B2B DEBT COLLECTION IN VIETNAM

Of course, it is always to make the right decision when the matter is related to the payment for the issued bill. Litigation is the most popular option to resolve money issues and collecting debt from businesses.

There is no minimum amount required to start a judicial process in Vietnam. Even so, the costs to carry it out may cause it to be inconvenient. In general, the costs of recovery through judicial proceedings are likely to be unreasonably high.

Furthermore, you should keep in mind that direct litigation is not common in Vietnam. Due to the culture and praxis, companies prefer to find solutions to their problems through mediation.

Additionally, it should be noted that the companies, which own finances to their partners, are not usually looking forward to fulfilling the court ruling. It is not common for the local companies to get loans or be credited by the partners to return finances under obligations within the nearest possible time.

Moreover, it often happens that after the debt occurs, the phone numbers become invalid, no additional contact information can be found on them, and the office of the company appears to be empty.

Hence, in case you have a debt, it is better to look for a help of an expert – professional collector in the region.

For example, CIS DRS (a B2B debt collection agency) lawyers achieve an amicable settlement by the involvement of the parties in the negotiation process, fact-finding, identifying problems, clarifying questions, development of repayment options, assessment of the debtor's motivation, reaching an amicable commercial agreement with the client and the debtor, and finally careful monitoring of settlement execution.

Note that to avoid debt occurrence you need to thoroughly examine all the information about each potential partner (contact details, credit rates, reputation on the international market, etc.). Also, treat all documents responsibly and practice recording everything both on paper and in electronic form. Finally, issue invoices and get paid as soon as possible, negotiate about the prepayments if attainable.