Nông Đức Lai, Commercial Counselor of the Embassy of Việt Nam in China, gave a speech during CIFTIS 2023. — Photo courtesy of the firm

Alibaba.com, has announced the introduction of its Trade Assurance service for Vietnamese small and medium-sized enterprises (SMEs) during the China International Fair for Trade in Service 2023 (CIFTIS 2023) held in Beijing, China.

This represents a major step by Alibaba.com in supporting Vietnamese suppliers to expand their businesses globally.

Trade Assurance is Alibaba.com’s proprietary order protection service that helps SMEs mitigate some of the risks associated with global trade. Suppliers who opt for this service can trade with confidence, knowing that their transactions are protected and backed by a trusted platform. The service requires that a buyer make payment at the time of purchase, and the payment will be held in escrow by Alibaba.com and released to the supplier once the buyer confirms satisfactory receipt of the order within reasonable time.

Nông Đức Lai, Commercial Counselor of the Embassy of Việt Nam in China, said: “We sincerely appreciate Alibaba.com’s initiatives for the Vietnamese market, which aim to support Vietnamese sellers and small and medium-sized enterprises in exporting their products worldwide. By providing support services backed by modern technology, Alibaba.com allows sellers to focus on their expertise by minimising their time and effort spent on processes. We hope that Alibaba.com will continue to introduce innovative solutions that facilitate the global reach of Vietnamese products. Such efforts will not only enable Vietnamese sellers to expand their international presence but also enhance the visibility and awareness of Vietnamese products among global buyers.”

Roger Luo, Head of Southeast Asia, Alibaba.com, said: “Việt Nam is one of Alibaba.com’s high-potential supplier markets, with a robust production capacity and a diverse range of product categories that attract substantial global interest. In recognition of this, we have introduced the Trade Assurance service for the Vietnamese market. This service aims to foster trust between Vietnamese suppliers and buyers worldwide, while also streamlining transaction processes. By doing so, we aim to enhance efficiency and unlock new business opportunities for Vietnamese suppliers, thereby contributing to their growth and success.” — VNS