Textile Industry in Vietnam

 

Vietnam textile industry for many years has always been one of the major export sectors of Vietnam. With the development in technology, the number of skilled worker is growing along with many preferential policies from the Government, the textile industry has obtained encouraging results, creating the value of goods, ensuring domestic demand and export.

1.Overview of the industry

According to the General Department of Customs, in 2014, the value of exports textiles reached 20.91 billion dollars, increasing 16.6% compared to 2013. The value of textile exported was the second largest export industry in Vietnam.

Vietnam’s textile industry has a high production capacity: 4,424 enterprises (as of 31/12/2013) with 2.5 million workers, growth rate of 14% annually. There are 1.2% of enterprises reaching $100 million export revenue, 3.25% of them reaching 50 million and 30% reaching over $1 million. There been several textile products including 8000 tons of cotton fiber, yarn 900 thousand tons, 1.5 billion m2 fabric. Localization ratio of the whole industry was 50% in 2014.

Export capacity of the textile industry is also very impressive. Particularly in 2014, the export value reached 20.91 billion US dollars, accounting for nearly 14% of total turnover exporting ones in the country­­ – No. 1 export industry of Vietnam until 2012, No. 2 in 2013 onwards (after the mobile phone). Vietnam is the 4th largest exporting country, accounting for 4.92% of global textile exports in 2014, after China, Bangladesh, Italy.

Vietnam’s textile sector has yet to master generating raw material. The high-quality raw material required depends heavily on importing (around 60-70%). Mainly imported raw materials are from China, Taiwan and Korea. Vietnam’s textile industry has currently imported 90% of raw cotton, 100% synthetic fibre and 80% cotton fabric.

According to research by the Ministry of Labour, every $1 billion of Vietnam textile export created extra 250,000 jobs. Currently, Vietnam has a population of over 90 million people which 49% of the population of working age worked in the textile industry. Moreover, the labour cost in Vietnam is relatively low compared to many countries in the region. The advantage of the lower labour cost will resulted in lower production cost, thus being price competitive. However, in this sector, there is a shortage of skilled labour leading to difficulties to develop the industry.

2.Opportunities for textile industry

TPP is a great opportunity for many industries including textile. According to economic experts, TPP will have a huge influence in the global textile industry. TPP opens investment opportunities (FDI) into developing materials and supporting industries. When joining the TPP, textile tax rate reduced to 0% which indicates a huge profits for Vietnam’s textile sector.

Besides, FTAs (The free trade agreements) also opens up further export opportunities for Vietnam’s textile industry to the market European Union, Korea, Asian Economic Union – Europe … Vietnam will benefit from free tariff agreement from EU . Besides, the Vietnamese enterprises will be supported in terms of access to high technology from other countries, thus enhancing value of products.

3.Challenges

Other than opportunities, the textile industry will be facing many challenges. The domestic textile enterprises are mainly operating in small and medium scale with low capital investment and financial resources, limited technology, equipment and innovation capabilities. This lead to inability to achieve economic efficiency and compete with other countries. After all trade agreements take effect, Vietnam’s textile industry must meet strict rules and requirements such as origination of raw material (fabric). Meanwhile, most of raw materials (fabrics) was imported from other countries such as China (not a member of TPP). Therefore, if Vietnamese enterprises do not use raw materials from Vietnam or other countries in the TPP, it will be difficult for them to enjoy free tariff when exporting to the US and other countries in the TPP. Therefore, Vietnamese enterprises are highly recommended to learn about TPP and other free trade agreements. Besides, Vietnamese enterprises should prepare for qualified workforce, equipment and new technologies and intellectual property. The state and agencies functions have created specific guidance on the provisions of the tax, customs to help Vietnamese enterprises to utilise export opportunities with the advantages of tariff.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

Readmore: http://www.antconsult.vn/news/textile-industry-in-vietnam.html

Read More

FDI in Real Estate Reached 1 Billion USD in 2016

The area of real estate business attracted total FDI capital reached 1 billion USD in the first 9 months of 2016.

