This document provides an overview of modes of international trade transactions under Vietnamese law. It discusses several modes, including direct import/export, re-exportation, countertrade, and import/export through commercial intermediaries. For re-exportation, it defines and distinguishes temporary import for re-export and transfer of goods through border gates. It also compares the definitions and features of brokerage and agency as forms of commercial intermediary activities. In general, the document aims to outline the different methods through which international trade transactions can be conducted according to relevant Vietnamese laws and regulations.
This document provides an overview of contracts for the international sale of goods. It discusses key concepts such as the definition of contracts for the international sale of goods, differences between domestic and international contracts, and the elements that distinguish international contracts. The document also examines the formation of international sales contracts, including offer and acceptance, and the features of such contracts.
Case study international bussiness negotiationLaura Sotelo
This case study provides an opportunity for students to conduct an international business negotiation simulation. It involves negotiations between a Japanese automobile manufacturer called Nippon Automobile Corporation (NAC) and a US shipping company called US Shipping Lines (USSL) to transport NAC's vehicles from Japan to various locations in North America. Students are assigned roles on the negotiating teams for both companies. The case study aims to highlight cross-cultural considerations and teach negotiation skills. It requires students to research cultural factors, participate in negotiation sessions, and produce a signed contract outlining the agreement between the companies.
L/C là chữ viết tắt Letter of Credit - thư tín dụng : có nghĩa là ngườii mua ký quỹ một số tiền ở ngân hàng bên mua để NH bên mua đảm bảo cho việc thanh toán (tương tự như là mình đặt cọc trước vậy) khi bên bán giao hàng đúng các điều khoản trọng L/C qui định thì ngân hàng sẽ thanh toán tiền cho bên mua. Nếu người bán thực hiện chưa đúng thì tùy trường hợp mà bên bán có quyền từ chối nhận hàng (bên mua phài trả phí bất hợp lệ cho bộ chứng từ).
Trình tự thực hiện thư tín dụng:
1. Người nhập khẩu làm đơn xin mở thư tín dụng cho người xuất khẩu hưởng
2. Căn cứ vào đơn xin mở NH mở sẽ mở 1 L/C thông qua ngân hàng thông báo ở nước xuất khẩu để báo cho người XK biết
3. Khi nhận được bản gốc thư tín dụng ngân hàng thông báo sẽ chuyển ngay cho người xuất khẩu
4. Người XK nếu chấp nhận thư tín dụng thì tiến hành giao hàng
5. Sau khi giao hàng người XK lập bộ chứng từ theo yêu cầu của L/C xuất trình đến NH thông báo để gửi đến NH mở đòi tiền
6. NH mở kiểm tra L/C thấy phù hợp thì trả tiền
7. NH mở L/C đòi tiền người NK và chuyển chứng từ cho người nhập khẩu sau khi nhận được tiền
8. Người NK kiểm tra L/C nếu thấy phù hợp thì trả tiền và nhận chứng từ để đi nhận hàng.
This document provides an overview of contracts for the international sale of goods. It discusses key concepts such as the definition of contracts for the international sale of goods, differences between domestic and international contracts, and the elements that distinguish international contracts. The document also examines the formation of international sales contracts, including offer and acceptance, and the features of such contracts.
Case study international bussiness negotiationLaura Sotelo
This case study provides an opportunity for students to conduct an international business negotiation simulation. It involves negotiations between a Japanese automobile manufacturer called Nippon Automobile Corporation (NAC) and a US shipping company called US Shipping Lines (USSL) to transport NAC's vehicles from Japan to various locations in North America. Students are assigned roles on the negotiating teams for both companies. The case study aims to highlight cross-cultural considerations and teach negotiation skills. It requires students to research cultural factors, participate in negotiation sessions, and produce a signed contract outlining the agreement between the companies.
L/C là chữ viết tắt Letter of Credit - thư tín dụng : có nghĩa là ngườii mua ký quỹ một số tiền ở ngân hàng bên mua để NH bên mua đảm bảo cho việc thanh toán (tương tự như là mình đặt cọc trước vậy) khi bên bán giao hàng đúng các điều khoản trọng L/C qui định thì ngân hàng sẽ thanh toán tiền cho bên mua. Nếu người bán thực hiện chưa đúng thì tùy trường hợp mà bên bán có quyền từ chối nhận hàng (bên mua phài trả phí bất hợp lệ cho bộ chứng từ).
Trình tự thực hiện thư tín dụng:
1. Người nhập khẩu làm đơn xin mở thư tín dụng cho người xuất khẩu hưởng
2. Căn cứ vào đơn xin mở NH mở sẽ mở 1 L/C thông qua ngân hàng thông báo ở nước xuất khẩu để báo cho người XK biết
3. Khi nhận được bản gốc thư tín dụng ngân hàng thông báo sẽ chuyển ngay cho người xuất khẩu
4. Người XK nếu chấp nhận thư tín dụng thì tiến hành giao hàng
5. Sau khi giao hàng người XK lập bộ chứng từ theo yêu cầu của L/C xuất trình đến NH thông báo để gửi đến NH mở đòi tiền
6. NH mở kiểm tra L/C thấy phù hợp thì trả tiền
7. NH mở L/C đòi tiền người NK và chuyển chứng từ cho người nhập khẩu sau khi nhận được tiền
8. Người NK kiểm tra L/C nếu thấy phù hợp thì trả tiền và nhận chứng từ để đi nhận hàng.
Đặc biệt em chân thành cám ơn GVHD ThS. Nguyễn Thị Quỳnh Như – cô đã hướng dẫn rất chi tiết, đóng góp ý kiến và luôn giải đáp thắc mắc cho em trong suốt thời gian viết bài báo cáo này. Bên cạnh đó, em cũng xin cám ơn đến Nhà trường đã tạo cho mình cơ hội được trải nghiệm thực tế và xin cám ơn các thầy cô đã giảng dạy trên giảng đường đã cung cấp rất nhiều kiến thức bổ ích và cần thiết để em áp dụng trong quá trình thực tập và làm việc sau này
EVFTA - Sổ tay cho Doanh nghiệp Việt Nam
Cùng với các hoạt động tuyên truyền, phổ biến về nội dung Hiệp định, Bộ Công Thương đã phối hợp với Dự án Hỗ trợ chính sách thương mại và đầu tư của châu Âu (Dự án EU-MUNTRAP) biên soạn và xuất bản cuốn Sổ tay về Hiệp định EVFTA nhằm giới thiệu tới bạn đọc, đặc biệt là các doanh nghiệp Việt Nam, về các quy định, cam kết mà Việt Nam và EU đã đạt được trong khuôn khổ Hiệp định EVFTA. Cuốn Sổ tay này nhằm mục tiêu giúp người dân, doanh nghiệp và các đối tượng quan tâm tìm hiểu thông tin về Hiệp định, không có giá trị diễn giải các nội dung trong Hiệp định EVFTA.
Nguồn: Bộ Công thương
The document provides information about international payment methods including bills of exchange, promissory notes, checks, and cards. It discusses key aspects of bills of exchange such as definition, characteristics, forms, content, acceptance, endorsement, guarantees, and protests. Promissory notes are also defined. Examples of demand and time promissory notes are given. The summary is in 3 sentences or less as requested.
This document outlines import and export procedures in Vietnam. It discusses the steps involved in exporting goods from Vietnam, including obtaining an irrevocable letter of credit from the buyer, applying for an export license, preparing and inspecting the goods, customs clearance, delivery to the port, and payment. The import process is also summarized, covering applying for an import license, opening a letter of credit, customs clearance, taking delivery of the goods, and inspection. Key documents used in international trade transactions are also listed.
