FOREIGN TRADE UNIVERSITY

HO CHI MINH CITY CAMPUS

MID-COURSE INTERNSHIP REPORT

Major: International Business Economics

THE PROCESS OF CONDUCTING AN

IMPORTING PAPER CONTRACT AT
TOAN LUC TRADING JOINT STOCK
COMPANY

Internee: Nguyen Song Toan

Student ID: 1401035111
Class: K53CLC3
Supervisor: Le Thi Thanh Ngan

Ho Chi Minh City, August 2017

 TABLE OF CONTENTS
PREFACE .................................................................................................................. 1
CHAPTER ONE: INTRODUCTION TO TOAN LUC TRADING JOINT
STOCK COMPANY ................................................................................................. 2
1.1. Brief history .................................................................................................... 2
1.2. General information ....................................................................................... 2
1.2.1. Background information ............................................................................ 2
1.2.2. Function ..................................................................................................... 3
1.2.3. Vision and mission..................................................................................... 3
1.3. Human resources situation and organizational structure .......................... 3
1.3.1. Human resources........................................................................................ 3
1.3.2. Organizational hierarchy chart................................................................... 4
1.3.3. Functions of main departments .................................................................. 4
1.4. Business outcomes from 2014 to 2016 .......................................................... 6
1.5. Roles of import paper contracts .................................................................... 7
1.6. Summary of the internship ............................................................................ 7
CHAPTER TWO: THE PROCEDURE OF CONDUCTING AN IMPORT
PAPER CONTRACT AT TOAN LUC TRADING JOINT STOCK COMPANY
..................................................................................................................................... 8
2.1. Describe and analyze the procedure of conducting paper import
contract. .................................................................................................................. 8
2.1.1. The general process of performing paper import contracts. ...................... 8
2.1.2. Specific steps in performing paper import contracts ................................. 9
2.2. Summary of strengths and weaknesses ...................................................... 16
2.2.1. Strengths .................................................................................................. 16
2.2.2. Weaknesses .............................................................................................. 17
CHAPTER THREE: PROSPECTS, ORIENTED DEVELOPMENT AND
RECOMMENDATIONS FOR PROMOTION/IMPROVEMENT OF
PROCESS OF PAPER IMPORT CONTRACTS OF TOAN LUC TRADING
JOINT STOCK COMPANY .................................................................................. 19
3.1. Prospects of process of paper import contracts ...................................... 19
 3.1.1. Opportunities ....................................................................................... 19
3.1.2. Threats .................................................................................................19
3.2. Oriented development of process of paper import contracts ................ 20
3.3. Recommendations for promoting/improving process of paper import
contracts ............................................................................................................... 20
CONCLUSION ........................................................................................................ 24
REFERENCES ........................................................................................................ 25
ANNEXES ................................................................................................................ 26
 INSTRUCTOR’S REMARKS
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Ho Chi Minh City, …………………, 2017
Instructor
(signed)
 INTERNSHIP ORGANIZATION’S REMARKS

Organization’s legal name: ..........................................................................................

Address: .........................................................................................................................
Tax code: ......................................................................................................................
Main business sectors: ..................................................................................................
We hereby confirm that Mr./Ms. ..................................................................................
has completed an internship at our organization from ................... (DD/MM/YYYY)
to……………………(DD/MM/YYYY).
- For his/her attitude:
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- For his/her perception of the organization’s activities:
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- For the data illustrated in the report (Please confirm the accuracy of the data):
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- Other remarks:
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Signature
(Please write the full title, sign and seal)
 LIST OF ABBREVIATIONS
Number Abbreviation Meaning
1 FTAs Free Trade Agreements
2 Dept. Department
3 BOD Board of Director
4 IMEX Import and Export
5 HR Human Resources
6 B/L Bill of Lading
7 FOB Free On Board
8 CIF Cost, Insurance and Freight
9 CFR Cost and Freight
10 C/O Certificate of Origin
11 Dong Vietnamese Dong
12 USD US Dollar
13 Bil Billion
14 VCCI Vietnam Chamber of Commerce and Industry
15 SGS world’s leading inspection, and certification company
16 HCMC Ho Chi Minh City
17 D/O Delivery Order
18 IT Information Technology
19 L/C Letter of Credit
20 UPAS Usance Paid At Sight
21 D/P Document Against Payment
22 T.T Telegraphic Transfer
23 ETD Estimated Time of Departure
24 ETA Estimated Time of Arrival
Vietnam Automated Cargo And Port Consolidated
25 VNACCS
System
26 ECUS Electronic Customs Declaration
27 FSC Forest Stewardship Council
 LIST OF FIGURES
Number Name Page
1.1 Organizational hierarchy chart 4
1.2 Financial indicators of Toan Luc from 2013 to 2016 6
2.1 Process of performing paper import contracts 8
2.2 Process of negotiating contracts 10
 1

