Firms advised to sign contracts in transactions with Chinese partners
Firms advised to sign contracts in transactions with Chinese partners
Any transactions with Chinese businesses should be conducted via contracts in line with international trade practice, heard a conference in the Mekong Delta province of An Giang on May 8.
The warning was given by Dao Viet Anh, Vietnam’s Commercial Counselor in China, who suggested Vietnamese busniesses consult commercial affairs offices and trade promotion agencies in both Vietnam and China to seek suitable and prestigious partners.
They should study China’s export-import regulations, especially those regarding food, farm produce and seafood, he said.
To gain a firm foothold in the Chinese market, it is necessary to improve product quality and packaging, develop brand names, learn about local people’s taste and step up trade promotion activities, Anh said.
Nguyen Hong Quang, Deputy Director of the Centre for Trade and Investment Promotion of An Giang province, said China has made changes in policies towards exports through official channels, which offer tax incentives but tighten regulations on product quality and origin.
Besides, Vietnamese farm produce and seafood exported to China are facing fierce competition with those from other ASEAN countries, the Vietnamese Trade Office in China warned.
Moreover, Vietnamese exporters lack information about the market, partners and policies of China, it added.
China is now Vietnam’s largest trade partner, with bilateral trade value growing about 20 percent annually.
In 2018, Vietnam’s exports to China hit 63.9 billion USD, up 27 percent year-on-year, of which An Giang contributed 840 million USD, up 2.43 percent.
