Authorities warn of risks from loopholes in foreign trade process
Through the case of the 76 containers of cashew nuts falling into problems in Italy last year and five containers of peppercorns, cashews, cinnamon and star anise in the UAE this year, it can be seen that the delivery of documents to an unauthorised person at the buyer's bank is a loophole in the international trade activities, said Tran Thanh Hai, Vice Director of the Import-Export Department under the Ministry of Industry and Trade.
Hanoi (VNA) – Through the case of the 76 containers ofcashew nuts falling into problems in Italy last year and five containers of peppercorns,cashews, cinnamon and star anise in the UAE this year, it can be seen that thedelivery of documents to an unauthorised person at the buyer's bank is aloophole in the international trade activities, said Tran Thanh Hai, ViceDirector of the Import-Export Department under the Ministry of Industry andTrade.
This is a "loophole" of the seemingly tightprocess, leading to the documents being leaked out and coming to the buyer whohas not paid the bank, Hai said.
In July, the Vietnam Pepper Association (VPA) reported thatsome of its members have exported peppercorn, cinnamon, star anise, and cashewnuts to the UAE but found signs of scams from the same buyer and the same bank basedin Dubai.
They have lost four containers of the produce worth 400,000USD when the goods arrived at Jebel Ali Port of the UAE. They are now at riskof losing one container of star anise scheduled to arrive at the port on July26.
Last year, 100 containers of cashew nuts of Vietnam exportedto Italy encountered similar problems. As the containers had been already dispatched,with some having reached Italian ports, the Vietnamese sellers claimed thatthey had not received any payment as agreed upon from the buyers and had lost trackof the original documents of the consignments.
Anyone with the original documents can present them to thetransporters for the release of the goods.
In these cases, the delivery company is responsible for theloss of the customer's documents, leading to the situation where the buyer receivedthe goods without paying, Hai stressed.
He recognised the efforts by Vietnamese diplomatic agenciesand the Vietnam Trade Office abroad in supporting the settlement of the caseand protecting the interest of Vietnamese firms.
In order to minimise risks in import-export activities, Haiadvised exporters to use consulting and legal services, considering the servicesuppliers as their companions in the entire business process, not just when adispute occurs.
Exporters need to buy insurance for goods to reduce lossesin case of risks or disputes, he recommended, adding it is also necessary for importers to request check and inspection of goods before delivery.
The official also advised businesses to share their information andstay more vigilant to any abnormal signs they find, and minimise the use ofpayment methods using postpaid T/T (Telegraphic Transfer) and cheque, which hashigh level of risk./.
As of April 3, Vietnamese companies had recovered 12 out of 35 containers of cashew nuts exported to Italy whose original documents was lost, a positive progress thanks to great efforts and active support of relevant parties.
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Illustrative image (Source: VNA) 