This document discusses international trade law and theories of international trade. It begins by defining international trade and outlining the key developments that led to its growth, such as the industrial revolution, imperialism, and advances in transportation and technology. It then lists several advantages and disadvantages of international trade. The main body of the document outlines six economic theories of international trade law: Mercantilist Theory, Classical Theory (including Absolute and Comparative Cost Advantage), Heckscher-Ohlin Theory, and several New Trade Theories including Neo-Technological, Intra-Industry, and Strategic Trade Policy models. Each theory is concisely described.
Khoá Luận Một Số Giải Pháp Hoàn Thiện Quy Trình Xuất Khẩu Hạt Điều Đã chia sẻ đến cho các bạn sinh viên một bài mẫu khoá luận cực kì xuất sắc, mới mẽ và nội dung siêu chất lượng sẽ giúp bạn có thêm thật nhiều thông tin và kiến thức cho nên các bạn không thể bỏ qua bài mẫu này nhá. Dịch vụ viết thuê đề tài trọn gói zalo telegram : 0917 193 864 tải flie tài liệu – vietkhoaluan.com
Counter trade refers to exchanging goods or services for other goods or services instead of money. Common types of counter trade include barter, counter-purchase, buyback, offset, tolling, and clearing arrangements. Counter trade can help countries with foreign exchange shortages import needed goods and services. However, it also presents challenges in finding appropriate goods to exchange and managing long term agreements. Government organizations like India's STC help facilitate large counter trade agreements between domestic firms and international partners.
The document discusses various ways in which a contract can be terminated, including revocation, rejection, lapse of time, death or change of status of a party, and failure of a condition. It also covers capacity to contract, including discussing minors, married women, persons of unsound mind, corporations, prodigals, and insolvents. Various other elements of a valid contract are explained such as intention to create legal relations, consideration, causation, adherence to legal formalities, and factors that can invalidate a contract.
This document discusses different ways in which a contract can terminate in Nepal. It outlines that a contract can terminate through performance, mutual agreement, impossibility or illegality, lapse of time, operation of law, or breach of contract. It provides examples of each type of termination, such as destruction of the subject matter making performance impossible or a change in law making the contract illegal. The document also notes that a contract will not terminate simply due to difficulties in performance or changes in profitability, and outlines circumstances where subsequent impossibility does not excuse non-performance.
Đặc biệt em chân thành cám ơn GVHD ThS. Nguyễn Thị Quỳnh Như – cô đã hướng dẫn rất chi tiết, đóng góp ý kiến và luôn giải đáp thắc mắc cho em trong suốt thời gian viết bài báo cáo này. Bên cạnh đó, em cũng xin cám ơn đến Nhà trường đã tạo cho mình cơ hội được trải nghiệm thực tế và xin cám ơn các thầy cô đã giảng dạy trên giảng đường đã cung cấp rất nhiều kiến thức bổ ích và cần thiết để em áp dụng trong quá trình thực tập và làm việc sau này
EVFTA - Sổ tay cho Doanh nghiệp Việt Nam
Cùng với các hoạt động tuyên truyền, phổ biến về nội dung Hiệp định, Bộ Công Thương đã phối hợp với Dự án Hỗ trợ chính sách thương mại và đầu tư của châu Âu (Dự án EU-MUNTRAP) biên soạn và xuất bản cuốn Sổ tay về Hiệp định EVFTA nhằm giới thiệu tới bạn đọc, đặc biệt là các doanh nghiệp Việt Nam, về các quy định, cam kết mà Việt Nam và EU đã đạt được trong khuôn khổ Hiệp định EVFTA. Cuốn Sổ tay này nhằm mục tiêu giúp người dân, doanh nghiệp và các đối tượng quan tâm tìm hiểu thông tin về Hiệp định, không có giá trị diễn giải các nội dung trong Hiệp định EVFTA.
Nguồn: Bộ Công thương
The document provides information about international payment methods including bills of exchange, promissory notes, checks, and cards. It discusses key aspects of bills of exchange such as definition, characteristics, forms, content, acceptance, endorsement, guarantees, and protests. Promissory notes are also defined. Examples of demand and time promissory notes are given. The summary is in 3 sentences or less as requested.
This document outlines import and export procedures in Vietnam. It discusses the steps involved in exporting goods from Vietnam, including obtaining an irrevocable letter of credit from the buyer, applying for an export license, preparing and inspecting the goods, customs clearance, delivery to the port, and payment. The import process is also summarized, covering applying for an import license, opening a letter of credit, customs clearance, taking delivery of the goods, and inspection. Key documents used in international trade transactions are also listed.
This document discusses international trade law and theories of international trade. It begins by defining international trade and outlining the key developments that led to its growth, such as the industrial revolution, imperialism, and advances in transportation and technology. It then lists several advantages and disadvantages of international trade. The main body of the document outlines six economic theories of international trade law: Mercantilist Theory, Classical Theory (including Absolute and Comparative Cost Advantage), Heckscher-Ohlin Theory, and several New Trade Theories including Neo-Technological, Intra-Industry, and Strategic Trade Policy models. Each theory is concisely described.
Khoá Luận Một Số Giải Pháp Hoàn Thiện Quy Trình Xuất Khẩu Hạt Điều Đã chia sẻ đến cho các bạn sinh viên một bài mẫu khoá luận cực kì xuất sắc, mới mẽ và nội dung siêu chất lượng sẽ giúp bạn có thêm thật nhiều thông tin và kiến thức cho nên các bạn không thể bỏ qua bài mẫu này nhá. Dịch vụ viết thuê đề tài trọn gói zalo telegram : 0917 193 864 tải flie tài liệu – vietkhoaluan.com
Counter trade refers to exchanging goods or services for other goods or services instead of money. Common types of counter trade include barter, counter-purchase, buyback, offset, tolling, and clearing arrangements. Counter trade can help countries with foreign exchange shortages import needed goods and services. However, it also presents challenges in finding appropriate goods to exchange and managing long term agreements. Government organizations like India's STC help facilitate large counter trade agreements between domestic firms and international partners.
The document discusses various ways in which a contract can be terminated, including revocation, rejection, lapse of time, death or change of status of a party, and failure of a condition. It also covers capacity to contract, including discussing minors, married women, persons of unsound mind, corporations, prodigals, and insolvents. Various other elements of a valid contract are explained such as intention to create legal relations, consideration, causation, adherence to legal formalities, and factors that can invalidate a contract.
This document discusses different ways in which a contract can terminate in Nepal. It outlines that a contract can terminate through performance, mutual agreement, impossibility or illegality, lapse of time, operation of law, or breach of contract. It provides examples of each type of termination, such as destruction of the subject matter making performance impossible or a change in law making the contract illegal. The document also notes that a contract will not terminate simply due to difficulties in performance or changes in profitability, and outlines circumstances where subsequent impossibility does not excuse non-performance.
The document discusses international sales and services contracts. It provides an overview of the typical structure of international business contracts, including headings, parties, clauses, and signatures. It also describes common clauses used in international contracts such as exemption, indemnity, warranty, and penalty clauses. Additionally, the document discusses fundamentals of international private law, applicable law, jurisdiction, and the recognition and enforcement of foreign court rulings and arbitral awards. It provides information on the United Nations Convention on Contracts for the International Sale of Goods and regulations in the European Union that govern applicable law, competent courts, and recognition across borders.
