Firms urged to verify information of Thai business partners

The Ministry of Industry and Trade has urged Vietnamese firms to verify information of Thai business partners carefully to avoid being swindled.

The ministry said that recently the Trade Counsellor in Thailand received a number of requests from Vietnamese firms asking for assistance in handling frauds they faced when doing business with Thai companies.

Many Vietnamese firms were looking for business partners from Thailand via the Internet and decided to do business and pay deposits without adequately verifying information about them.

After that, they did not receive their ordered products or failed to contact their partners and lost the deposits.

The trade counsellor urged Vietnamese firms to verify information of their Thai partners carefully, especially those with whom they are doing business for the first time.

The information should be verified on official channels or via the trade counsellor.

All Thai businesses must register their information with the Department of Business Department, which is published on the portal:

While negotiating contracts and transactions, Vietnamese firms should ask partners to provide adequate information for verification as well as choose safe payment methods. The contracts must clarify terms for compensation and agencies to resolve any possible dispute that may arise.

Vietnamese firms were urged not to pay deposits or advances without knowing their partners thoroughly because many could not establish contact after transferring money.

Source: VNA