Vietnam: Surprise about 4 export shipments that were thought to have been lost in UAE

Published Oct 14, 2023

Tridge summary

After nearly 3 months of work and cooperation, the Ajman Bank in the UAE has refunded businesses in the Vietnam Pepper and Spice Association for 4 shipments valued at $354,990.42 out of a total of $355,232. However, one shipment of star anise is still stuck at Jebel Ali port since July 26, and the business is working with Ajman Bank to cover all costs, which are estimated to be nearly $70,000. The association emphasizes the need for businesses to be cautious in negotiations, partner verification, and contract signing to avoid similar incidents in the future.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Regarding the case of 5 shipments of cashew nuts, pepper, cinnamon, and anise of 4 member businesses of the Vietnam Pepper and Spice Association (VPSA) at risk of total loss in Dubai (UAE), September 13. 10, VPSA announced good news. "After nearly 3 months of active work, with coordination and cooperation between the parties, from December 10 to 12, Ajman Bank (UAE) refunded money to businesses, the total amount of The business has been refunded for 4 shipments of 354,990.42 USD out of a total of 355,232 USD total value of the shipment" - the notice reads. As for a shipment of star anise that has been at Jebel Ali port since July 26, the business is continuing to work with Ajman Bank and requires payment of all costs incurred including warehouse fees and lawyer fees. , the cost of bringing the goods back to the port of origin (Hai Phong)... is estimated to be nearly 70,000 USD as of October 11 and the value of the remaining consignment receivable is 114,639 USD. The Association ...
Source: Vietstock
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