The document provides an overview of the Indian Contract Act of 1872. It discusses key elements of a valid contract according to the act, including offer and acceptance, lawful consideration, capacity and consent of the parties, a lawful object, and certainty of terms. It also categorizes different types of contracts based on their creation (express, implied, tacit, quasi), validity (valid, void, voidable, illegal), execution (executed, executory), and liability (unilateral, bilateral). The Indian Contract Act of 1872 is an important law that regulates contracts and agreements in India.
The document discusses key aspects of contracts for the sale of goods under Pakistani law. It defines a contract of sale of goods and outlines the essential elements, which include: 1) a valid contract, 2) two parties (buyer and seller), 3) transfer of property/ownership, 4) goods as the subject matter, and 5) a price. It also distinguishes between sale and agreement to sell, and describes different types of goods. Further, it explains the differences between conditions and warranties in contracts for sale, and how implied conditions and warranties can also apply.
This document provides an introduction to business law. It defines law and explains the need for laws in society to regulate behavior. The main branches of law are described as constitutional law, administrative law, criminal law, civil law, and commercial law. Sources of law are explained as statutory law, case law, natural law, English mercantile law, and customs. Key legal concepts such as legal positivism, legal realism, stare decisis, precedent, and civil versus criminal law are introduced. The document concludes by noting how laws regulate all areas of business and factors owners must consider.
This document provides an overview of key concepts in business law in India. It begins with definitions of law and the need for understanding business laws. It outlines the sources of business law in India, including English mercantile law, statute law, common law, and customs/usages. The document then covers the law of contracts in detail, providing definitions of contract and agreement, essential elements of a valid contract, and distinguishing features of contracts versus other types of agreements. Key acts governing business in India are also listed.
The document summarizes key aspects of the Sale of Goods Act regarding contracts for the sale of goods in India. It outlines the essential elements of a valid contract of sale, including two parties, goods as the subject matter, transfer of property, and monetary consideration. It also defines different types of goods and discusses the rights of unpaid sellers, including the right of lien and stoppage of goods in transit. The document provides an overview of important concepts relating to contracts for the sale of goods in India.
The document summarizes key concepts around contracts from a PowerPoint presentation on business and online commerce law. It discusses the basic elements of a contract including agreement between two parties, consideration in exchange for a promise, and lawful purpose. It also classifies different types of contracts according to their formation, enforceability, and performance. Key terms like offer, acceptance, consideration, and gift promises are defined. International contracts are also briefly addressed through the UN Convention on Contracts for the International Sale of Goods.
A contract is a legally binding agreement between two or more parties that creates obligations that are enforceable in a court of law. There are several essential elements for a valid contract, including agreement between the parties, consideration or an exchange of promises, intention to create a legal relationship, capacity to contract, and absence of factors that could invalidate the contract like duress or illegality. Contracts can be written, oral, or partly written and oral, and they create rights and obligations for the contracting parties that define their relationship.
This ppt is about import and its benefits, custom and its objective, payment method, incoterms, risk involved in import, port operation, bill of lading etc.
glosario de Palabras de comercio en ingles jair2424
1. The document defines key terms related to international trade such as letters of credit, containers, invoices, freight, terminals, comparative and absolute advantage, surplus, deficit, the World Trade Organization, Incoterms, market research, balance of trade, customs barriers, vessels, external trade, customs clearance for export, the Harmonized System, monetary systems, customs unions, insured value, and maturity of bills of exchange.
2. Letters of credit are payment instruments that arise from international sales contracts and are governed by the Uniform Customs and Practice for Documentary Credits.
3. Containers are cargo vessels for transporting goods by water, land, and multimodal transport that are manufactured to ISO standards.
The document discusses key considerations for international contracts. It recommends having a formal, written contract to avoid misunderstandings. Standard elements of contracts are outlined like parties' obligations, communication methods, pricing, payment terms, and dispute resolution. International Chamber of Commerce guidelines called Incoterms are recommended for defining delivery obligations. The United Nations Convention on Contracts for International Sale of Goods provides regulations. Overall, the document stresses the importance of a well-drafted contract that considers legal advice to facilitate international trade transactions.
The document provides an overview of import-export management and policy in India. It discusses key concepts related to international trade including imports, exports, entreport trade, and foreign trade. It also outlines India's simplification of export-export documentation through the introduction of a single online application form. The document then covers various topics related to international marketing environment, trade barriers, export-import financing procedures, required documentation, and processing of an export order.
An in-depth presentation about International Commercial Terms that helps you understand this trade standard with the aid of intuitive pictures, charts and graphical interpretations.
International trade involves the exchange of goods and services between countries. It represents a significant share of GDP for most countries. The main terms related to international trade are exports, which are goods and services sold to other countries, and imports, which are goods and services purchased from other countries. International trade brings several benefits, including enabling fuller utilization of resources, providing consumers with a larger variety of goods at cheaper costs, and fostering cooperation between trading partners.
The document outlines an export documentation framework, categorizing export documents into commercial, legal, and incentive dimensions. Under the commercial dimension, key documents needed for international shipments include a commercial invoice, bill of lading or airway bill, cargo insurance policy or certificate, and bill of exchange. The legal dimension involves documents required to comply with laws regulating the export and import of goods between countries. The incentive dimension refers to documents needed to claim export incentives from governments.
- International trade has increased significantly in recent decades due to factors like globalization, regional economic blocs, and advances in transportation and communication technologies.
- When disputes arise in international contracts, it is often unclear which country's laws apply, which court has jurisdiction, or if access to favorable courts can be ensured.
- Incoterms provide standardized trade terms that clarify the obligations and allocation of costs, risks, and responsibilities between buyers and sellers in international commercial transactions.
International Contracts Templates most commonly used in international business and trade. Contracts in four languages (English, Spanish, French and German) ready to use in Word Format.
The document discusses customs duty in India. It defines customs duty and explains that duties are levied on imported and exported goods. The levy and rates are governed by the Customs Act of 1962 and Customs Tariff Act of 1975. Customs duty is intended to raise government revenue and protect domestic industries. Under GST, IGST is charged on imported goods based on value slabs. The document outlines various cases for determining the timing of duty based on if goods are cleared for home consumption or warehousing. It also discusses export duty timing and valuation methods for customs including transaction value, identical/similar goods, deductive value, computed value, and residual method.
The document discusses various aspects of international trade and finance, including the balance of payments. It begins with an introduction to international trade, noting that the exchange of goods and services across borders allows for greater competition and more affordable products. It then discusses factors that differentiate international trade from domestic trade, such as restrictions on the mobility of labor and capital between countries. The document also examines components of the balance of payments, including the balance of trade, balance on current account, and balance on capital account. It describes how official reserves are used to support currencies under fixed exchange rate systems.
This document provides an overview of international trade, including definitions of key terms like foreign direct investment and portfolio investment. It discusses the benefits of international trade and various theories that explain it, such as mercantilism, absolute advantage, comparative advantage, and factor proportions theory. The document also covers topics like the balance of trade, balance of payments, exporting, reasons for governmental intervention in trade through protectionism, and major international trade organizations.
1. Exports contribute significantly to increasing a country's revenue and manufacturer/trader profits, which creates jobs. However, exporting involves risks that are eased by ECGC insurance policies.
2. ECGC offers various export credit insurance policies covering commercial and political risks depending on the type of exports and destination country.
3. Exporters must register for an IEC, RCMC, and with ECGC. They must ensure their products are export-worthy and meet quality standards before pursuing overseas sales.
International trade involves the exchange of goods between countries. It allows countries to specialize in producing goods they have a comparative advantage in and import goods from other countries. International trade promotes economic growth and development by allowing for more efficient use of resources on a global scale. It also fosters cultural exchange and lowers prices for consumers worldwide. However, international trade also faces challenges such as currency exchange issues, legal barriers between countries, and greater risks associated with transporting goods over long distances. Overall, when managed properly, international trade provides significant benefits to participating countries.
