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Watch out for payment process when seafood products exported to Malaysia
Update 1/10/2009

The Asia – Pacific Department (Ministry of Industry and Trade) has just warned Vietnam seafood businesses against Malaysia’s payment conditions because the export from Malaysia is confronting difficulties.

According to Ministry of Industry and Trade, Malaysia’s seafood export businesses are at a standstill because the country’s major import markets, Europe and the United States, are affected by economic downturn.

Moreover, currently, Malaysia’s seafood products exported to Europe has been prohibited temporarily because they have not satisfied the markets’ standards yet.

The situation led to many stocks in Malaysia, orders decreased and its banks tightly monitor loan performance.
Meanwhile, most of Malaysia export businesses are also the importers and some of them importing materials from Vietnam also have several problems in payment process.

Ministry of Industry and Trade recommended Vietnam seafood businesses should carefully take note of payment conditions to be on the alert and to limit the risk for themselves. If your side still applies payment by TTR (Telegraphic Transfer Reimbursement) as before, level of the risk will be higher.

In fact, many Vietnam enterprises export goods to Malaysia but not receive money from Malaysia businesses because the Malaysia importers give the reason that they is facing many problems such as their import customers has not pay money for them yet.

Source: VF

Translated by Vietfish Community