Wednesday, April 24, 2024 4:14:54 AM - Markets open
VN-INDEX 1,177.40 -12.82/-1.08%
HNX-INDEX 222.63 -2.67/-1.19%
UPCOM-INDEX 87.51 -0.51/-0.58%
Asanzo cleared of origin fraud: VCCI
Vietnam News - 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
04/09 Conference promotes cooperation in four southern Lao provinces
13/08 Vietnam, Laos enjoy 24.2% rise in two-way trade in 7 months
11/08 Giá xăng dầu không thay đổi trong lần đánh giá gần nhất
03/02 Number of newly-established firms surges 21.9 percent in January
29/01 Maritime administration to inspect shipping rates hike
29/01 Japanese firms plan expansion in Vietnam this year: Navigos Search
29/01 Vietnam’s January exports up 50.5 percent year-on-year
13/01 Difficult year ahead for leather-footwear sector: experts
13/01 Two more Vietnamese dairy producers licensed to export to China
05/01 HCM City targets higher exports by key earners in 2021
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
Gold bar auction to be resumed after 11 years of suspension
PM Chính requires strengthened gold market management
Bank shareholders to receive high dividends, stock bonuses
Shares sustain gains on strong investor confidence
Banks given advantages to CASA ratio
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,177.40 -12.82/-1.08%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
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.