Foreign Investment Department (Ministry of Planning and Investment) has announced FDI report for the first 9 months of 2016. Accordingly, there were 1,820 newly licensed projects with total registered capital of 11.02 billion USD, increased by 1.1% over the same period. Meanwhile, there are 851 projects registered to adjust capital with the added value of 5.3 billion USD, decreased by 13.9% over the same period.

Generally in the first 9 months of 2016, total newly registered and additional capital reached 16.4 billion USD, decreased by 4.2% over the same period in 2015.

In 9 months, foreign investors have invested in 19 sectorsin which the field of processing industry, manufacturing is the sector attracting more attention of foreign investors with 767 new projects and 608 respectively adjust capital projects.

In 9 months, foreign investors have invested in 19 sectors, in which the field of processing industry and manufacturing are the sectors attracting more attention of foreign investors with 767 new projects and 608 projects register to adjust capital.

Total new and increasing capital to processing industry and manufacturing reached 12.15 billion USD, accounting for 73.9% of total registered capital in 9 months.

In particular, the field of real estate business ranks 2nd with 34 newly registered projects, total capital reached 1 billion USD. The field of professional activities, science and technology ranks 3rd with 649 million USD, accounting for 3.9% of total investment capital…

In the first 9 months of 2016, there are 65 countries and territories have investment projects in Vietnam. Korea leads the way with a total investment capital reached 5.58 billion USD. Singapore ranked 2nd with total investment of 1.84 billion USD. Japan ranked 3rd with total investment capital of 1.7 billion USD.

Foreign investors have invested in 54 provinces and cities in which Hai Phong attracted the most investment capital with 37 new projects and 28 projects register to adjust capital, corresponding to 2.74 billion USD. Followed by Hanoi and Dong Nai with total investment capital of 1.97 and 1.89 billion USD respectively.

Some large projects that are licensed in the first 9 months of 2016 including LG Display Hai Phong with total registered investment capital of 1.5 billion USD, invested by LG Display Co., Ltd (Korea). The goal of the project is producing and processing plastic OLED display products for mobile devices such as cell phones, smart watches, tablets.

LG Innotek plant project in Hai Phong with total registered investment capital of 550 million, invested by LG Innotek Co., Ltd. (Korea) with the goal of producing camera modules.

Amata City project in Long Thanh has a total investment of 309.3 million USD, invested by Thai investor with the goal of building service urban in Dong Nai.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

Readmore: http://www.antconsult.vn/news/fdi-real-estate-reached-1-billion-usd-2016.html

Read More

Danang Resort Real Estate Is Growing Well

Savills Vietnam has just published a report updating the situation of Danang real estate market in the first half of 2016. Accordingly, the segment of hotel, resort and villa continues to be exciting with the launch of many new projects as well as the presence of many famous brands in the world.

Specifically, according to Savills Vietnam, in the first half of 2016, the number of tourists coming to Da Nang has increased by 28% year on year, while domestic passenger traffic increased by 4% year on year.

Thanks to the flourishing of the tourism activity, only in the second quarter of 2016, the total number of 3 – 5 stars hotel in Danang increased by 4% quarter on quarter and 15% year on year. The average occupancy rate has also increased by 2% compared to the first quarter of 2016. The average room rate has increased by 6% over the same period in 2015.

Place these datas in the context of the tourism industry of some central provinces (from Ha Tinh to Thua Thien Hue), which are suffering heavy losses due to the environmental disaster caused by Formosa in the first months of 2016, it is clear that the attraction of Danang tourism is very good.

Also according to Savills, in the second half of 2016, 3 new projects in the hotel segment, which are expected to enter the market, will continue to provide about 1,320 rooms; including Crowne Plaza phase 2, Hilton Danang Hotel and Four Points under Sheraton. Since the third quarter of 2016 to 2018, it is expected to have 35 new projects entering the market.

