Ministry warns about frauds when doing trade with partners in UAE
Ministry warns about frauds when doing trade with partners in UAE
The Asia – African Market Department under the Ministry of Industry and Trade on Wednesday sent a warning about signs of frauds related to shipments imported from the United Arab Emirates (UAE).
Containers at Hải Phòng Port. The Asia – Africa Markets Department urges enterprises to be cautious when doing trade with partners in West Asian countries, especially contracts of huge value. — VNA/VNS Photo Tuấn Anh |
The warning is raised after the department receives an email form a Vietnamese company asking for support related to a shipment imported from the UEA with signs of fraud.
The company said that in the first two months of this year, it signed three contracts with a partner in the UAE to buy a total of 1,000 tonnes PET worth totally US$665,500 delivered at Hải Phòng Port.
As of March 13, the company has made payment to the UAE partner worth $526,257 to receive 25 containers.
However, when checking the containers, the company found that the actual volume of goods in each container was only equivalent to 15-20 per cent of the declared volume. The checking process was under the supervision of an individual inspection company and local Department of Customs.
The company has contacted the UAE partner on the problem but have not received positive responses.
The Ministry of Industry and Trade asked the Việt Nam Trade Office in the UAE to send a notice to the authorities and at the same time work directly with the company’s partner in the UAE. Besides, the ministry asked the bank which conducted the transaction to temporarily block the transaction to ensure the legal benefits of enterprises.
As of April 11, the Vietnamese company received the repay of their full advancement to the UAE partner.
With regard to this case, the Asia – Africa Markets Department urges enterprises to be cautious when doing trade with partners in West Asian countries, especially contracts of huge value.
It is important to study the partners carefully before signing contracts, the department said.
