Vietnamese cashew nuts face competitive pressure from Africa
Vietnam's cashew industry rose to number 1 in the world thanks to mastering technology. But Vietnamese technology is also helping African cashews compete with Vietnamese cashews.
Warning for bad business partners at NIGERIA (BLACKLIST): JOSEPH JEGEDE, CEO, ROSOHAN SYSTEM NIGERIA LIMITED July 5, 2019,
Vietnam Trade Office in Nigeria has posted the information "Warning 4 basic fraud cases in West Africa", at VietnamExport and this information is also posted on the website of the Ministry of Industry and Trade (www.moit.gov). .VN). The following is one of the bad business partners in Nigeria, to warn domestic businesses. H.T.N. Company Limited Ho Chi Minh City (hereinafter referred to as HTN Vietnam), signed two contracts to import lumber box (CD Square Log), originating in Cameroon, with Nigeria export partner: ROSOHAN SYSTEM NIGERIA LIMITED ( hereinafter referred to as the ROSOHAN Nigeria Company), represented by JOSEPH JEGEDE, the Director. The first contract, signed on April 7, 2017, imported 5 containers of 20’FCL, boxed Pachylova wood, totaling USD 69,350; The second contract, signed on 12 May 2017, amounts to 10 containers of 20’FCL Pachylova sawn timber in box form, totaling US $ 142,500. On April 10, 2017, HTN Vietnam transferred the transfer (T / T) from Techcombank Vietnam, to ROSOHAN Nigeria, via Diamond Bank PLC, Lagos, Nigeria, Swift code: DBLNNGLA, Deposit amount is USD 34,675 (equivalent to 50% of the value of the first contract). On June 1, 2017, H.T.N Vietnam transferred to the partner an amount of US $ 34,675 (equivalent to 24.33% of the second contract value). Total deposit of 2 contracts is 69,350 USD. Up to now, there have been 3 years, although Vietnam HTN Company repeatedly requested, but object Joseph Jegede, Director of ROSOHAN NIGERIA, cited many unjustified reasons, no performance of the contract, no return deposit amount. On March 22, 2020, the Law Office “SYNERGY LAW PARTNERS, NIGERIA”, representative of ROSOHAN, sent a dispatch to HTN Vietnam, through the Vietnam Trade Office in Nigeria, citing the reason “ The Cameroonian government banned the export of log timber, considering it as a force majeure case for not delivering ”, but did not give the document number and date of the document, so there was no basis. On the other hand, H.T.N Vietnam Co., Ltd signed an import contract from ROSOHAN NIGERIA, the object is boxed lumber (CD Square Log), not round logs. Therefore, the Cameroonian Government banned the export of logs, without affecting the trade of the two sides. In case of failure to deliver, ROSOHAN NIGERIA must refund the deposit to H.T.N. Vietnam. However, Joseph Jegede, Director of ROSOHAN NIGERIA, appropriated the amount of HTN Vietnam Company totaling 85,994 USD, including 69,350 USD deposit, and 16,664 USD bank interest (8% / year x 3 years).
While waiting for procedures to sue ROSOHAN NIGERIA, on April 24, 2020, HTN Company sent an official dispatch to the Vietnam Trade Office in Nigeria, requesting to post information advising domestic importers, AWESOME DO NOT do business with this partner, avoiding being appropriated as the above case of Ho Chi Minh City HTN Company. Bad business partner information (BLACKLIST): Subject: JOSEPH JEGEDE, Director CT Name: ROSOHAN SYSTEM NIGERIA LIMITED (BLACKLIST) Address 1: 43 Oritshe street, Ikeja Lagos, Nigeria. Address 2: 23, Amore Street, Ikeja, Lagos, Nigeria. Website (Blacklist): www.rosohansystem.com
Through the above case of H.T.N Co., Ltd., Ho Chi Minh City, the Vietnam Trade Office in Nigeria warned domestic businesses when dealing with partners in Nigeria in particular and Africa in general:
- Before signing a contract with a Nigerian partner, domestic businesses need partner information for the deal. Avoid new disputes when announcements, such as this one.
- Although business evaluation in West African countries is real, these businesses can still be fraudulent. To avoid risks, when signing export-import contracts, domestic enterprises should apply the form of payment "Irrevocable letter of credit, immediate payment (Irrevocable L / C, At sight);
- Do not use the form of payment by electronic deposit transfer (T / T), 30% (or 50%) prepayment, should lose money as the case mentioned above.
VIETNAM TRADE (Ghana, Cameroon, Togo, Sierra Leone, Chad & Liberia)
T-AGRI CO., LTD is a private Vietnamese firm that specializes in offering a wide range of cashew-related services and ancillary operations. We have mastered a diverse and extensive network as well as close partnerships with the majority of businesses from all sectors and all areas in the global cashew supply chain, with more than 10 years of experience and knowledge.
