The Hanoitimes – Vietnamese businesses are now facing an increasing number of risks in transactions with foreign partners. However, they do not know how to protect themselves from potentially devastating effects. Foreign-related trade disputes have increased in number alongside commercial growth in recent years. Around 14,767 trade disputes were settled in courtrooms in 2013, including 99 at the Vietnam International Arbitration Centre (VIAC), 51% of which are related to foreigners. The actual number is much higher than reported. Around 15 Vietnamese cases have not been dealt with in the UK, let alone others since early this year, according PhD Tran Thi Lan Anh, from the Leeds University. Professor Nguyen Trong Dieu, President of the Vietnam Private Business Association (VPBA), says, Vietnamese businesses struggled to survive the economic slowdown in 2013, with more than 60,000 businesses going bankrupt or halting operations, mostly private owned. Over the years, private businesses have undergone rapid growth due to market volatility, and they have therefore negated major factors for sustainable development, including technology, creativity, management capacity and connectivity. Sectors of Vietnamese strength, such as rice and coffee, have not brought profits for producers. Private businesses are in danger of losing out to professional rivals when Vietnam is integrating deeper into the global economy, Dieu stresses. By Tuan Minh
Posted on: Thu, 03 Jul 2014 01:01:15 +0000
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