The Vietnam Trade Office in Spain has cautioned local businesses to tread carefully when entering into contracts with Spanish firms, particularly ISASA Export Company in Malaga, Spain. This advice follows reports of payment delays from Vietnamese cashew and pepper exporters.
ISASA Export reportedly cited quality issues and market price drops as reasons for non-compliance with purchase contracts. This has resulted in late payments, leading to increased costs and time losses for Vietnamese businesses, with some having to retrieve their goods.
To mitigate such risks, the Trade Office has urged domestic businesses to collaborate closely with them in vetting local businesses before signing contracts. Spain, with its large population and high average income, is a significant consumer market for Vietnamese exports, including agricultural, aquatic products, and tropical fruits and vegetables.
Spain's thriving tourism industry also presents opportunities for Vietnam's tourism-related industries. To fully leverage the Spanish market, Vietnamese businesses are encouraged to utilize benefits from the EU-Vietnam Free Trade Agreement (EVFTA) and stay abreast of consumption trends and market requirements.
Source: en.sggp.org.vn