Vietnam's Ministry of Industry and Trade is urging the country's exporters to inspect trade documentation carefully if they want to steer clear of several scams apparently perpetrated by would be international trading partners.

Several exporters have already been left out of pocket by such scams.

Advance fee fraud

In one example, a garment manufacturer received an email from a Turkish importer inviting the Vietnamese company to bid for a lucrative order on condition it paid a tender fee of US$7,000 in advance.

The manufacturer was informed that its bid had successfully won a US$300,000 a year contract. So far, no orders have been placed.

Payment promises

In another example, a furniture exporter said it shipped a cargo worth US$40,000 by sea on an importer's promise to make a telegraphic transfer once the cargo was loaded.

The exporter has now waited two months and has yet to be paid for the shipment.

L/Cs and guarantees

The Ministry of Industry and Trade has warned exporters against paying advanced tender or export fees to phoney organisations or importers with vague credentials.

The ministry has now asked exporters to inspect letters of credit and bank guarantees carefully before engaging with unknown importers.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.