Foreign trade involves the exchange of goods between countries and can take three forms: import, export, and entrepot trade. It is necessary because no single country can produce all goods and services needed to satisfy its population. International trade allows for specialization across countries based on their resources and comparative advantages. It also increases choice for consumers and helps stabilize prices. However, foreign trade operations can be complex and countries like Bangladesh face several challenges, including limited export base, skilled manpower shortages, legal constraints, and lack of stable policies and political instability. Establishing Islamic frameworks and money markets could help address some challenges for Islamic banks conducting foreign exchange in Bangladesh.
The document discusses several key aspects of international business laws and trade agreements. It begins by defining international business and outlining some of the common challenges, such as differing languages, cultures, and policies. It then explains the three main types of international business law - public, private, and foreign law. Several major trade agreements and organizations are also summarized, including the GATT, WTO, and their guiding principles of non-discrimination, reciprocity, and transparency. Common elements of international contracts and payment terms are also highlighted.
The document discusses different entry mode strategies for international market expansion. It focuses on trade-related strategies like exporting, subcontracting, and countertrade (barter, counterpurchase, offset, buyback). Exporting has benefits like lower risk but disadvantages like tariffs and transportation costs. Countertrade strategies allow trade without cash by exchanging goods or services. The document also briefly introduces transfer-related strategies like international franchising which involve transferring ownership or rights in exchange for royalty fees.
Unit 1 international finance an overviewVipul Kumar
This document provides an overview of international finance. It defines international finance as the study of monetary interactions between countries, focusing on areas like foreign direct investment and currency exchange rates. The key features discussed are that international finance affects economic and monetary systems across borders, and involves major players like multinational corporations. It also involves methods of financing international business and foreign trade. Challenges in international finance mentioned include varied economic systems between countries, tariffs, political risks, and cultural/language differences. The document also discusses dumping, where a company sells goods at a high price domestically but a low price internationally, and anti-dumping measures countries employ in response.
The document provides an overview of the role of the World Trade Organization (WTO) in international marketing. It begins with defining international marketing and trade, describing some of the largest trading partners of India. It then discusses the benefits of international trade and barriers such as tariffs and non-tariff barriers. The document explains the transition from GATT to the establishment of the WTO in 1995 following the Uruguay Round negotiations. It outlines the objectives and functions of the WTO, including administering trade agreements, implementing trade barrier reductions, examining member trade policies, and settling disputes. The document emphasizes that the WTO operates on consensus among member governments. Finally, it discusses some benefits for developing countries in joining the WTO.
Similar to Chapter 1 modes of international trade transactions (20)
This document is a group report on Ryanair that includes an overview of the company, its vision, mission, long-term strategy, and operating activities. The key points are:
- Ryanair is the largest European low-cost carrier, operating over 1,600 daily flights between 186 destinations across 30 countries.
- Its vision is to be Europe's largest airline in the next six years. Its mission is to provide the lowest fares and friendly, efficient service that satisfies customers.
- Ryanair's long-term strategy focuses on maintaining low fares, improving customer service, frequent point-to-point flights on short routes, and having the lowest operating costs through strategies like purchasing used aircraft and negotiating
This document provides an overview of Tiger Airways, a low-cost airline based in Singapore. It discusses Tiger Airways' establishment in 2003 and growth since then. It also outlines Tiger Airways' key strategies, including maintaining low costs through minimizing expenses, using a single aircraft type, and charging for extras. Additionally, it details Tiger Airways' strategic partnerships with other airlines that have expanded its network and commercial cooperation to key Asian markets without overstretching its own resources. The document provides examples of Tiger Airways' partnerships and alliances.
Vietnam Airlines was established in 1956 and has since grown significantly, both domestically and internationally. It now operates flights to over 28 international and 21 domestic destinations. In recent years, Vietnam Airlines has joined the SkyTeam alliance and regularly launches new routes and promotional programs to expand its network and serve customers. Some key developments include opening direct flights to the UK and Jakarta in 2011-2012, as well as ongoing route expansions and promotions within Southeast Asia.
Aeroflot is the largest airline in Russia, operating domestic and international flights mainly out of Moscow. It traces its history back to 1923 as the Soviet national airline. Following the dissolution of the USSR, Aeroflot was transformed from a state-run carrier into a semi-privatized company. In recent years, Aeroflot has modernized its fleet, expanded its route network, and joined the SkyTeam airline alliance in 2006. The document provides details on Aeroflot's operations from 2009 to 2013, including passenger numbers, new routes and aircraft, and partnerships.
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The Concorde was a supersonic jet developed jointly by Britain and France that entered commercial service in 1976. It could fly transatlantic routes in under half the time as subsonic jets. However, with only 20 built and high costs, it was an economic loss for its manufacturers. An 2000 crash in France increased safety costs and reduced passenger numbers. After the 9/11 attacks further reduced demand, both operating airlines retired the Concorde in 2003 due to high operating costs and a lack of maintenance support from Airbus. The Concorde's retirement marked the end of supersonic passenger flight.
The document discusses the Oneworld airline alliance, including:
1. It was launched in 1999 with founding members American Airlines, British Airways, Cathay Pacific, and Qantas and has since grown to include multiple other airlines.
2. It provides details on current alliance members such as airberlin, Cathay Pacific, Japan Airlines, and Malaysia Airlines.
3. Membership criteria include meeting qualifications for frequent flyer program tiers like Ruby, Sapphire, and Emerald.
Star Alliance is the world's largest global airline alliance, founded in 1997 by 5 airlines. It has since expanded significantly, growing to 26 member airlines serving over 1,000 airports worldwide. Key benefits of membership include an extended global network through codesharing, cost reductions from shared facilities and purchases, and benefits for travelers like coordinated schedules, frequent flyer program awards across members, and priority services for elite members. The alliance aims to provide convenient global air travel for passengers while offering economic and operational advantages for its member airlines.
Southwest Airlines operates flights to 41 states in the US as well as some international destinations. Its mission is to provide high quality customer service with warmth and friendliness. It aims to be the hometown airline in every community it serves. Tactically, it cuts costs by quick turnarounds, standardized fleets, and smaller airports. It offers no-frills service with only peanuts for in-flight meals. Operationally, it focuses on quick turnarounds, standardized fleets, smaller airports, and no-frills service to reduce costs.
EasyJet is a low-cost European airline that has grown significantly in recent years. It now operates over 700 routes between 130 airports across 30 countries in Europe. EasyJet aims to offer affordable air travel and focuses on maintaining low operating costs through strategies like operating a young, fuel-efficient fleet and minimizing extras on flights. The airline looks to continue expanding its route network and driving ancillary revenues while keeping its cost advantage over competitors.
The document is a draft resolution from the UN General Assembly regarding sustainable development. It endorses the outcome document from the 2012 UN Conference on Sustainable Development in Rio de Janeiro. It reaffirms commitments to sustainable development principles and agreements from previous UN summits. It recognizes progress made but also gaps in implementing agreements. It stresses the need to take urgent action to achieve sustainable development goals and address new challenges like climate change and unemployment.
The document provides a history and overview of the Washington Consensus. It describes:
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2) How the policies focused on stabilization and market-oriented reforms but were not intended to advocate "neoliberalism" or minimal government.
3) How the term later took on a life of its own and became associated with broader ideological debates, beyond its original limited meaning of reform policies agreed upon in Washington.
