Tuesday, October 22, 2019 10:33:59 AM - Markets open
VN-INDEX 985.09 +1.53/+0.16%
HNX-INDEX 104.17 +0.16/+0.16%
UPCOM-INDEX 56.63 +0.03/+0.05%
Asanzo cleared of origin fraud: VCCI
https://vietnamnews.vn - 8/31/2019 9:40:09 AM
 (0 ratings. You must sign in to rate.)
Asanzo Group did not commit origin fraud when it slapped the 'Made in Vietnam' label on its products, said a task force from the Vietnam Chamber of Commerce and Industry (VCCI) yesterday.
 
The group was found to have complied with the country’s existing laws and regulation on product origin, said Vũ Kim Hạnh, head of the VCCI task force.
 
They concluded Asanzo products were correctly labelled 'Made in Vietnam' because they were assembled in Việt Nam with some parts imported from outside the country.
 
The task force did not make any comment on the quality of the products.
 
As for the allegation Asanzo may have imported goods from China but claimed them to be of Vietnamese origin when sold to domestic consumers, VCCI advised the group to provide agencies with concrete evidence and written reports to ensure their rights and interests are protected.
 
Local media in June reported Asanzo had set up operations to import parts from China for assembly in Việt Nam. Their workers then allegedly removed the 'Made in China' stamps, assembled them into finished products and labelled them 'Made in Vietnam'.
 
The group’s CEO Phạm Văn Tam denied the accusation on June 23, saying 70 per cent of the products’ parts came from China and other countries as Việt Nam was unable to produce them. His group’s is a common practice employed by many other companies.
 
The market backlash has been devastating for the group with major retailers taking their goods off shelves and consumers calling for a boycott of the brand.
 
Established in 2013, Asanzo Việt Nam sells mobile phones and home appliances such as air conditioners, microwaves, cookers and blenders, with TVs its key product line. — VNS
 
Read original article here
Newer News
02/10 Phones and components lead in January-September export turnover
31/08 CPTPP promises stronger ties with Singapore, Malaysia: workshop
Older News
28/07 Exporting firms should focus on intellectual property
21/07 VN has trade surplus of about $1.6 billion in H1
 
Newsletter Signup
Top Stories
Prices of Grade A office space rise due to low supply
VN stocks to beat 1,000 points in Q4
Consumer price index to be controlled at low level of 3.3-3.5% in 2019
Crude import tax zeroed in November
VN central bank makes first key rate cut since 2017
Market Update
Last updated at 10:55:00 AM
VN-INDEX 985.09 +1.53/+0.16%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.