09:16 | 31/07/2017 Trade
The Ministry of Industry and Trade (MoIT) has advised Vietnamese enterprises to carefully study export regulations of the United Arab Emirates (UAE) when conducting business with UAE firms to avoid suffering losses.
According to the Vietnamese Trade Office in the UAE, many Vietnamese firms have recently been defrauded by some UAE businesses.
The office warned that Vietnamese enterprises should stay vigilant when selling goods to UAE firms at low prices, as this is a good reason for UAE firms to force Vietnamese firms to accept their payment methods and prices, and even devalue Vietnamese goods in the market.
Pham Quang Nghia, Vietnamese Trade Counselor in Dubai said that Vietnamese businesses should contact the Trade Office in the UAE before doing business in the market, an open and transit market for 40 percent of exported goods. To boost sustainable trade between Vietnam and the UAE, experts advised that Vietnamese firms should strictly abide by import-export regulations in the UAE to prevent their goods being sent back by local authorities.
In the future, the Vietnamese Trade Office in the UAE will strengthen trade promotion through exhibitions and showcases of Vietnamese foods, farm produce and fruits in major supermarkets in the UAE. At the same time, the office will also help enterprises seek UAE partners and verify their information.
Minister of MoIT Tran Tuan Anh said that the ministry will continue negotiating and signing cooperation deals to support enterprises of both sides. At the same time, the ministry will also coordinate with the UAE in encouraging investment of enterprises in agriculture, aquatic farming, culture, tourism, sports and construction. He also suggested that the firms study reference contracts for international trade in the guidebook for international trade activities.