PREFACE
Over the past decade, Vietnam has integrated rapidly and broadly with
evidences that many FTAs between Vietnam and nearby countries have been signed.
This has brought a lot of benefits for import and export activities. For instance, prices
of importing products are reduced and tax is minimized. And this is not exception to
paper products. When it comes to paper products, Toan Luc Trading Joint Stock
Company, with over 23 years of establishment and impressive growth, has been
standing out as a one of the leading companies in importing and distributing paper.
With a view to going deep into the performance of paper import contracts and
in accordance with the requirements of University concerning mid-term internship, I
have worked as an intern for a month at Toan Luc Trading Joint Stock Company and
decided to choose the topic the topic: “The process of implementing paper import
contracts at Toan Luc Trading Joint Stock Company”.
This report is composed of three main parts as follows:
- Chapter One: Introduction to Toan Luc Trading Joint Stock Company
- Chapter Two: The procedure of paper import contracts at Toan Luc
Trading Joint Stock Company
- Chapter Three: Prospects, oriented development and recommendations
for promotion/improvement of process of paper import contracts of Toan Luc
Trading Joint Stock Company
For the fulfillment of this report, I wish to express my gratitude to Board of
Director and Import Department of the Company, especially Ms. Bui Thi Ngoc Yen,
for all helpful and detailed guidance throughout my internship. Last but not least, I
show appreciation to Ms. Le Thi Thanh Ngan for her dedicated and enthusiastic
instruction.
Despite all my efforts, due to limited time and restricted self-capabilities, this
report must contain ineluctable errors and mistakes. Thus, I am grateful for all
precious comments and contributions to make this report better.
Ho Chi Minh City, August 2017
Student
Nguyen Song Toan
 2

CHAPTER ONE: INTRODUCTION TO TOAN LUC TRADING JOINT

STOCK COMPANY
1.1. Brief history
The Company was established under the name Toan Luc Trading Limited
Liability Company according to the Decision No. 391/GP_UB, dated 04 April, 1994
promulgated by issued by People’s Committee of Ho Chi Minh City. After 3 years
since establishment Toan Luc had been become more popular trading company in
nearby region.
In 2000, Company traded almost all kinds of paper products existing on
current market and expand investment portfolios. After many years of operation,
Toan Luc Trading Limited Liability Company changed its name to Toan Luc Trading
Joint Stock Company.
In 2006, Toan Luc Company became a trailblazer in suppling newsprint. And
now it has coordinated with the most favored newspaper in Vietnam such as Tuoi
Tre, Thanh Nien,…
Toan Luc was honored to be ranked in Top 500 of Vietnam’s largest firms
according to VNR500 assessment in 2011 and was granted certificate of FSC by
specialists of SGS in 2016.
Recently, Toan Luc Trading Joint Stock Company has relocated headquarter
at 806 Au Co Street, Ward 14, Tan Binh District, Ho Chi Minh City.
1.2. General information
1.2.1. Background information
- Legal name: Toan Luc Trading Joint Stock Company
- Transaction name: TOAN LUC TRADING JSC
- Headquarter: 34-36 Phan Van Tri Street, Ward 2, District 5, Ho Chi Minh
City
- Telephone: (+84) 8 383 632 51/ 392 330 10
- Fax: (+84) 8 392 346 81
- Website: www.toanluc.com.vn
- Email: toanluc@hcm.vnn.vn
 3

