Vietnam cautions bizs as Middle East conflict threatens global trade
Vietnam's Industry and Trade Ministry (MoIT) recently cautioned domestic businesses to closely monitor the escalating Israel-Iran condlict that threaten to disrupt global trade.
Addressing a press conference, Tran Thanh Hai, deputy director of MoIT's Agency of Foreign Trade, called for rigorous scrutiny of export-import contracts, particularly key terms concerning freight charges, delivery schedules, insurance coverage, and force majeure provisions, to shield against disruptions.
He cautioned businesses against the risks of leaning too heavily on a single market or shipping lane.
Vietnam's Industry and Trade Ministry recently cautioned domestic businesses to closely monitor the escalating Israel-Iran conflict that threaten to disrupt global trade. A top ministry official called for rigorous scrutiny of export-import contracts, not leaning too heavily on a single market or shipping lane, and diversification into new markets and finding logistics partners with safer routes.
He advocated diversification into new markets and finding logistics partners with safer routes.
Supply chain resilience, he insisted, hinges on contingency plans – alternative raw material sources or, perhaps, the adoption of multimodal transport solutions like international rail freight, which could optimise costs and ensure timely deliveries, according to domestic news agency.
Maintaining open lines with import partners is also key to navigating volatile conditions, he noted.
He urged companies to work closely with shipping lines, airlines and freight forwarders to monitor routes, transit times and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
He also called for heightened vigilance against foreign exchange risks.
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