Police investigate electronic firm Asanzo for trade fraud

The government is determined to deal with the case in compliance with the law and ensure lawful rights of enterprises and consumers.

Police investigate electronic firm Asanzo for trade fraud

 Overview of the conference. Source: VGP. 

The Ministry of Public Security is investigating electronic firm Asanzo for its alleged trade fraud activities, according to Dam Thanh The, Chief of the Standing Office of the National Steering Committee against Smuggling, Trade Fraud and Counterfeiting Goods, aka Committee 389.

The government is determined to deal with the case in compliance with the law and ensure lawful rights of enterprises and consumers, said The at a press conference on January 3.

On October 28, Vice Director General of the General Department of Vietnam Customs (GDVC) Mai Xuan Thanh said Asanzo had committed a series of offenses, including cheating customers, origin fraud, use of fake labels and tax evasion.

Regarding the allegation of cheating customers, Thanh said the assembly processes for some products were not carried out as the firm advertised with modern equipment, but in reality, all processes were executed manually by screwing different parts into complete products. 

Moreover, the use of slogan “Advanced Japanese Technology” for some products is inaccurate. 

Thanh added Asanzo has not received confirmation from the Ministry of Science and Technology for receiving technology transfer from Sharp Roxy Hong Kong, or completed the payment to the latter. 

Customs authority also concluded that Asanzo in fact only assembles products instead of manufacturing them as the added value created after assembling accounts for 1 – 2% of the total cost of a product, while accessories and imported components make up 98 – 99% of the costs. 

As a result, these final products are not qualified as made-in-Vietnam and show signs of origin fraud. 

At the meeting, representative of the Supreme People’s Procuracy Lai Anh Tuan said there have been signs of tax evasion from Asanzo, including not issuing invoices or using fake ones. 

Regarding the case of Binh Duong-based Excel Bicycle Company falsifying the origin of imported Chinese electronic bicycles as Vietnamese origin and later exporting to the US, Nguyen Hung Anh, director of the Anti-smuggling and Investigation Department under the GDVC, said the customs authority would confiscate all bicycles and imported parts subject to export.

 

According to Committee 389, in the first 11 months of 2019, the customs authority identified 191,000 cases and fined violators with over VND20 trillion (US$865.58 million), up 4% year-on-year, filing a lawsuit for 1,864 cases, up 29%.

At a year-end meeting of Committee 389, government leaders requested more efforts from local authorities against smuggling and trade fraud activities in 2020, aiming to maintain a fair and transparent market and business environment. Hanoitimes

Ngoc Mai

Sharp Vietnam once again accuses Asanzo of forging documents

Sharp Vietnam once again accuses Asanzo of forging documents

Sharp Electronics Vietnam has once again sent a letter of denunciation to six ministries and agencies, accusing local electronics company Asanzo Vietnam of falsifying documents.

Vietnam’s major electronic firm Asanzo initially found cheating customers

Vietnam’s major electronic firm Asanzo initially found cheating customers

Asanzo only assembles products instead of manufacturing them, because the added value created after assembling accounts for just 1 – 2% of the total cost of a product, while accessories and components imported from abroad make up the rest.

 
 

Other News

.
Vietnam calls for initiatives to ensure efficient functioning of APEC supply chains
Vietnam calls for initiatives to ensure efficient functioning of APEC supply chains
VIETNAM & WORLDicon  07/06/2021 

Asia-Pacific Economic Cooperation (APEC) economies needs to continue promoting free and open trade and investment, undertake initiatives to ensure regional supply chains to function smoothly and efficiently,

Small tourism businesses struggle to adapt to COVID-19
Small tourism businesses struggle to adapt to COVID-19
BUSINESSicon  07/06/2021 

The fourth wave of COVID-19 infections in Vietnam has caused disruptions to most sectors once again as the country was preparing for the tourism season.

Drawing up plans to buttress recovery
Drawing up plans to buttress recovery
BUSINESSicon  07/06/2021 

The ongoing fight against the COVID-19 pandemic has led to huge demands for capital for Vietnam to support local production. 

Solar PV market under duress from dependence on imports
Solar PV market under duress from dependence on imports
BUSINESSicon  07/06/2021 

As one of the fastest-developing countries in solar thanks to the current feed-in tariff, Vietnam’s billion-dollar solar panel market is mostly dominated by foreign investors and depending on imports.