- Business license: No. 391/GP_UB, dated 04 April, 1994, issued by People’s

Committee of Ho Chi Minh City.
- Tax code: 0301307242
- Motto: “Get satisfaction of customers to measure capability and quality”
1.2.2. Function
Toan Luc Trading Joint Stock Company identified that their vital functions are
to import paper from foreign countries to wholesale and retail in domestic market.
These are suppliers with international repute in paper industry: APP, Hansol,
Chenming, Moorim, Oji Paper, Nippon Paper Group…Nationally, Company
provides wide range of product such as: printing & packaging paper (Ivory board,
Duplex board, art paper, art board, uncoated woodfree paper, color woodfree paper,
packaging board), newsprint, photocopy paper, fancy paper/fine paper (letterhead
paper, letter & envelop paper, greeting card…), specialty paper (carbonless paper,…).
1.2.3. Vision and mission
-Vision: Toan Luc aims to become the leading Paper Trading Company in
Vietnam by focusing on creating unique added value in the supply chain and
providing effective consultancy on solutions for Services and products, playing a
pioneering role in the era of country integration, change and development.
-Mission: With our understanding of the diverse range of paper products, we
have the mission of always consulting our products towards maximizing the
efficiency of our customers' use, minimizing defects in paper material applications.
1.3. Human resources situation and organizational structure
1.3.1. Human resources
Toan Luc, with exactly 72 employees, has a simply but suitable structure of
labor. Each person is in charge of specific tasks.
Concerning education, all labors completed high school. But the ones have
Intermediate knowledge (including University, College) are in charge of the main
business activities. There are 36 staff that graduated from University, 11 employees
completing College and 7 staff fulfilling Intermediate. The remaining 18 general
workers are those who are responsible for daily operation of the company such as
security guard, sanitation worker, cook, truck driver.
 4

1.3.2. Organizational hierarchy chart

Figure 1.1. Organizational hierarchy chart

General Director - Chairman

Board of
Director
Vice Director

Business &
Accounting Administrative Logistics
IMEX Warehouse
Division & HR Division Division
Division

Business Dept. Administrative Dept.

IMEX Dept. Human resources Dept.

Receptionist

(Source: Regulations of Organizing Activities of Toan Luc Trading Joint Stock Company)
1.3.3. Functions of main departments
- General Director - Chairman
General Director who is also the Chairman of the company works the head of
the administrative body, taking all the responsibility for legal act and oriented
development of the Company. In addition, General Director serves as a charter and a
representative for the company. All contracts and legal documents must require his
or her decision and signature.
- Vice Director
Vice Director control all operations of the company including activities of all
departments. Also, he or she is a channel for head of all departments to communicate
and follow orders. Vice Director is the one who comprehend the current situation and
 5

daily operation of the company, expressing suggestion and strategic plan to General
Director.
- Business Department
Business Department has to design a whole detailed plan for next year
including researches of paper demand and expected import quantity. Its staff are also
in charge of seeking out customers and selling imported paper. They must do all
activities including distributing and negotiating resale price to Vietnamese buyers.
- Import & Export Department (IMEX Dept.)
IMEX Department is taking responsibilities to all activities in connection with
implementing import paper contracts. They have to estimate and calculate the
purchasing price, inquire goods, bargain price, open L/C and claim, settle dispute (if
any). Because this department rarely conduct export contracts, this department is
indicated as Import Dept. hereafter.
- Accounting Division
Accounting Department usually perform tasks relating to recording
transactions and entries. They also conduct operations dealing with banks such as
settling payment, making a loan, buying foreign currency, depositing,…In addition,
an indispensable function of this department is cash flow and capital management.
- Administrative and Human Resources Division
Administrative & HR Dept. mainly assist and control recruiting process when
needed. They also manage wage, benefit and reward policies for all employees,
creating extracurricular activities for staff’s relaxation. Lunch, drinks and other basic
needs are prepared and supplied by this department. Moreover, receptionists are
included with function of serving and welcoming guests and customers.
- Logistics Division
Logistics department includes one main coordinator and four truck teams,
handling shipping operations and communicating with outsourced forwarders.
- Warehouse
This contains four storekeepers and they working at Cu Chi District warehouse
to execute inspection and verification both quantity and quality of consignment stored
in warehouse.
 6

1.4. Business outcomes from 2014 to 2016

Figure 1.2. Financial indicators of Toan Luc from 2013 to 2016
Unit: Bil Dong
800.0 0.80%
0.73%
685.8 685.0
700.0 0.70%

596.0 591.6
600.0 0.60%
0.50%

500.0 0.50%
414.5 413.9 423.4 421.4
400.0 0.40%

300.0 0.30%

200.0 0.20%

100.0 0.14% 0.10%

0.12%
0.8 0.6 2.1 4.4
- 0.00%
2013 2014 2015 2016

Total Revenues Total Costs Gross income Gross profit margin

(Source: Report from Import Department years 2013-2016)

It can be seen that in general there was a positive outlook in the business
outcomes of Toan Luc over a four-year period from 2013 to 2016.
Total revenues of the Company witnessed an upward trend after a significant
decrease in 2014. As I am acknowledged that in 2014 and 2015 interest rates were
high approximately 20% in some periods. So that, Company suffered from such high
loans and started to shrink their scale. From then on, outcomes grew gradually and
saw a sharp increase in 2016, rising from around 425 Bil Dong in 2015 to 596 Bil
Dong in 2016, a rise of more than 1.4 times. This is a positive signal of regrowth after
restructuring items and labor completely.
Total costs always grew proportionately with total revenues, in which the price
and quantity of import paper rose sharply, thus leading to a surge in Cost of goods
sold.
Importantly, Gross income rocketed from 0.8 Bil Dong in 2013 up to 4.4 Bil
Dong in 2016, and so did net profit margin. This six-time rise of gross profit margin
ensures a promising future for Toan Luc in the next few years.
 7

