. Hoang Minh Chien emphasized.

The Trade Promotion Conference with the Vietnamese Trade Office System Abroad in November 2023 includes 2 main sessions: Session 1 is for representatives: Vietnam Timber and Forest Products Association, Vietnam Pepper Association, Vietnam Cashew Association to discuss difficulties, propose support needs and initiatives related to fraud prevention in international trade.

Session 2 is for representatives of Vietnamese Trade Offices in Spain, Italy, South Africa, the United States, Brazil, Canada, and the Philippines to provide information on foreign market situations and plans to prevent fraud in international trade when exporting to foreign markets.

After this Conference, with the responsibility of being the agency performing the function of state management of industry and trade, the Ministry of Industry and Trade will continue to fully synthesize the support needs and recommendations and proposals of localities, associations, and enterprises, coordinate with relevant ministries and branches to focus on resolving within its authority or report to the Government and the Prime Minister for consideration and direction to resolve issues under the Government's authority; contribute to promoting production and export development, supporting enterprises in the industry to participate more deeply in the global value chain, compete equally in international integration, basically meet the demand for medicinal products of the domestic market and develop exports.

Source link: https://congthuong.vn/hoi-nghi-giao-ban-xuc-tien-thuong-mai-thang-112023-phong-tranh-lua-dao-trong-thuong-mai-quoc-te-288823.html