The document discusses agricultural development in Sub-Saharan Africa. It notes that African agriculture is characterized by extensive growth rather than intensive growth, as seen by slow increases in land productivity and cereal yields. This has resulted in Africa falling into a "Ricardian trap" of low output and poverty. Agricultural extension services are presented as a way to promote development with equity by transferring new technologies and improving land productivity, as occurred during the Green Revolution in Asia. The document argues extension services could help Africa escape from its current constraints on food production and economic growth.
This paper empirically tests the existence of Malthusian population dynamics in the pre-Industrial Revolution era, as suggested by economic theory. The theory proposes that during agricultural times, increases in resources like land productivity would lead to population growth rather than increases in income per capita. The study finds evidence supporting this theory, showing that between 1-1500 CE, regions with higher land productivity and earlier adoption of agriculture had higher population densities, in line with Malthusian population dynamics.
The document outlines Vietnam's Comprehensive Poverty Reduction and Growth Strategy. It establishes a steering committee, led by the Deputy Prime Minister, to oversee implementation of the strategy and related programs. The strategy aims to reduce poverty through broad-based economic growth that creates opportunities for poor communities. Key targets include cutting the poverty rate to below 15% by 2005 and 10% by 2010 through annual GDP growth of 7-8% and progress on social indicators like education and health access. The strategy recognizes that sustained growth is needed to fund anti-poverty efforts, while poverty reduction is essential for equitable and stable growth.
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This document discusses how different ecological conditions and historical trajectories in Southeast Asia led to differences in agrarian structures and subsequent economic development performance in Indonesia, the Philippines, and Thailand over the past few decades. In the late 19th century, unused lands in each country were exploited for surplus production differently under varying colonial regimes, resulting in different rural social and economic systems. Specifically, Indonesia developed plantations and bifurcated land ownership while the Philippines experienced widespread landlessness. Thailand maintained small, homogeneous landowning peasants. These divergent agrarian structures influenced each country's recent agricultural and economic growth.
The document defines and explains the Gini coefficient, a measure of statistical dispersion used as a gauge of economic inequality. It is a ratio with a value between 0 and 1, with 0 representing perfect equality and 1 representing perfect inequality. The Gini coefficient is calculated based on the Lorenz curve, which plots cumulative incomes against the percentage of the population. The document provides various methods for calculating the Gini coefficient and discusses its advantages and limitations as a measure of inequality. It also includes a table ranking countries by their Gini coefficients.
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Chapter 1 modes of international trade transactions
1. CHAPTER 1: MODES OF
INTERNATIONAL TRADE
TRANSACTIONS
Dinh Khuong Duy
Faculty of Economics and International Business
Foreign Trade University
khuongduy@ftu.edu.vn
2. MATERIALS
Chapter 1, Textbook “International Trade Transactions”
(Pham Duy Lien, 2012)
UN Convention on Contracts for the International Sale of
Goods;
Civil Code (2005);
Commercial Law (2005);
Law on Tendering (2005);
Decree No. 187/2013/NĐ-CP guiding the implementation
of Commercial Law;
Related newspapers and magazines.
09/29/14 Dinh Khuong Duy 2
3. OVERVIEW ON MODES OF
INTERNATIONAL TRADE TRANSACTIONS
Mode of transaction means the method through
which a transaction is conducted
No unified classification (unlike trade in services)
Direct vs. indirect transactions
Ordinary vs. special transactions
09/29/14 Dinh Khuong Duy 3
4. OVERVIEW ON MODES OF
INTERNATIONAL TRADE TRANSACTIONS
Commercial Law 2005, commercial activities
include:
- Sales of goods
- Provisions of services
- Trade promotion
- Commercial intermediary activities
- Other specific commercial activities: processing,
auction, bidding, franchising, logistics…
09/29/14 Dinh Khuong Duy 4
5. OVERVIEW ON MODES OF
INTERNATIONAL TRADE TRANSACTIONS
International sales of goods:
- Direct import/export
- Re-exportation
- Countertrade
- Import and export through commercial intermediaries
- Import and export through commodity exchanges
Other modes of transaction:
- International processing
- International auction
- International bidding
09/29/14 Dinh Khuong Duy 5
6. INTERNATIONAL SALES OF GOODS
Art.1, CISG 1980:
- “parties whose places of business are in
different States”
- Nationality?
Art. 27, Commercial Law 2005:
- No definition
- Forms of international sales of goods
- What element determines “international sales”?
09/29/14 Dinh Khuong Duy 6
7. INTERNATIONAL SALES OF GOODS
Art. 2, CISG 1980, this Convention does not apply to sales:
- of goods bought for personal, family or household use;
- by auction;
- on execution or otherwise by authority of law
- of stocks, shares, securities, negotiable instruments or money;
- of ships, vessels, hovercraft or aircraft;
- of electricity.
Art. 3, Commercial Law 2005, goods include:
- All types of movables, including those to be formed in the future;
- Things attached to land;
09/29/14 Dinh Khuong Duy 7
8. INTERNATIONAL SALES OF GOODS
1. Direct import/export
1.1. Definition
Sellers and buyers in different countries territories or
customs areas directly negotiate and conclude contracts.
1.2. Features:
- Most widely-used
- Conditions: legally allowed to and can conduct the
transaction without the assistance of third parties
- Either a complete or part of a commercial activity
09/29/14 Dinh Khuong Duy 8
9. INTERNATIONAL SALES OF GOODS
Art. 28, Commercial Law 2005:
1. Export of goods means the bringing of goods out of the
territory of the Socialist Republic of Vietnam or into special
zones in the Vietnamese territory, which are regarded as
exclusive customs zones according to the provisions of law.
2. Import of goods means the bringing of goods into the
territory of the Socialist Republic of Vietnam from foreign
countries or special zones in the Vietnamese territory,
which are regarded as exclusive customs zones according to
the provisions of law.
09/29/14 Dinh Khuong Duy 9
10. INTERNATIONAL SALES OF GOODS
CISG 1980 vs. Commercial Law 2005:
- Civil or commercial sales of goods?
- Traders?
Commercial Law 2005, Art. 6 and 16: Traders include
“lawfully established economic organizations and individuals
that conduct commercial activities in an independent and
regular manner and have business registrations.”
“Foreign traders mean traders established and making their
business registrations according to the provisions of foreign
laws or recognized by foreign laws.”
09/29/14 Dinh Khuong Duy 10
11. INTERNATIONAL SALES OF GOODS
2. Re-exportation
2.1. Definition
Re-exportation is the transaction in which profit is gained by
exporting the goods in the same state as previously imported.
2.2. Features
- Gain more foreign currency than that spent;
- Goods do not undergo processing;
- Involve 3 parties (triangular transaction ), 2 separate contracts;
- Goods of great supply/demand & varying price;
- Enjoy customs and tax preferences.
Þ Re-exportation vs. transit of goods?
09/29/14 Dinh Khuong Duy 11
12. INTERNATIONAL SALES OF GOODS
2.3. Classification
2.3.1. Temporary import for re-export
Money: Goods:
RE-EXPORT COUNTRY
(Completion of importing and
exporting customs procedures)
EXPORT
COUNTRY
09/29/14 Dinh Khuong Duy 12
IMPORT
COUNTRY
13. INTERNATIONAL SALES OF GOODS
Art. 29, Commercial Law 2005:
Temporary import of goods for re-export means the
bringing of goods into Vietnam from foreign countries
or special zones locating in the Vietnamese territory, which
are regarded as exclusive customs zones according to the
provisions of law, with the completion of the procedures
for importing such goods into Vietnam, then procedures
for exporting the same goods out of Vietnam.
Þ Temporary export for re-import?