1.5. Roles of import paper contracts

In terms of the company, Toan Luc is now one of three leading commercial
company in paper industry of Vietnam. Paper import activities play important roles
as:
+Main business activities, daily operations
+Supplying main products for the company to distribute in domestic market
+Providing information about the current trend of world paper industry
+Establishing business relationship with foreign partners and suppliers
Concerning domestic paper industry, local production is now undeveloped
and products are still underqualified. Also, the supply quantity is not stable. Thus
importing paper from foreign and nearby countries (ASEAN, China, Korea, Japan,
etc.) performs as a crucial act to supply and distribute adequate quantity of paper
products.
1.6. Summary of the internship
With an opportunity to intern at Toan Luc Trading Joint Stock Company, I
have learned much from the operation of the Company. During one-month internship
period, I have enjoyed many exciting and insightful activities with staffs in Import
Department. The main account of this department is implementing paper import
contracts. In this department, I have had chances to carry out some major activities
which are learning how to conduct an import contracts by steps, behave well in
working environment and printing or photocopying documents. Furthermore,
Company have given me not only a chance to visit a port in order for witnessing
forwarder’s activities and goods receiving task but also be a guest of Cu Chi
warehouse. In addition, observing staff solving and settling real issues at the company
has helped me to utilize my knowledge to go deeply in practice and then I have a
general view about practical working environment and a clear image of my own
future career. Thus, I am very thankful to all instructors and Toan Luc for my
internship period.
 8

CHAPTER TWO: THE PROCEDURE OF CONDUCTING AN IMPORT

PAPER CONTRACT AT TOAN LUC TRADING JOINT STOCK
COMPANY
2.1. Describe and analyze the procedure of conducting paper import contract.

2.1.1. The general process of performing paper import contracts.

Figure 2.1. Process of performing paper import contracts
Step Parties involved Process

1 Import Dept. ENQUIRY

Board of Director, Import NEGOTIATION AND

2
Dept., Business Dept., Buyer CONCLUSION OF CONTRACT

Import Dept., Accounting PREPARING PAYMENT

3
Dept., Bank (OPEN L/C)

Import Dept., Buyer, Insurance CHARTERING VESSEL AND

4
Company, Carrier BUYING INSURANCE (if any)

TAKING AND EXAMINING

5 Import Dept., Forwarder
DOCUMENTS

Import Dept., Accounting

6 SETTLING PAYMENT
Dept., Bank

Import Dept., Customs,

7 CUSTOMS CLEARENCE
Forwarder

8 Import Dept., Forwarder RECEIVING GOODS

INSPECTING GOODS AND CLAIM

9 Import Dept., Forwarder
(if any)

(Source: Import Department)

 9

2.1.2. Specific steps in performing paper import contracts

2.1.2.1. Enquiry
After Import Dept. staff receive plan from Business Department including
quarterly expected sales. They will identify import items, quantity of import and
research for business partners to draw up plans with specific point of time of
importing.
As a practice of paper industry, majority of paper items will be reproduced
material according to the purpose of usage after purchasing paper. If there is any
orders of paper material from domestic companies, Import Department will search
for applicable foreign sources to import and deliver to customers afterwards. This
procedure, in the past, had to be approved by Board of Director. But now, with the
purpose of simplifying procedure of making a contract, Import Dept. staff could
confirm the orders of the buyers at their discretion and conduct an importing contract
of paper.
In terms of importing for storing and reselling, the whole detailed importing
plan comprising importing price, quantity, sources and reselling plan must be created
by the co-operation of both Business and Import Department. It is not until there is
approval of Board of Director that Import Dept. begins to perform such plan.
2.1.2.2. Negotiation and conclusion of contract
After enquiring goods, as illustrated in Figure 2.2 below, staff of Import Dept.
will receive quotation, terms and conditions including price (CIF/CFR/FOB term),
payment term (L/C, D/P, T/T), shipment period, etc. Then, negotiations of contracts
are usually executed through email or fax in order to reduce cost and time (Case 1).
However, when they place a substantial or/and high value order or decide to
import brand new item as well as deal with new business partner (Case 2), they must
be approved by Board of Director (BOD). In this circumstance, BOD will negotiate
directly with this partner due to mutual clear understanding between parties.
If the terms of contract are agreed by both parties, the seller will execute a
draft of foreign contract and then fax the contract to Toan Luc. BOD will review
provisions and clauses of contract again. If they are accordance with initial negotiated
terms, Sale Confirmation would be sent and contract would be signed by parties.
 10