For the resort villa segment, Danang is a pioneer in high-end coastal real estate segment and second (after Nha Trang) in total supply with 1,199 villas and 3,367 apartments. The surveys indicate that more than 80% of buyers coming from Hanoi, being attracted by diverse portfolio of products, complete infrastructure, tourism prospects, attractive sales policy as well as an image of Danang as a green, young and dynamic city.

We have to mention the successful projects such as Bana Hill, Ocean Villas, Hyatt Regency, Furama, Intercontinetal and Azura. Moreover, there are large-scale future projects that are Soleil Danang, Coco Bay, Da Phuoc, Han Riverside, Ariyana, Central Coast, Vinpearl Han River and Ocean Suites & Estates. The market is expecting a large supply of coastal apartments and villas.

According to Savills Vietnam, Danang provides investors benefits from the complete development of infrastructure and urban planning. While the northwest coastal areas have the advantages of natural landscapes to develop eco-tourism, the urban areas are developing towards becoming a center of trade, finance and education. In addition, the eastern coastal areas are marked for tourism and hotel industries; the southern of Danang is expected to develop tourism and a large urban area.

With the modified Real Estate Business Law, Housing Law and expanding the conditions for foreigners to own houses in Vietnam, the real estate market of Danang will certainly become more attractive and with sustainable development in the future.

Readmore: http://www.antconsult.vn/news/danang-resort-real-estate-growing-well.html

Read More

Hong Kong Investment Funds Investing in Real Estate, Banking of Vietnam

In the talks with Vietnam Prime Minister Nguyen Xuan Phuc on September 14th 2016, representatives of corporations and large investment funds from Hong Kong have expressed their interest in investment opportunities in Vietnam.

Talking to Hong Kong enterprises, Government leaders said that Vietnam has amended the Law on Investment towards more open and transparent, creating stable investment environment, ensuring maximum property rights of investors and enterprises; conducting strong reform of administrative procedures in areas such as taxes, electronic customs clearance…

In the process of development, Vietnam hopes that foreign investors will invest in areas such as road transport, railway, waterway and other infrastructure. The Vietnam Prime Minister also noted that investors in the process of production and business should pay attention to ensure the livelihood and skills training of employees; compliance with laws and regulations regarding environment protection in Vietnam.

Highly appreciated the solutions and policies of Vietnam Government, Dr. Jonathan Choi – Sunwah Group Chairman, who is also a permanent Honorary President of China Chamber of Commerce in Hong Kong said that investors in Hong Kong are very interested in the stable investment environment and respecting the development of private sector in Vietnam. The investment sectors that are interested by Hong Kong’s large enterprises and investment funds are energy, healthcare, real estate, finance and banking.

Speaking in front of 300 investors attending the Hong Kong – Vietnam Business & Investment Forum, Prime Minister Nguyen Xuan Phuc said that Vietnam will become one of the largest trading partners of China in ASEAN. In 2016, the bilateral trade turnover between the two countries could reach 100 billion USD.

Also at the forum, Head of Hong Kong Special Administrative Region stated that the Government here will continue to open the door and strongly supporting Vietnam enterprises to penetrate the Hong Kong and Chinese domestic markets.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

Readmore: http://www.antconsult.vn/news/hong-kong-investment-funds-investing-real-estate-banking-vietnam.html

Read More

Why do we have to undertake background check before recruitment

Recruitment is the process of screening and recruiting qualified people to meet a job in an organization in general and in particular business. Recruitment plays a very important role in business development. Hence, employment background check in Vietnam is required by company with high standard for employee.

Why employment background check in Vietnam is needed?

Effective recruitment will provide businesses with a team of skilled, active, creative employees and provide human resources in accordance with the business performance of the business. Only when doing well the recruitment stage can we do well in the next stages. Therefore, businesses need to recruit the right people right the first time as well as arrange them in an important position.

