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Wednesday, July 24, 2024

Vietnam Trade Office in Algeria warns against trade fraud risk

By N. Tan

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HCMC – The Vietnam Trade Office in Algeria has warned Vietnamese exporters against trading with Algerian firm Eurl ATS Food.

The warning comes after a Vietnamese cashew nut exporter expressed concern over a possible loss of five container loads of cashew nuts.

As the cashew nut shipment reached the Mostaganem port in the northwest of Algeria, the firm’s client, Eurl ATS Food Company, failed to clear customs as it is on Algeria’s list of companies committing trading fraud.

The Vietnamese firm signed contracts with its Algerian client through an intermediary based in South Africa.

The goods owner had strived to change the recipients, but the Algerian customs agencies refused.

According to the nation’s law, commodities stuck at ports for 4.5 months without legitimate recipients will be auctioned and the proceeds will go to the state budget.

The case is similar to last year, with many Vietnamese exporters at risk of being swindled out of nearly 100 containers of cashew nuts.

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