Process of negotiation and conclusion of import contracts at Toan Luc is drawn

up as the following chart:
Figure 2.2 Process of negotiating contracts

Case 1 Case 2

Board of Board of
Import Dept. Import Dept.
Director Director

Receiving
Receiving quotation and
Negotiate
quotation prepare
negotiation

Negotiate
Confirm
and confirm Conclude the
through fax
through fax contract
or email
or email

Conclude the
contract

(Source: Import Department)

The attached Sale Contract UG54/6B044 displays all details of sample
contract of sales:
+The seller: Mitsubishi Corporation (Singapore Branch)
+Date of conclusion: November 4th 2016
+Term of delivery: CIF Cat Lai, Ho Chi Minh city, Vietnam
+Payment was settled 100% by irrevocable L/C at sight
+The commodity was uncoated paper in reel/sheet KINMARI WF-NEOS
 11

+Total quantity: 55.56 MTS (±10%)

+Contract price: 38,634.00 USD
2.1.2.3. Preparing payment
Toan Luc has several options for settling payment such as L/C at sight, L/C
UPAS, T.T and D/P. Nevertheless, letter of credit (L/C) is made safe for both
exporters and importers by two principles: autonomy and strict compliance. In
addition, paper industry applied this method of payment as a commercial practice.
Moreover, because of guarantee of the bank to the seller, Toan Luc can easily
negotiate a lower contract price. On the contrary, document against payment (D/P) is
have been settled more and more especially with European suppliers in the recent
years due to two following reasons:
+ Toan Luc has established a close relationship with these partners and has
gained the whole trust from them since the very first business.
+All charges in connection with L/C (advising commission, document
examination, advice amendment, discrepancy fee, handling charges…) in Europe are
very expensive.
In terms of payment by documentary credit, it is usually settled by irrevocable
Usance Payable L/C. The preparation of opening L/C includes two steps:
Step 1: writing an application for opening irrevocable documentary credit
Import Dept. is in charge of opening L/C. In particular, the Deputy Import
Manager is responsible for filling “application for irrevocable documentary credit”
originated from terms of the contract agreed by both parties. And a document staff
from Accounting Dept. send it to a named bank in the contract (if any) or to a familiar
bank of the company for L/C issuing request.
As frequent, Company opens L/C at many banks which have their own ready-
made form of “application for documentary credit”. As in sample L/C, the issuing
bank was Sacombank Ho Chi Minh City. Concerning all vital required documents for
L/C, Company will supplement as follows:
+If enterprise settles payment by using money in bank account at issuing bank,
it needs to submit: Sale Contract, Application for irrevocable documentary credit,
Application for purchase foreign currency.
 12

+In case Toan Luc would like to perform payment by bank loan, the Company
shall present to the bank these following documents: Sale Contract, Application for
irrevocable documentary credit, Application for the loan, and Business plan...
Step 2: place a deposit account
At present, Toan Luc just has to pay 5% or 10% of the L/C value as
commitment fee for securing payment. This amount is minimal because company is
a regular and prestigious customer of many banks and fierce competition in banking
is reducing the relevant costs. After completion of procedure for escrowing, bank will
issue L/C to the Buyer and notify the advising bank. Mizuho Bank Singapore Branch
was in charge of advising the seller in above contract.
As clarified in L/C HDOTF1633414566I, these are some information about
documentary credit:
Issuing bank: Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank)
Ho Chi Minh City
Advising bank: Bank of Tokyo-Mitsubishi UFJ, Ltd., the Singapore
Form of documentary credit: Irrevocable
Documents required:
+Commercial Invoice (3 originals)
+Full (3/3) set of original clean shipped on board bill of lading
+Detailed packing list (3 originals)
+Full set of insurance policy
According to Sale Contract TL –NPIS 20160502, L/C was required to be
opened by 15th November. However, in reality, Toan Luc did not meet that
requirement, which date of issue is in 29th November, extracted from L/C
HDOTF1633414566I. This discrepancy was not prejudice to performance of the
contract due to close business relationship.
If the period of opening L/C is not defined in the contract, it shall be subject
to delivery time. Normally, L/C is opened within a week before the first day of
shipment. However, the time of opening L/C may be extended to 20 or 25 days before
delivery if the suppliers come from European countries. After Import Dept. sends
 13