VN game industry can become big exporter: experts
VN game industry can become big exporter: experts
BUSINESSicon  07/06/2021 

Vietnam’s mobile game market has huge potential and games can become one of the country’s major exports, experts have said.

Ministry denies proposing price stabilisation fund for steel
Ministry denies proposing price stabilisation fund for steel
BUSINESSicon  07/06/2021 

The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.

Amid crisis, airlines seek ways to prosper
Amid crisis, airlines seek ways to prosper
BUSINESSicon  07/06/2021 

Suffering heavy losses due to the drop in passenger numbers under the impact of the Covid-19 pandemic, some airlines have boosted cargo transport services and made a profit. 

VN auto manufacturers hit hard for last two years
VN auto manufacturers hit hard for last two years
FEATUREicon  07/06/2021 

The Vietnamese auto market prospered for a few years before being affected by the Covid-19 pandemic, but sales of locally assembled cars have fallen.

Supermarkets report dramatic increase in online orders these days
Supermarkets report dramatic increase in online orders these days
BUSINESSicon  06/06/2021 

Some supermarkets and fast food stores in districts 12, Tan Binh, Hoc Mon yesterday announced a dramatic increase in online orders, up by 3-5 times compared to prior days.

New COVID-19 outbreak puts a halt to more domestic flights
New COVID-19 outbreak puts a halt to more domestic flights
BUSINESSicon  05/06/2021 

Given COVID-19 developments, the Ministry of Transport (MoT) has approved the suspension of passenger flights to Con Dao Island and those linking Quang Ninh and Gia Lai provinces with Ho Chi Minh City.

Made-in-Vietnam wooden products conquer US market
Made-in-Vietnam wooden products conquer US market
BUSINESSicon  05/06/2021 

Boasting huge production advantages and capitalising on good market opportunities, Vietnam’s furniture sector has stood firm amid COVID-19 and improved its position in the global market and especially in the US.

Hanoi wants to tax abandoned villas
Hanoi wants to tax abandoned villas
BUSINESSicon  04/06/2021 

Hanoi has proposed to the Ministry of Finance the imposition of a tax or fine on owners of half-finished and abandoned townhouses and villas which were causing considerable waste of land resources.

VN may have to reduce renewable power in the next five years: energy institute
VN may have to reduce renewable power in the next five years: energy institute
BUSINESSicon  04/06/2021 

It is likely that Vietnam will have to reduce renewable energy sources in the next five years, as booming development in recent years was weighing on the power system, according to a recent report by the Institute of Energy.

Vietnam Airlines to sell 11 aircraft
Vietnam Airlines to sell 11 aircraft
BUSINESSicon  04/06/2021 

The national flag carrier Vietnam Airlines has announced the plan to sell 11 A321ceo aircraft made in 2004, 2007 and 2008.

VIETNAM BUSINESS NEWS JUNE 5
VIETNAM BUSINESS NEWS JUNE 5
BUSINESSicon  05/06/2021 

Demand for deposits soar as cashless payments become more popular

Covid-19 pandemic helps clean up condotel market in Vietnam
Covid-19 pandemic helps clean up condotel market in Vietnam
BUSINESSicon  04/06/2021 

Severe economic impacts as a result of the pandemic have put more stress on the local condotel market.

IPs set up, but Vietnam still needs to do more to attract investors
IPs set up, but Vietnam still needs to do more to attract investors
BUSINESSicon  03/06/2021 

There were positive developments of industrial parks in Vietnam in the first five months of the year, but experts still say the country should do more to attract big investors.

CPI growth in Jan-May lowest in five years
CPI growth in Jan-May lowest in five years
BUSINESSicon  03/06/2021 

The country’s consumer price index (CPI) in the first five months of the year grew 1.29% year-on-year, the lowest for the period since 2016, according to the General Statistics Office.

New policies needed to boost Vietnamese private sector
New policies needed to boost Vietnamese private sector
FEATUREicon  06/06/2021 

While foreign-invested enterprises (FIEs) have been growing and prospering, Vietnamese enterprises have been developing inadequately because they lack favorable conditions to thrive.

Deposit interest rates rising despite pandemic
Deposit interest rates rising despite pandemic
FEATUREicon  05/06/2021 

After many months of staying at low levels, deposit interest rates at banks have increased since late May.

 
 
 
Leave your comment on an article

OR QUICK LOGIN