09/29/14 Dinh Khuong Duy 13
14. INTERNATIONAL SALES OF GOODS
- Re-export goods must carry out both import and
export customs procedures;
- Re-export goods cannot be retained in Vietnam
territory for more than 60 days.
- Traders can request to prolong (no more than 2 times,
no more than 30 days each tim);
- Import tax collected when temporarily imported and
refunded when re-exported
Þ See more at Chapter 3, Decree 187/2013/ND-CP.
09/29/14 Dinh Khuong Duy 14
15. INTERNATIONAL SALES OF GOODS
2.3.2. Transfer of goods through border-gates
Art. 30, Commercial Law 2005:
Transfer of goods through border-gates means
purchase of goods from a country or territory for sale
to another country or territory outside the Vietnamese
territory without carrying out the procedures for
importing such goods into Vietnam and the
procedures for exporting such goods out of Vietnam.
09/29/14 Dinh Khuong Duy 15
16. INTERNATIONAL SALES OF GOODS
Forms of transfer of goods through border-gates:
a. Goods are transported directly from the export to the
import country without going through VN border-gates;
Þ No customs procedures.
b. Goods are transported from the export to the import
country through Vietnamese border-gates without carrying
out the procedures for importing them into Vietnam and the
procedures for exporting them out of Vietnam;
Þ Goods have to undergo customs control until being actually
re-exported.
09/29/14 Dinh Khuong Duy 16
17. INTERNATIONAL SALES OF GOODS
c. Goods are transported from the export to the import country
through VN border-gates and brought into bonded warehouses
or areas for trans-shipment of goods at VN ports without
carrying out the procedures for importing them into VN and the
procedures for exporting them out of VN.
Þ Carry out customs procedures to bring the goods into and out of
bonded warehouses, areas for trans-shipment of goods.
Note:
(a) is considered to be “open” while (b) and (c) are “secret”.
Þ What do the re-exporters want to keep secret?
Þ Can origin of goods be changed legally?
09/29/14 Dinh Khuong Duy 17
18. INTERNATIONAL SALES OF GOODS
2.4. Implementation of re-exportation transaction
- Sign contracts: 2 separate contracts with intimate linkage;
- Measures to assure the implementation: Deposit, penalty,
back-to-back L/C.
EXPORTER IMPORTER
RE-EXPORTER
ORIGINAL L/C
BACK TO BACK L/C
09/29/14 Dinh Khuong Duy 18
19. INTERNATIONAL SALES OF GOODS
3. Countertrade
3.1. Definition
- Counter-trade includes transactions with a linkage
between the export and the import of goods or services
in addition to, or in place of, financial settlements.
- Counter-trade means exchanging goods or services which
are paid for, in whole or part, with other goods or
services, rather than with money. However, monetary
valuation can be used for accounting purposes.
09/29/14 Dinh Khuong Duy 19
20. INTERNATIONAL SALES OF GOODS
3.2. Features
- Exporter is also importer;
Þ Similar to re-exportation?
- Counter-traders care more about use value (worth)
than exchange value (value) of goods;
- Money is mainly used for calculation purpose;
- Require balance in use value, exchange value, weight,
delivery terms…
09/29/14 Dinh Khuong Duy 20
21. INTERNATIONAL SALES OF GOODS
3.3. Reasons for development
- Lack of money, lack of faith in money, lack of acceptability of
money as an exchange medium;
- Maintain positive balance of trade, reduce trade imbalances
(commodity that is being bought is equaled with that being
sold);
- Gain competitive advantage over other nations/ companies
selling or trading the same products:
+ A mechanism to gain entry into new markets;
+ Providing counter-trade services helps traders differentiate their
products from competitors’.
09/29/14 Dinh Khuong Duy 21
22. INTERNATIONAL SALES OF GOODS
3.4. Classification
No unified classification
- Barter
- Offset
- Compensation
- Counter-purchase
- Buyback
- Switch trading
Þ http://www.witiger.com/internationalbusiness/countertrade.htm
09/29/14 Dinh Khuong Duy 22
23. INTERNATIONAL SALES OF GOODS
Barter: Exchange of goods or services directly for other
goods or services without the use of money as means of
purchase or payment.
Ex.: Trade relationship between China and Thailand where
fruits are traded by Thailand for buses made by China.
09/29/14 Dinh Khuong Duy 23
24. INTERNATIONAL SALES OF GOODS
Offset: The agreement by one country to buy a product from
another, subject to the purchase of some or all components
and raw materials from the buyer, or the assembly of such
product in the buyer’s country.
09/29/14 Dinh Khuong Duy 24
25. INTERNATIONAL SALES OF GOODS
Counter-purchase: Sale of goods/services to another country
with the commitment to make a future purchase of specific
products from that country.
Ex.: The trade between Congo and China where computers
are traded for the supply of metals.
09/29/14 Dinh Khuong Duy 25
26. INTERNATIONAL SALES OF GOODS
Buyback: Suppliers of capital, plant, equipment agree to be
paid by the future output of the investment concerned.
Ex.: Japan sets up an automobile factory in Laos. They take
part of the total output as they have set up the industry,
provided technology & training.
09/29/14 Dinh Khuong Duy 26
27. INTERNATIONAL SALES OF GOODS
Switch trading: One country sells to another its obligation to
make a purchase in a given country
Ex.: Brazil has a trade surplus with Poland. Then, UK’s
exports to Brazil could be financed from the sale of Polish
goods to the UK or elsewhere.
Surplus Country
Third Country
(Export to SC)
Deficit Country
09/29/14 Dinh Khuong Duy 27
28. INTERNATIONAL SALES OF GOODS
4. Import/Export Through Intermediary
4.1. Definition
Mode of transaction in which the relationship between
the seller and the buyer is established through a third
party – the commercial intermediary.
Art. 3, Commercial Law 2005:
“Commercial intermediary activities mean activities
carried out by a trader to effect commercial transactions
for one or several identified traders […].”
Þ Commercial intermediaries are traders who carry out
commercial intermediary activities.
09/29/14 Dinh Khuong Duy 28
29. INTERNATIONAL SALES OF GOODS
4.2. Features
- Commercial intermediaries connect sellers and
buyers; producers and consumers;
- Commercial intermediaries work under entrustment;
- Commercial intermediaries and traders who entrust
them are interdependent;
- Profit is shared between commercial intermediaries
traders who entrust them.
09/29/14 Dinh Khuong Duy 29
30. INTERNATIONAL SALES OF GOODS
Advantages
- Increase sales and reduce risks in newly penetrated markets;
- Save direct investment and transport cost;
- Take advantages of intermediaries’ services;
Disadvantages
- Lose direct contact with the market;
- Share profit with intermediaries;
- Take risk if wrongly choose bad intermediaries;
- Intermediaries may have so many requirements.
09/29/14 Dinh Khuong Duy 30
31. INTERNATIONAL SALES OF GOODS
Usage
- Penetrate into a new market;
- Introduce new products;
- Required by market practice;
- Establishment of trade relationship is restricted by political,
diplomatic reasons;
Requirements to become commercial intermediaries
- Lawful traders operate in registered fields;
- Meet certain requirements of the relevant field.
09/29/14 Dinh Khuong Duy 31
32. INTERNATIONAL SALES OF GOODS
4.3. Classification
- International
+ Brokerage
+ Agency
- Vietnam
Art. 3, Commercial Law 2005:
+ Representation of traders
+ Commercial brokerage
+ Goods sale or purchase entrustment
+ Commercial agency
09/29/14 Dinh Khuong Duy 32
33. INTERNATIONAL SALES OF GOODS
4.3.1. Brokerage
4.3.1.1. Definition
Art. 150, Commercial Law 2005:
Brokerage is a commercial activity in which a
trader acts as an intermediary (the broker)
between parties selling and purchasing goods or
providing services (the principals) in the course of
negotiations and entering into contracts for sale and
purchase of goods or provision of services and shall
be remunerated under a brokerage contract.