issuing form of L/C to the supplier to verify adequate financial status, it will receive
a shipping booking confirmation consisting of ETD and ETA.
2.1.2.4. Chartering vessel and buying insurance (if any)
Toan Luc usually makes purchase according to CIF term so hiring transport
and buying insurance are executed by the Seller. This is the reason why in L/C there
is always specified evidently that which kinds of insurances the Seller must buy, and
where to make claims if disputes arise. As illustrated in Certificate of Insurance
No.72-H0063349, the assured was the seller which is Mitsubishi Corporation and the
insurance policy covered all risks for 110% of invoice value which was
US$43,086.00. As in this case, the insurer was Tokio Marine & Nichido Fire
Insurance Co. Ltd., which must have a branch in HCMC. This requirement to the
seller is for Company’s convenience in making a claim.
However, company also performs imports according to CFR term so they often
cover insurance for their consignment. Process of buying insurance is fulfilled as
these following steps:
+Select suitable terms and conditions.
+Writing application for insurance and signing an insurance policy.
+After receipt of a copy of full documents from the Seller, company will pay
a premium to insurance company under invoice value. Insurance premium is
calculated as:
110% of invoice value x premium rate
2.1.2.5. Taking and examining documents
After delivery, set of documents is submitted to the bank by the Seller. Firstly,
the issuing bank begins to verify the documents according to L/C terms then notify
Toan Luc to receive set of documents. With regard to consignment importing paper
of Toan Luc Trading Joint Stock Company, full set of documents containing quantity
of originals and copies in accordance with L/C terms includes: original B/L,
Commercial Invoice, Detailed Packing List, Weight list, Certificate of Quality and
goods, Certificate of Insurance, C/O, Certificate of Beneficiary, Particular shipment.
For purpose of safety, Toan Luc usually request the Seller to mail particulars
of shipment such as B/L number and shipment date, estimated time of arrival, vessel’s
 14

name, quantity of goods, name of commodity, invoice value and credit number within
seven working days before the Seller submits payment documents to the issuing bank.
Staff of company will examine the validity of documents. First of all, they will check
that whether all submitted documents are in conformity with the terms of L/C,
contract or not. If there is any aspect of documentation that are not in line with the
terms thereof, company forthwith announce discrepancies to the Seller to correct the
errors. If the documents are correct and valid, Accounting Dept. will settle payment.
2.1.2.6. Settling payment
After receiving set of documents and examining the validity of the documents,
staff from Import Dept. request accountant to settle payment for the exporter. As in
sample contract, payment was made within 120 days from date of shipment.
If the account of company is enough money to cover the payment at the issuing
bank, company just apply for purchase foreign currency with the amount of 90%-
95% of invoice value (10%-5% of contract price is already deposited in L/C). Issuing
bank will settle payment by transferring money to the advising bank. Otherwise,
issuing bank will make a loan to company and settle payment for company once
application for loan and business plan is submitted (if required).
In case of any discrepancy between documents and “document required” on
L/C, advising bank will withhold from crediting to exporter’s account. As a resolution
to this, whichever party that causes this negligent error shall bear for the cost of
modifying either L/C or documents to reach unification between such documents.
2.1.2.7. Customs clearance
Toan Luc mainly makes custom clearance by electronic customs declaration.
Customs declaration is handled through ECUS-electronic customs declaration
software by Import Department. Paper format customs procedures are only used in
the case that port of delivery is not located in Ho Chi Minh City.
After company submits a customs declaration in electronic form via ECUS,
Items are classified by the customs. There are three levels of classifying goods:
+Clearance acceptance on the basis of e-customs declaration information
(Green Channel).
+Inspection of paper customs dossiers before clearance (Yellow Channel).
 15

+Inspection of paper customs dossiers and goods (Red Channel).

