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Warning over businesses tricked in West Africa

18:41 | 13/05/2019

VCN- Vietnam Trade Office in Nigeria received some applications from domestic enterprises, requesting to settle complaints of fraudulent companies of Nigeria, Cameroon and Togo.

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Illustrative photo

The four cases of fraud in West Africa are as below:

First, fraud in bidding: Phishing attemptsoften take the name of an organization in Africa, create a fake website, offer a bidding package with high value, needing to import items from Vietnam and request Vietnamese enterprises send letters to bid. In a short time, the fraudulent suspectsent a letter informing that Vietnamese enterprises had "won the bid", requested to pay the bidding fee, from 1,500 to 3,000 USD. After that, the suspectswill change the organization name, address, email and phone to cheat other businesses.

Secondly, cheating in importing goods from Vietnam: The fraudulent suspectsannounced that the orders of imported goods worth from 1 to 2 million USD. These objects are often ‘‘accept the offer price immediately, withoutbargaining. After that, the suspectsuggested that Vietnam export enterprises pay brokerage fees, or pay the cost of procedures for applying for import license number and attorney fees from 1 to 2 percent per value of the shipment.

Third, fraud in exporting goods (wood, iron scrap) – The fraudulent suspect offered to export goods (wood, iron scraps) at lower prices than market value, making Vietnamese importers think "Illusions will be highly profitable" if they import their goods. The suspect requires Vietnamese enterprises to transfer deposits of 20-30%. After receiving the deposit, the suspectwill not deliver.

Fourth, the suspectsigned export contracts (wood), delivered some early contracts on time, the following contracts did not deliver goods. They often sign 5-10 contracts of export goods for Vietnamese enterprises; deliver 1-2 contracts on time, good quality, create trust for Vietnamese importers. From the third contract, the fraudulent suspect requires Vietnamese enterprises to transfer a deposit of 30-50% of the contract value, appropriate this amount of money, then not deliver the goods.

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Vietnam Trade Office in Nigeria warneddomestic enterprises: Do not transfer money in any form when the partners ask for it, such as brokerage fees, fees for applying for a license number (NAFDAC), or attorney fees.

At the payment process: Although enterprises appraisal in West African countries is real, these enterprises can still cheat. In order to avoid risks, when signing contracts on export, import goods, domestic enterprises should apply the payment method: "Irrevocable letter of credit, immediate payment (Irrevocable L / C, At sight). Some domestic enterprises have lost capital, when applying the 30% at sight, 70% accepted (for export goods) or losing 30-50% deposit (for imported goods).

By Thanh Nguyen/Phuong Thao