09/29/14 Dinh Khuong Duy 33
34. INTERNATIONAL SALES OF GOODS
4.3.1.2. Features
- Brokers are not representatives of principals;
- Brokers do not sign contracts and take part in the
performance of contracts between principals, except
when authorized by the principals
Þ Representation of traders?
- Brokers are responsible for the legal status, but not for the
solvency, of the principals;
- Brokers often operate under short-term authorization for
each single transaction.
09/29/14 Dinh Khuong Duy 34
35. INTERNATIONAL SALES OF GOODS
4.3.2. Agency
4.3.2.1. Definition
a. EU law
Agents are self-employed intermediaries who have
continuing authority to negotiate the sale and purchase
of goods on behalf of the principals, or to negotiate
and conclude the contracts for sale and purchase of
goods on behalf of and in the name of the principals.
Þ Representation of traders in VN Law.
09/29/14 Dinh Khuong Duy 35
36. INTERNATIONAL SALES OF GOODS
b. Vietnam law
Art. 166, Commercial Law 2005:
Commercial agency means a commercial activity
whereby the principal and the agent agree that the
agent, in its own name, sells or purchases goods
for the principal or provides services of the
principal to customers for remuneration.
Þ Goods sale or purchase entrustment?
09/29/14 Dinh Khuong Duy 36
37. INTERNATIONAL SALES OF GOODS
4.3.2.2. Features
- Agents may sign and carry out contracts;
- Agents often operate under long-term authorization;
- “The principal is the owner of goods or money
delivered to the agent” (Art. 170, CL 2005)
Þ Brokerage vs. Agency
Þ Self-reading: http://www.ecolaw.vn/vi/node/253
http://luatsuquangthai.vn/thong-tin-luat-hop-dong/cac-hinh-thuc-09/29/14 Dinh Khuong Duy 37
38. INTERNATIONAL SALES OF GOODS
4.5.2.3. Types of agents
- “Mandatory agent”: Operate under the principal’s name
and costs.
- “Commission agent”: Operate under his own name and
the principal’s costs;
- “Merchant agent”: Operate under his own name and
costs.
Þ Similar to which type of commercial intermediary in
Vietnam Commercial Law?
Þ Mandatory agent can sign the contract under his name?
09/29/14 Dinh Khuong Duy 38
39. INTERNATIONAL SALES OF GOODS
5. Import/Export through the Commodity Exchange
5.1. Definition
Art. 6, Decree 158/2006/NĐ-CP:
- Commodity Exchange is a legal entity, established and
operate as a limited liability company or joint-stock
company, according to the provisions of the Enterprise
Law
Þ Commodity Exchange is a special market at which,
through intermediaries nominated by the Commodity
Exchange, traders purchase and sell generic goods of
large volume and of interchangeable quality.
09/29/14 Dinh Khuong Duy 39
40. INTERNATIONAL SALES OF GOODS
Art. 63, Commercial Law 2005:
“[…] commercial activities whereby the parties agree
to purchase and sell a defined quantity of goods of a
defined type through the Commodity Exchange
under the standards of the Commodity Exchange, at
a price agreed upon at the time the contract is entered
into, and with the time of goods delivery determined
to be a specific point of time in the future.”
Þ Does the definition cover all the transactions?
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41. INTERNATIONAL SALES OF GOODS
5.2. Features
- Transactions are conducted at specific time and place;
- Goods: generic, large volume, commercially interchangeable;
- Transactions are conducted by brokers nominated by the
Commodity Exchange;
- Purchase and sale goods must follow the Commodity Exchange’s
requirements and standards;
- Goods Exchange connects supply and demand of a certain
product, at a certain time and in a certain area, therefore, shows
the fluctuation of price;
- Most of the transactions are “short-sale” ones.
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42. INTERNATIONAL SALES OF GOODS
5.3. Classification
- International:
+ Spot transaction
+ Forward transaction
+ Hedging transaction
+ Option transaction
- Vietnam:
Art. 64, Commercial Law 2005:
Contracts for purchase and sale of goods through the C.E
include forward contracts and option contracts.
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43. INTERNATIONAL SALES OF GOODS
5.3.1. Spot transaction
- In a spot transaction, delivery and payment are made at
the moment of signing contract
- Price is called “spot price” or “spot quotation”
- This type of transaction accounts for about 10%
5.3.2. Forward Transaction
- In a forward transaction, price is agreed at the moment of
signing contract, but the delivery and payment are carried
out after a certain period of time. Forward transaction
allows traders to benefit from the change in price.
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44. INTERNATIONAL SALES OF GOODS
- Forward transactions are mainly “short-sale” ones, conducted
by speculators;
- Bull speculator: Always anticipates a rise in the price (the buyer);
- Bear speculator: Always anticipates a fall in the price (the seller;
- Traders can flexibly postpone purchasing or buying by paying
offset to the other party;
- Clearing House’s role in forward transaction: the seller and the
buyer negotiate the contract, but fulfil their obligations through
the Clearing House.
Þ Futures Contract and Forward Contract?
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45. INTERNATIONAL SALES OF GOODS
Example:
- January 1st: The seller and the buyer sign a contract for
sale of 1000 MT of goods X, at the price of USD
500/MT; delivery shall be made 1 month later.
- February 1st: The market price of X falls to USD
400/MT.
Þ The seller (bull) gains USD 100,000;
Þ The buyer (bear) loses USD 100,000;
Þ The buyer may choose to receive the goods or pay the
purchase offset of USD 100,000 to the seller through
Clearing House.
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46. INTERNATIONAL SALES OF GOODS
5.3.3. Hedging transaction
- In a hedging transaction, traders conduct “short-sale”
transactions at the Commodity Exchange beside actual
transactions in the real market to avoid risks caused by the
fluctuation of price;
- Hedging is a self-insurance measurement, and itself does
not help traders gain profit;
- When conducting hedging transaction, a trader must
choose a proper strategy based on his information on
prices, costs...
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47. INTERNATIONAL SALES OF GOODS
Example 1:
- January 1st: Mr. Smith signs a contract in the real market, agreeing to
sell the consignment X one month later. His expected price is USD
500/MT;
- To avoid a fall in price in the future, Mr. Smith at the same
time sells the consignment through the C.E at the price of
USD 500/MT;
- February 1st: The price of X falls to USD 400/MT.
Þ He loses USD 100/MT in the real market (the actual price is
lower than his expectation);
Þ He gains USD100/MT in his “short-sale” at the C.E.
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48. INTERNATIONAL SALES OF GOODS
Example 2:
- January 1st: Mrs. Smith signs a contract in the real market,
agreeing to deliver the consignment X one month later at the
fixed price of USD 500/MT.
- As Mrs. Smith has not had the goods yet, she has to collect it
(buy) in the real market. At the same time she buys a similar
consignment through the C.E at USD 500/MT.
- February 1st: The price of X rises to USD 600/MT.
Þ She loses USD 100/MT in the real market (the cost for
collecting is higher than the contract price);
Þ She gains USD 100/MT in her transaction at the C.E.
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49. INTERNATIONAL SALES OF GOODS
5.3.4. Option transaction
Art. 64, Commercial Law 2005:
Call option or put option contract means an agreement
whereby the purchaser has the right to purchase or sell a
specific goods at a pre-fixed price level (executed price) and
must pay a certain sum of money to buy this right (option
money). The option purchaser may opt to effect or not to
effect such purchase or sale of goods.
