Seminar "Risk management and offshore debt prevention in free trade"

27/12/2016 08:18
Ngô Khắc Lễ, an arbitrator at the Việt Nam International Arbitration Centre, said to prevent risks and improve efficiency in exports Vietnamese companies should carefully vet their customers before signing export contracts. — VNS Photo

HCM CITY — Risks that companies face while exporting and measures to mitigate such risks and collect overseas receivables were discussed at a seminar in HCM City yesterday.

Speaking at Risk Management and Offshore Debt Prevention in Free Trade seminar, Quyền Anh Ngọc of the Ministry of Industry and Trade’s Multilateral Trade Policy said existing and future free trade agreements would bring great opportunities for Vietnamese firms to boost exports and enter the global supply chain.

But they would also face challenges like technical barriers and the threat of losing domestic market shares, he said.

Besides, exporters face the risk of not getting payments from their buyers, he said.

He urged export firms to fully understand the commitments made under the FTAs, draw up suitable business strategies and strengthen their competitiveness to take better advantage of them.

Ngô Khắc Lễ, an arbitrator at the Việt Nam International Arbitration Centre, said to prevent risks and improve efficiency in exports, before signing export contracts Vietnamese companies should carefully check the antecedents of their customers, especially new customers, through consultancies, Việt Nam trade offices abroad and other sources.

They should choose suitable INCOTERMS (international commercial terms), have clauses ensuring the independence of the contract, and set a duration for negotiations and dispute resolution, among others, he said.

Firms should resolve their disputes through arbitration centres, he added.

Christopher McNabb, director of Assurance Global Financial Services and Solutions in Việt Nam, said collection of delinquent offshore account receivables is very challenging and expert advice is critical.

According to his company’s statistics, Việt Nam’s exporters lost an estimated US$8 million last year, he said.

Uncollectable account receivables result in high financial losses to exporters and so they need to have a credit management system to manage these risks and employ global best practices to avoid delinquent debts, fraud and revenue loss, he said.

He also introduced his company’s services and measures for collecting delinquent offshore account receivables.

Organised by the Việt Nam Chamber of Commerce and Industry and Assurance Global, the seminar attracted more than 100 delegates, including members of business associations and executives of large export firms.

Read more at:


Share Post
  • VIAC encourages alternative dispute resolutions 14/06/2017 16:49

    The conference, named ‘Benefits and Challenges of Using ADR for Banking Disputes’, focused on the principles, conditions and procedures of commercial mediation as an ADR method, as well as the conditions for establishment of mediation centres in Viet Nam and the implementation of Decree 22 on commercial mediation, which has been in effect since April 15, 2017.

  • VIAC and International Court of Arbitration ICC co-operates in Better Dispute Resolution, Better International Business 22/05/2017 17:22

    On May 18 2017, Vietnam International Arbitration Centre co-operated with International Court of Arbitration to organize the “Better Dispute Resolution, Better International Business” Seminar. This seminar has attracted different representative from various business sectors, lawyers together with media and presses.

  • VIAC to attend 51 years anniversary of Korean Commercial Arbitration Board 31/03/2017 11:21

    On 22 March 2017, Mr. Phan Trọng Đạt – Deputy Secretary General of Vietnam International Arbitration Centre (VIAC) has paid a visit to Korea, where he attended the International Arbitration Conference and the 51st anniversary of Korean Commercial Arbitration Board (KCAB).

  • VIAC Rules of Arbitration 2017 - The Highlight 18/03/2017 11:02

    On February 3, 2017, Viet Nam International Arbitration Centre (VIAC) has released the Rules of Arbitration – 2017 edition (the Rules 2017). This is the new Rules of Arbitration which shall enter into force as from March 1, 2017 and replace the previous edition of 2012.

  • The new VIAC Rules of Arbitration 2017 14/03/2017 09:03

    “VIAC 2017 Rules of Arbitral Proceedings are the first arbitration code of Vietnam introduced to meet legislative changes stated in Resolution 01/2014/ HDTP/TANDTC dated March 22, 2014 on inclusion of legal relations in general settlement of a dispute.”

  • Vietnam: Official Release of the VIAC Rules 2017 14/03/2017 09:00

    On 3 February 2017, the Vietnam International Arbitration Centre (VIAC) officially released the new 2017 VIAC Arbitration Rules (VIAC Rules 2017), which is scheduled to come into effect on 1 March 2017. Compared to the current Rules of Arbitration of VIAC which has been in force from 1 January 2012, the VIAC Rules 2017 aim at ironing out concerns during the arbitration procedures while further adapting to the international norms in order to better promote arbitration as a alternative dispute resolution mechanism in Vietnam.

  • The Annoucement for Official Release of VIAC Rules of Arbitration 2017 24/02/2017 15:21

    The Announcement took place with the presence of over 100 participants coming from the Government, Business associations, big law firms and leading enterprises in Vietnam and attracted the huge interests of media. The Announcement was to introduce new contents of the VIAC Rules of Arbitration 2017 (“VIAC Rules 2017”), provided the audiences with useful information related to the dispute resolution mechanism of commercial arbitration in Vietnam in general and at VIAC in particular. 

  • Series of Vietnamese exporters fall prey to Canadian scammer company 17/01/2017 15:14

    The Vietnamese Association of Seafood Exporters and Producers (VASEP) claimed several Vietnamese seafood exporters have been cheated out of hundreds of thousands of dollars in their transactions with Echopack Inc. based in Quebec, Canada. a