Most of the information that enterprise has is provided by the employee and there is no verification of the information. And if the enterprise only relies on the information provided by the employee, it is likely that the employee is dishonest, or causes mistakes and avoid responsibility. To recruit “right employee, right job”, enterprise needs to check the applicant’s background.

What to include in employment background check in Vietnam?

Checking employee’s background is to create trust between enterprise and employee. The background check includes: Verify Identification; Verify at home; Verify qualifications and certificates; Verify employment history at old jobs; Verify criminal records in Vietnam.

Verification of the background helps to know personal information, origin, hometown, criminal status of the employee. Thereby, background check will minimize commercial risks; preventing fraud and internal theft better; increase security of data and documents in the enterprise. In particular, for important positions in the enterprise, the confidentiality of enterprise document information is extremely necessary.

Verifying employment history at past jobs is to understand working process and the reason for job termination; obtain an objective view of the necessary competencies, skills and work experience. From there, enterprise could save time in searching for suitable employees as well as saving labor training costs.

In addition, background check improves business efficiency, develops a team of integrity to meet the business requirements of the enterprise. Because recruiting well means finding out people to perform the job with the capabilities and qualities to complete the assigned work, then effective recruitment helps the enterprise perform well its business goal and improve profitability.

How employment background check in Vietnam should help?

Currently, the situation of fraud, diploma trading, or dishonesty in recruitment, many enterprises cannot control and verify all the information that employees provide. Enterprises need to check applicant’s background when recruiting to prevent fraud, internal theft; increasing security of data and documents in enterprises; decrease recruitment time and training costs. Besides, creating trust between businesses and employees; increase employee productivity and product quality as well as increase business profits. It is suggested to consult with professional background check service company with proven track record in Vietnam to help with the local service taking advantage of doing business in Vietnam.

Readmore: https://www.antconsult.vn/news/why-do-we-have-to-undertake-background-check-before-recruitment.html

Read More

Signs of possible corporate frauds to notice and avoid

 

Vietnam has signed many Free Trade Agreements with many countries and regions around the world, which makes international economic exchange easier. However, the expansion of international trade also makes many businesses at risk when they encounter fraudulent customers in their business.

According to the Ministry of Industry and Trade, in 2020, the Trade and Embassy of Vietnam in the a number of countries continuously received invitations to sell, buy goods and sign commercial transaction contracts which have signs of fraud and scams.

Despite many warnings and notices, but due to subjective psychology, high profits, limited foreign trade operations, lack of understanding of customers, difficulties due to epidemics, many businesses cannot directly meeting, checking goods,… using online transactions, which causes businesses to take advantage of fraudulent acts.

Some ways of commercial fraud activities such as: Unpaid delivery; Forging documents even bank papers to get goods; Set the person to get export documents; Using hackers to infiltrate the email addresses of two parties that are having transactions, track the progress of the negotiation, when the buyer prepares to transfer money to buy goods, hack the mailbox (or create an email account with the exact same address as the seller’s email) to send fraudulent account information. After the buyer transfers money to the fraudulent account, they will immediately withdraw the money and disappear; Using advantage of carelessness and unprofessionalism of domestic enterprises such as not asking a reputable inspection organization to check the goods before delivery, not verifying information about partner enterprises… to transfer goods with no value, not in accordance with the contract, or to notify the damaged or poor quality goods to pressure the price, deduct the debt or claim compensation …

Some signs of identifying fraudulent businesses which one should pay attention are: the price negotiation, the contract takes place easily, quickly, less bargaining, accepting high prices; Deposit to receive investment money; Do not provide or provide documents of many different legal entities; Opening L/C at a non-reputable bank in a third country; Business license is about to expire …

In order to avoid working with fraudulent partners, businesses need to improve their professional expertise, legal knowledge, and thoroughly understand their partners before making transactions, especially the new partner is dealing for the first time.

The current commodity prices could be updated through market information or on international commodity websites. Therefore, when there is a request for goods to be paid too high, or too low compared to the prices in the market, the enterprises need to pay close attention and carefully check their reliability.

