New council formed to fight trade fraud

The consultancy council for warning and preventing trade fraud in certificates of origin (C/O) under the Vietnam Chamber of Commerce and Industry (VCCI) made its debut at a ceremony in Hanoi on October 14.

At the ceremony, VCCI’s Vice President Pham Gia Tuc said that the council aims to protect Vietnamese producers and enterprises, as many foreign organisations use fake Vietnamese C/O.

Tuc said that to make the council more effective, besides cooperating with domestic organisations, Vietnam needs to work closer with foreign organisations involved in fighting trade fraud, chambers of commerce and agencies that grant C/O.

Tran Thi Thu Huong, the council’s president, said that the council will warn Vietnamese enterprises to find out more about their customers’ products before signing any contracts, as they risk facing anti-dumping taxes.

The council will work with the Ministry of Planning and Investment to provide consultancies to foreign enterprises before they decide to invest in the country.

According to VCCI, the number of cases of C/O fraud has been steadily increasing, especially products that pay anti-dumping taxes.