Þ The trader actually buys the right to effect the transaction; he
has no obligation to effect it.
Þ In any case, he always loses the option fee.
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50. INTERNATIONAL PROCESSING
1. Definition
Art. 178, Commercial Law 2005:
Commercial processing means a commercial activity
whereby a processor uses part or whole of raw materials
and materials supplied by the processee to perform one or
several stages of the production process at the latter's
request in order to receive remuneration.
International processing:
- Processor and processee: in different countries/customs
areas;
- Materials, semi-products, products: across border.
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51. INTERNATIONAL PROCESSING
Þ International processing is a commercial activity in which
one party (the processor) imports materials, semi-products
from the other party (the processee) to process into
complete products, return them to the processee and
receive remuneration (processing fee).
2. Features
- Remuneration is proportional to labour power;
- Ownership of materials, semi-products often belongs to
the processee;
- Enjoy tax and customs preference.
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52. INTERNATIONAL PROCESSING
3. Classification
3.1. In terms of material ownership
3.1.1. Provide materials, return products
- The processee provides the processor with materials/semi-products;
- After the processing period, the processor shall return
products and gets remuneration;
- During the processing period, the ownership of material
still belongs to the processee.
Þ Ownership: possession, use, and disposal.
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53. INTERNATIONAL PROCESSING
3.1.2. Buy materials, sell products
a. Materials from the procesee
- The processee sells materials to the processor;
- After the processing period, the processor sells products to
the processee;
- In each step, payment is actually arranged => considered to be 2
separate contracts;
- Ownership is considered to pass from the processee to the
processor;
- Unless otherwise stipulated, the procesee still holds the right
to control complete products.
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54. INTERNATIONAL PROCESSING
b. Materials from other sources
- The procesee provides samples and assissts the processor
with technical equipments/documents;
- The processor independently prepare materials (import
from the processee or not);
- After the processing period, the processor sells complete
products to the processee;
Þ The contract often stipulates that the processee is
responsible for the consumption of the complete products.
Þ (a) and (b) are often combined.
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55. INTERNATIONAL PROCESSING
3.2. In terms of processing pricing
- Cost plus pricing: The processor will remunerate all
reasonable costs and the processing fee;
- Target pricing: A target price is defined for each complete
item, which includes target cost and target processing fee;
- Examples of processing pricing:
+ CMT: Cutting, Making, Trimming
+ CMP: Cutting, Making, Packing
+ CMQ: Cutting, Making, Quota
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56. INTERNATIONAL PROCESSING
3.3. In terms of number of parties involved
- Two-party processing: Simple processing
- Multi-party processing: Transitional processing
+ Processee: Only one company;
+ Processor: Several companies. Products of the 1st phase
become materials for the 2nd phase.
Art. 33, Decree 187/2013/ND-CP, :
Processed products under a processing contract in one phase
shall, under the instructions of the supplier, be provided for
the purpose of the processing contract of the following phase.
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57. INTERNATIONAL AUCTION
1. Definition
Commercial Law 2005, Art. 185:
Auction of goods means a commercial activity whereby
sellers themselves conduct or hire auction organizers to
conduct public sale of goods to select purchasers that offer
the highest price.
International auction:
- Sellers and buyers: different countries/ customs areas;
- Products: move across border.
Þ Note: Role of price in auction transaction.
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58. INTERNATIONAL AUCTION
2. Features
- Publicly organized at a definite time and place;
- Buyers are allowed to check before buying and free to compete
- Auction organizer: the seller or a trader who is mandated by
the seller
- Goods: Often of great value, precious and rare; difficult to
standardize;
- Seller dominate the transaction: single seller, many buyers.
Þ Can goods in need of liquidation be auctioned?
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59. INTERNATIONAL AUCTION
3. Classification
3.1. In terms of auction purpose
- Business auction
- Non-business auction
3.2. In terms of organizing method
- Voiced auction:
+ Upward bidding (English auction): Participants bid openly against
one another, each subsequent bid higher than the previous bid;
+ Downward bidding (Dutch auction): The auctioneer begins with a
high price which is lowered until a participant is willing to accept
the auctioneer's price;
- Voiceless auction: A variant of the English auction in which bids
are written on a sheet of paper.
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60. INTERNATIONAL AUCTION
4. Steps to organize auction
Step 1: Preparation
- Sign an organizing contract
- Prepare auctioned goods
- Prepare auction regulations
- Publicize information
Step 2: Displaying auctioned goods
Step 3: Conducting the auction
Step 4: Drafting auction documents
Þ Self-reading: Commercial Law 2005, Chapter VI, Section 2
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61. INTERNATIONAL BIDDING
1. Definition
Art. 214, Commercial Law 2005:
Bidding for goods or services means a commercial activity
whereby a party purchases goods or services through bidding
(referred to as bid solicitor) in order to select, among traders
participating in the bidding (referred to as bidders), a trader
that satisfies the requirements set forth by the bid solicitor and
is selected to enter into and perform a contract (referred to as
bid winner).
Art.4, Bidding Law 2005:
International bidding means the process of selecting
contractors that satisfy the requirements of bid solicitors, with
participation of both foreign and domestic contractors.
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62. INTERNATIONAL BIDDING
2. Features
- Applied for both goods and services;
- Bidding packages are often of great value;
- Bid solicitors: investors or organizations fully capable and
experienced, and employed by investors to organize biddings.
- Bounded by regulations of capital loan and use;
- Buyers dominates the transaction: One buyer vs. many
sellers/suppliers
Þ Role of price in bidding transaction.
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63. INTERNATIONAL BIDDING
3. Types of bidding
3.1. In terms of number of bidders
- Open bidding: The number of participating bidders is not limited (with
or without pre-qualification)
- Restrictive bidding:
+ At the request of foreign donors of capital sources;
+ For particular technical requirements;
+ At least 5 contractors identified as fully capable and experienced must
be invited;
- Appointment of contractors: Force majeure, at the request of foreign
donors; urgent projects for national interests, the requirement of
compatibility.
Þ Self reading: Bidding Law 2005, Art. 18, 19, 20.
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64. INTERNATIONAL BIDDING
3.2. In terms of organizing method
- One-stage bidding:
+ one-dossier-bag: technical & financial proposals;
+ two-dossier-bag: technical & financial proposals separately
submitted;
- Two-stage bidding:
+ Stage 1: Bidders shall submit technical proposals and
financial plans without bidding prices;
+ Stage 2: Based on the bidding dossiers for 2nd stage, bidders
that have participated in the 1st stage shall be invited to
submit bids for the 2nd stage, which shall cover technical
proposals and financial proposals, including bidding prices.
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65. INTERNATIONAL BIDDING
3.3. In terms of bidding object
- Goods procurement bidding;
- Service provision bidding;
3.4. In terms of forms of contract
- Package contracts: quantity/volume has already been clearly
defined
- Unit price-based contracts: quantity/volume cannot be exactly
defined.
- Time-based contract: complicated research, design consultancy,
construction supervision, training or refresher training
- Percentage-based contracts: common and simple consultancy
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66. INTERNATIONAL BIDDING
4. Steps to organize bidding
- Preparing bidding
- Pre-qualifying
- Guiding, explaining to bidders
- Receipt of bidding dossier
- Opening bids
- Inspecting and assessing bidding plans
- Classifying and selecting bidder
- Informing results and signing contracts
- Bid winner submits deposit or contract performance security
measurements
Þ Self reading: Chapter III, Bidding Law 2005.
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67. THE END
THANK YOU FOR YOUR ATTENTION!
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