It is also possible to reduce the risks through the professional service of local risks management in Vietnam for conducting of business due diligence, business license record checking, site visit survey, shareholders or directorship checking, criminal record certificate checking, business reputation verification, public reputation search, research for records of enterprises, research for the reputation of the company, …

Read more: https://www.antconsult.vn/news/signs-of-possible-corporate-frauds-to-notice-and-avoid.html

Read More

Why background check is needed when applying for second passport

 

Nowadays, it is popular for individuals to have a second passport. It can be seen that in many countries, individuals are restricted to travel freely between countries. Typically, such nationals whom wish to travel abroad are required to apply for a visa which takes a lot of paper preparation for proof of financial status, legitimate reasons and waiting time.

The investment for second citizenship will help investors get a more powerful passport, less limited mobility, especially in European countries. This is also an invaluable advantage for those who wish to expand their business opportunities internationally. Different countries will have different citizenship investment programs, the most common forms of contribution to national funds and investing in real estate in that country.

However, in addition to the mandatory conditions for the investment, in order to be able to receive the passport, the investor also needs to go through a certain application review process. Normally, the countries that grant citizenship to foreign citizens will conduct judicial background verification, background check, criminal record, and the investor’s health status such as Cyprus, Montenegro, Bulgaria, Hungary. In particular, the applicant will have to be qualified for civil liability. There are countries that are particularly concerned about the investor’s health such as Malta, which requires the individual applying to have global health insurance, investors and families need to prove that they purchased health insurance in their immigration application. In Cyprus, in order to pass the document check, investors also need to provide proof of the investment money source. Similar in Malta, Montenegro the investors need to present documents proving that the money has legal origin. Sometime, there are needs to verify the legitimate of the documents provided by the applicants.

Further, verification of employment, salary, income, assets are also important for the review process. To some extents, the investors and their companies are also assessed for reputation and adverse media impact. In some countries, investors need to have documents certifying that they have resided there for a specific period of time at the request of the Government. In Malta, for example, the investor needs to reside here for 12 months before applying. In Bulgaria or Antigua & Barbuda, after being granted citizenship, investors need to reside in these countries for a certain period of time. For the citizenship by investment program in Montenegro, the application will only be accepted when it is submitted through a government-licensed agent under the program.

Read more: https://www.antconsult.vn/news/why-background-check-is-needed-when-applying-for-second-passport.html

Read More

Why do we have to undertake background check before recruitment

Recruitment is the process of screening and recruiting qualified people to meet a job in an organization in general and in particular business. Recruitment plays a very important role in business development. Effective recruitment will provide businesses with a team of skilled, active, creative employees and provide human resources in accordance with the business performance of the business. Only when doing well the recruitment stage can we do well in the next stages. Therefore, businesses need to recruit the right people right the first time as well as arrange them in an important position.

Most of the information that enterprise has is provided by the employee and there is no verification of the information. And if the enterprise only relies on the information provided by the employee, it is likely that the employee is dishonest, or causes mistakes and avoid responsibility. To recruit “right employee, right job”, enterprise needs to check the applicant’s background.

Checking employee’s background is to create trust between enterprise and employee. The background check includes: Verify Identification; Verify at home; Verify qualifications and certificates; Verify employment history at old jobs; Verify criminal records in Vietnam.

Verification of the background helps to know personal information, origin, hometown, criminal status of the employee. Thereby, background check will minimize commercial risks; preventing fraud and internal theft better; increase security of data and documents in the enterprise. In particular, for important positions in the enterprise, the confidentiality of enterprise document information is extremely necessary.

Verifying employment history at past jobs is to understand working process and the reason for job termination; obtain an objective view of the necessary competencies, skills and work experience. From there, enterprise could save time in searching for suitable employees as well as saving labor training costs.

In addition, background check improves business efficiency, developes a team of integrity to meet the business requirements of the enterprise. Because recruiting well means finding out people to perform the job with the capabilities and qualities to complete the assigned work, then effective recruitment helps the enterprise perform well its business goal and improve profitability.

