Alibaba.com Makes Secure Online Transactions Possible for Vietnamese SMEs with Trade Assurance

Ho Chi Minh City, Vietnam, September 6, 2023 – Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce, today 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.

In the event of a dispute, the Trade Assurance team will assist suppliers and buyers to reach a resolution based on the evidence presented. This reduces the need for suppliers to enter into lengthy and expensive legal battles, which SMEs typically are unable to afford.

For participating suppliers, Trade Assurance provides the additional advantage of enhancing buyers’ trust in them and allowing them to accumulate online transaction record as a foundation to improve their online profile, ranking and exposure on Alibaba.com. This means more business opportunities for the suppliers down the road.

Mr. Nong Duc Lai, Commercial Counselor of the Embassy of the Socialist Republic of Vietnam in China, gave a speech during CIFTIS 2023.

During the launch of Trade Assurance for the Vietnamese market at the CIFTIS 2023, Mr. Nong Duc Lai, Commercial Counselor of the Embassy of the Socialist Republic of Vietnam in China, stated: “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 minimizing 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.”

Mr. Wang Tiantian, Head of Cross-Border Supply Chain Services of Alibaba.com, announced the launch of Trade Assurance in Vietnam during CIFTIS 2023.

Mr. Wang Tiantian, Head of Cross-Border Supply Chain Services of Alibaba.com, shared: “Alibaba.com’s goal is to make global trading more accessible to SMEs, enabling them to confidently and conveniently engage in international transactions. We are excited to further demonstrate our commitment by bringing Trade Assurance to Vietnam. We believe the comprehensive order protection it provides can lower barriers to trade for SMEs and create pathways for them to expand and flourish in the global marketplace.”

Mr. Roger Luo, Head of Southeast Asia, Alibaba.com, said: “Vietnam 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.”

From global buyers’ perspective, Trade Assurance offers securer and easier ways to pay for their B2B orders; services for transaction safety; as well as safeguards against unforeseen circumstances such as product quality issues and shipping delays. The order protection is valid for up to 60 days after a buyer receives an order, fostering a smooth and secure sourcing experience.

Source: Vietnam Business Forum