Then, Company receives a form with full information of that consignment.
According to Customs Declaration Form 101219252150, due to acquisition of C/O
Form JV, the import tax rate of this consignment was only 1%. The channel of the
consignment was not displayed on this form. Instead, it was shown in ECUS-
electronic software’s screen.
In the past, after items were classified, the Logistics staff had to present a set
of dossiers and customs declaration form to the Department of Electronic Customs of
Ho Chi Minh City. But now, forwarders whom the company has appointed to be in
charge of receiving goods perform all paper works with the customs at the port of
destination.
2.1.2.8. Receiving goods
After receipt of arrival notice from shipping line, the first receiving stage
which occurs alongside with customs declaration is forwarder’s responsibility. In this
stage, forwarder staff presents full set of shipping documents to shipping line for
taking issued D/O which is used to receive goods at the port. And SOUTH
LOGISTICS JOINT STOCK COMPANY - SOTRANS is an example of frequent
partners as a forwarder.
Because the characteristics of paper products are easily damped and damaged
such as scratched, torn, deformed…, goods are usually transported in containers to
be well against dampness and shock. Company has a frequent large quantity of paper
so paper mainly takes delivery by full container load.
Several years ago, Company has its own team of taking the delivery. But
forwarding team and transporting team seemed not to work efficiently. Recently,
Toan Luc has completely outsourced delivery service to handle receiving goods in
order to take advantage of time and human workforces. After consignment is
received, it is whether transported to warehouse or directly delivered to customers.
2.1.2.9. Inspecting goods and claim (if any)
If any damage or loss to company’s consignment is found, forwarder shall
forthwith give notice to Import Department for initial damage or loss. This time,
Import staff will review the discrepancies and take matter up with both the supplier
 16

and insurance company. Time as soon as possible to inspect the goods is scheduled
and parties shall be present to witness. Insurance company will demand surveyors to
examine the scope and nature of the damage in the presence of ship agents and to
duly issue a survey report. Then insurance company will compensate based on actual
damages incurred. In the case of short delivery, supplier is responsible for conducting
measures to fulfill the undelivered parts of the contract.
2.2. Summary of strengths and weaknesses
2.2.1. Strengths
Process of importing paper of Toan Luc is generally strict and fully
established
Since establishment in 1994, Company has modified and improved the process
of importing paper. Thus, the procedure is now fully made and is appropriate with
conditions in importing of the Company.
With regard to operation of the Company: structure is not complicated, tasks are
assigned harmoniously, comprehensively among members of the Company. From the
stage planning, signing contract to the stage payment and receiving the goods, duties
are divided to departments and there is a well communication among them.
Furthermore, all steps are under strict control and supervision of the directors.
For example, the decision to import new items to be approved of by Board of
Director, or Payment must be ratified by Head of Import Dept. before being passed
to Accounting Department. Hence, mistakes and negligence can be minimized.
Good application to new forms of payment, customs declaration
Now, the procedures in connection with customs are performed totally through
electronic customs declaration application. So, the set of customs dossiers is now
unnecessary that assist importing to become more convenient and quicker. Moreover,
it reduces company’s expenditures and workforces.
Usage of irrevocable L/C at sight makes payment become more secured and
enhances safety of transactions with new partners due to the verification of the bank.
In addition, the exporters feel secure about the payment from the company.
Especially, recently, company takes advantage of new type of payment-UPAS L/C,
so that it can access to favorable foreign currency loan and reduce the costs.
 17

Technology contributes in connecting all departments and help staff get

access to data and information
Thanks to IT, all members of the Company can access to necessary data such
as foreign exchange rate, tax formula, enquiry procedure, price escalation of
paper,…Especially, Company has established its own internal network, and every
department can access to that and get full information, progress of tasks and contract.
Thus, mutual cooperation prevents from interrupting performance of importing and
when issues arise unexpectedly, they are resolved immediately. For example, instead
of copying or scanning a set of shipping dossiers and send it by post or mail to
particular person, the Import Staff needs only scan and upload it to the cloud where
all related departments can examine and leave evaluations. Thus, such a network can
ensure high speed, security, privacy and comprehensive information transmitted
within the Company, thus speeding up the process of performing import contracts.
2.2.2. Weaknesses
Always, everything has two sides. Although the performance of paper import
contracts of Toan Luc has several strong points, certain drawbacks are inevitable:
Limited negotiating capacity with foreign partners
The same happens in every Vietnamese import company, when doing business
with large partners, Company is also in disadvantageous position in negotiating act
because the scale of Company comparing to our partners. Besides that, characteristics
of paper products require advanced technology and high technique, however, paper
industry of Vietnam is still not comparable. Hence, this is a big disadvantage not only
to Toan Luc but also to all Vietnamese import companies. For example, Company
hardly wins an import contract as FOB term where decisive capability is maximized.
Lack of employee in Import Department
Now, Import Dept. includes only 3 staff carrying out full process of importing
paper, from calculating price, negotiating, concluding contracts, preparing
documents, opening L/C, dealing with forwarder, to the final step is inspecting goods
and claiming indemnity. There is a bundle of tasks that import Dept. must face every
day, they are easily get into mentally disorder and stressed due to high workload. This
will lead to consequential issues such as poor result and bad efficiency of importing
 18

operation. Import Department needs one more staff to cover all related import
documents and assist main importing staff.
Investigation of goods at warehouse are not really strict
The case that frequently occurs at storehouse is loosen verification and
examination of products. This has led to shortage of goods yet company do not
recognize the real situation. For instance, Toan Luc imported paper from EU partners
and distributed to Vietnamese companies. Due to untie investigation, when buyers
received items and claim for such discrepancy in quantity. In a block of 100 pieces
of paper, there are only approximately over 80 sheets. Such issues have brought not
only losses but also bad reputation to the company once prestige is the most key value
in competitive market nowadays.
 19