Currently, the situation of fraud, diploma trading, or dishonesty in recruitment, many enterprises cannot control and verify all the information that employees provide. Enterprises need to check applicant’s background when recruiting to prevent fraud, internal theft; increasing security of data and documents in enterprises; decrease recruitment time and training costs. Besides, creating trust between businesses and employees; increase employee productivity and product quality as well as increase business profits. It is suggested to consult with professional background check service company with proven track record in Vietnam to help with the local service.

Read more: https://www.antconsult.vn/news/why-do-we-have-to-undertake-background-check-before-recruitment.html

Read More

Why is it important to undertake background check before hiring

 

Every business in order to be able to operate stably and develop must first have an effective resource. In addition to material, technological, and machine resources, human resources are considered as an important resource that determines the success of an enterprise. It is important to conduct background check before hiring to confirm the information given by the employee reflects the truth.

Human resources are people who are directly involved in working for the business in different positions with the aim of creating values ​​and profits for the business, contributing to the development of the business. Thus, in order for businesses to be able to recruit capable and qualified individuals suitable for the position that the business is looking for, the business needs to have research and selection. Below is the necessary information that businesses can refer to be able to choose a suitable candidate.

Professional competence and skills are concerns that every business wants in its candidate. With high professional ability and good problem-solving skills, it will be a factor to help businesses develop well, satisfy customers, increase competitiveness with competitors… contribute to creating profits and improving location of the business. To find out this information, businesses can look in the information about the education and experience that the candidate provides or contact the previous company to confirm the accuracy of this information.

Besides, professionalism is also a necessary requirement that businesses should look for in candidates. It is shown in punctuality, polite manners, proper manners, responsibility for work, seriousness and respect for work, respect for colleagues and superiors, responsibility for work results, admit faults and get solution.

In addition, businesses should learn the personality of the candidate to know if the candidate is a good fit for their corporate culture. Because corporate culture is an “implicit” rule common to everyone in the business. Candidates who do not fit the corporate culture find it difficult to get along with everyone in the process of working together. Businesses can find this information in a candidate’s interests or activities section, or through candidate sources from a previous workplace.

Honesty, integrity, ethics are essential qualities of a good employee. That is the basis for businesses to trust and work long-term with candidates. Therefore, when choosing employees to work, businesses should consider this factor because candidates with these qualities will bring many benefits and be the basis long-term commitment. However, it is difficult for businesses to find out if a candidate is honest and integrity through just one interview. For important positions, businesses should carefully learn this information from the previous company or through the personal information channels of the candidate.

Moreover, there is a method that businesses can apply when selecting candidates that is taking a test. Through the test results, businesses can know about a lot of general information such as: attitude, skills of handling situations, reasoning and calculation ability of candidates when facing a problem and also in terms of cognitive ability, achievements, work experience, interests… From there, enterprises also assess the candidate’s ability to integrate and adapt.

In addition, the candidate’s resume, background check, personal reference are also a reliable basis for businesses to know about their working history, reputation of employee in previous assignment, work, previous criminal records or not, etc. There is evaluation and consideration when selecting suitable candidates.

These are the reasons why businesses need to find out information about candidates before hiring. Knowing what skills and characteristics to look for in current employees as well as when recruiting new employees ensures the quality of your human resources and leads to an efficient business. Hence, background screening has been increasingly important before hiring as part of risk management and risk prevention in Vietnam.

Read more: https://www.antconsult.vn/news/why-is-it-important-to-undertake-background-check-before-hiring.html

Read More

Background Check Service in Vietnam

 

Vietnam is working on improving on the level of transparency. It is advisable that foreign investors take effort to learn about their partners before cooperating with them. In other words, it is important to understand an individual or enterprise before joining venture with them in Vietnam so that the investors may reduce the minimum risks that may occur as well as evaluating the possibility of cooperation in the future.

