Vietnamese firms are at ‘high risk of scams and disputes’ but lack the knowledge necessary to successfully engage commercial dispute resolution mechanisms, Vietnam News is reporting. The article references Vu Chien Thang, Trade Counsellor of Vietnam in Spain, who essentially says Vietnamese firms are being scammed because they are looking to sell their goods quickly and in order to do so, are agreeing to sub-par terms.
Why it matters: This speaks to how Vietnam’s integration into global trade is being managed, specifically knowledge gaps that are emerging and the cultural mismatch between business practices in Vietnam compared to other parts of the world. In Vietnam, it is generally common to go for quick, short-term gains rather than smaller gains over a longer-term.