Despite the high risks of fraud, there are good opportunities in Vietnam. Namely, at the present, Vietnam has been strongly attracting direct investment capital from foreign investors. This leads to the demands of investigation as above – mentioned.

If the investors ignore this step of investigation, they may take heavy consequences because of their subjective. It may be a loss of money, time, effort and reputation.

Normally, most of the investors investing in Vietnam for the first time are using survey results from third parties, that is, the companies specializing in the investigation of market information.

Because, first, when investing in a whole new market, the investors do not understand clearly about the investment environment as well as the operating subjects in this new market. If the investors conduct the investigations themselves, the result may be inaccurate and not objective.

Second, the investors can save time as well as money to focus on other professional activities. With a team of experienced professionals, the companies specializing in this investigation field have full of capacity to meet all requests from the investors. Besides, time for the investigation is quick, and the price shall be much cheaper than the cost that the investors use to do their own investigation.

Therefore, if you are going to invest in Vietnam, we recommend you to conduct a thorough Vietnam background check, which includes the followings:

Research for records of enterprises or record of individuals in Vietnam;

Research for the reputation of the company or individual who shall be your business partners in Vietnam;

Research for the history of public information about the company or individual.

Employee Background Check in Vietnam

Read more: https://www.antconsult.vn/news/background-check-service-in-vietnam.html

Read More

Why employee background check is important

 

It has been increasingly important for employer to understand about the employee through employee background check to reduce potential hiring risks.

The risk of wrong hiring could be accessing the wrong talent, exposure to criminal activities, legal issues, reputation matters that impact the business, workforce or customers.

It is understandable that if applicants are dishonest in how they obtained a job, they may be dishonest once they have the job. This could not be found out during the interview.

Hence, it is important to consider investment in background screening service to minimize the risks associated with workplace violence, lost customers, negligent hiring lawsuits, identity theft and fraud, embezzlement, data breaches, and high turnover.

The pre-employment screening by verification and validation of the information and documents provided by the potential candidates could cover the following matters.

Government-issued identification document. The candidate will provide one or more identification (ID) documents i.e. a photo ID card or passport. The employee background screening firm is asked to verify that the ID document provided by the candidate is valid.

Criminal record check. This information cannot be provided by the candidate. This record check will likely be obtained directly from Provincial Department of Justice, and possibly other local or national law enforcement organizations. With the authorization of the application, such criminal record could be obtain by background check company.

Employment history. The candidate will provide the name and location for his or her previous employers for a number of years. The background screening firm is asked to verify that the candidate actually worked for the previous employers listed.

Education history. The candidate will provide a copy of the highest degree or certificate of completion issued by the educational institution i.e. university, industrial training academy. The background check service company is asked to verify that the degree, certificate was actually issued by the institution to the candidate. The candidate may be asked to provide official transcripts from the educational institution in lieu of, or in addition to, the copy of a degree, certification in order to assist in the verification process.

Professional accreditation. If a candidate claims to have a professional accreditation or certificate, the candidate should also provide a copy of this to verify.

Managerial position. This information, a search of government records cannot be provided by the candidate. This record check will be obtained directly from Business Registration Office by employee background check service

If a person passes a background check, it does not mean such hiring would not encounter issues in the future but it is important to have as much information about applicants being verified to warn the risks if found before making hiring decisions to reduce the potential risks to the employer and its workforce, customers.

Read more: https://www.antconsult.vn/news/why-employee-background-check-is-important.html

Read More

Why employee background check is important? | ANT Consulting

 It has been increasingly important for employer to understand about the employee through employee background check to reduce potential hiring risks.

The risk of wrong hiring could be accessing the wrong talent, exposure to criminal activities, legal issues, reputation matters that impact the business, workforce or customers.

It is understandable that if applicants are dishonest in how they obtained a job, they may be dishonest once they have the job. This could not be found out during the interview.

Hence, it is important to consider investment in background screening service to minimize the risks associated with workplace violence, lost customers, negligent hiring lawsuits, identity theft and fraud, embezzlement, data breaches, and high turnover.

The pre-employment screening by verification and validation of the information and documents provided by the potential candidates could cover the following matters.

Government-issued identification document. The candidate will provide one or more identification (ID) documents i.e. a photo ID card or passport. The employee background screening firm is asked to verify that the ID document provided by the candidate is valid.

Criminal record check. This information cannot be provided by the candidate. This record check will likely be obtained directly from Provincial Department of Justice, and possibly other local or national law enforcement organizations. With the authorization of the application, such criminal record could be obtain by background check company.

Employment history. The candidate will provide the name and location for his or her previous employers for a number of years. The background screening firm is asked to verify that the candidate actually worked for the previous employers listed.

Education history. The candidate will provide a copy of the highest degree or certificate of completion issued by the educational institution i.e. university, industrial training academy. The background check service company is asked to verify that the degree, certificate was actually issued by the institution to the candidate. The candidate may be asked to provide official transcripts from the educational institution in lieu of, or in addition to, the copy of a degree, certification in order to assist in the verification process.

Professional accreditation. If a candidate claims to have a professional accreditation or certificate, the candidate should also provide a copy of this to verify.

Managerial position. This information, a search of government records cannot be provided by the candidate. This record check will be obtained directly from Business Registration Office by employee background check service.

If a person passes a background check, it does not mean such hiring would not encounter issues in the future but it is important to have as much information about applicants being verified to warn the risks if found before making hiring decisions to reduce the potential risks to the employer and its workforce, customers.

Read More

Signs of possible corporate frauds to notice and avoid | ANT Consulting

 Vietnam has signed many Free Trade Agreements with many countries and regions around the world, which makes international economic exchange easier. However, the expansion of international trade also makes many businesses at risk when they encounter fraudulent customers in their business.

According to the Ministry of Industry and Trade, in 2020, the Trade and Embassy of Vietnam in the a number of countries continuously received invitations to sell, buy goods and sign commercial transaction contracts which have signs of fraud and scams.

Despite many warnings and notices, but due to subjective psychology, high profits, limited foreign trade operations, lack of understanding of customers, difficulties due to epidemics, many businesses cannot directly meeting, checking goods,… using online transactions, which causes businesses to take advantage of fraudulent acts.

Some ways of commercial fraud activities such as: Unpaid delivery; Forging documents even bank papers to get goods; Set the person to get export documents; Using hackers to infiltrate the email addresses of two parties that are having transactions, track the progress of the negotiation, when the buyer prepares to transfer money to buy goods, hack the mailbox (or create an email account with the exact same address as the seller’s email) to send fraudulent account information. After the buyer transfers money to the fraudulent account, they will immediately withdraw the money and disappear; Using advantage of carelessness and unprofessionalism of domestic enterprises such as not asking a reputable inspection organization to check the goods before delivery, not verifying information about partner enterprises… to transfer goods with no value, not in accordance with the contract, or to notify the damaged or poor quality goods to pressure the price, deduct the debt or claim compensation …

Some signs of identifying fraudulent businesses which one should pay attention are: the price negotiation, the contract takes place easily, quickly, less bargaining, accepting high prices; Deposit to receive investment money; Do not provide or provide documents of many different legal entities; Opening L/C at a non-reputable bank in a third country; Business license is about to expire …

In order to avoid working with fraudulent partners, businesses need to improve their professional expertise, legal knowledge, and thoroughly understand their partners before making transactions, especially the new partner is dealing for the first time.

The current commodity prices could be updated through market information or on international commodity websites. Therefore, when there is a request for goods to be paid too high, or too low compared to the prices in the market, the enterprises need to pay close attention and carefully check their reliability.

It is also possible to reduce the risks through the professional service of local risks management in Vietnam for conducting of business due diligence, business license record checking, site visit survey, shareholders or directorship checking, criminal record certificate checking, business reputation verification, public reputation search, research for records of enterprises, research for the reputation of the company, …

Read More