CHAPTER THREE: PROSPECTS, ORIENTED DEVELOPMENT AND

RECOMMENDATIONS FOR PROMOTION/IMPROVEMENT OF
PROCESS OF PAPER IMPORT CONTRACTS OF TOAN LUC TRADING
JOINT STOCK COMPANY
3.1. Prospects of process of paper import contracts
3.1.1. Opportunities
As you were informed, capital plays a crucial role in every business. At the
current situation, bank interest rate is quite favorable. This is a huge advantage for
performing a loan which is used to settle payment. Following practice of paper
industry, payment is periodically performed by L/C. So that, appearance of new types
of L/C-UPAS L/C providing such supportive conditions: favorable interest is
equivalent to that of USD loan, delay payment period is extended to the maximum
of 6 months at Sacombank, the proceeding of documents is comparatively brisk,… is
favorable circumstance.
Moreover, import tax of paper material serving for producing purpose is
currently at level of 0%. Importing paper from countries included in ASEAN,
ASEAN - Korea, ASEAN – Australia- New Zealand will get benefits from import
tax rate of 0%. Especially, with current Vietnam-Japan FTA and the next TPP,
Vietnamese companies will be advantageous in importing paper from the most
modernized and developing paper industry country-Japan. By achieving Certificate
of Origin from such nations, the Company will minimize all import tax. As attaining
C/O form JV from Japanese suppliers, Toan Luc has gained favorable tax rate.
3.1.2. Threats
In the present, facilities and lane loading of Vietnam’s road have restricted
capability in transporting with containers which leads to tremendous waste of money
and time. Besides that, unloading goods at the port may interrupt the operating
progress of the berth and now several ports prohibit unloading goods at port. This is
a massive threat to Toan Luc and importers of Vietnam in forwarding operations.
Thus, allocating capital effectively is a must in any business. As usual, one
consignment takes up to one or two month to be transferred to the company. During
this period, price may escalate so that importer must conscientiously calculate and
 20

estimate such appropriate price to import before reselling the goods. But life is not
easy for any of us, when negotiating exporters always require the price which is
comparable to the current market price. This would be a colossal risk to importing
companies if they cannot attain righteous standing in an overture.
Moreover, capital immobility is a huge issue for every enterprise, especially
in recovering debts. Due to high competitiveness in paper industry, buyers be barely
loyal to one supplier. So that, offering benefits in late payment is a must to attract
those buyers such as 30-day late payment. Those account receivables as well as
interest expenses make cost of capital increased.
3.2. Oriented development of process of paper import contracts
In terms of orientation for improving import process, Company in following
years will proactively recruit additional import employees. Moreover, allocating
appropriate tasks to workers depending on items is the future step of the Company,
one particular staff will be wholly in charge of some specific items for better
management and surveillance.
Simultaneously, Board of Director is making efforts to create a new
department mastering in forwarding process. If company succeeds in establishing
such department, stage of receiving goods will minimize fees of outsourced
forwarders and other external agencies.
3.3. Recommendations for promoting/improving process of paper import
contracts
Establishing complete process of re-export of paper and enhancing negotiating
standing
The company just earns profits by reselling paper in domestic market. Hence,
company’s gross profit margin is minimal. However, re-export will bring a lot of
benefits if there is a full process of re-export. This means that company does not need
to break down and retail paper to earn insufficient profit. Additionally, re-exporting
may bring foreign currency not only to the company but also to the nation. Position
of the company in international market will also be promoted.
Moreover, negotiating import contracts in FOB term will bring tremendous
benefits for the company as well as for the logistics industry of Vietnam. So that,
 21

maintaining trustworthy is a necessary step to enhance negotiating standing and

power.
Recruiting additional personnel for the company
As mentioned above, Import Dept. staff are insufficient comparing to
workload. What Toan Luc should do right now is to carry out an effective recruitment
policy to attract new employees so as to relieve the work pressure of the current staff
and also to meet all the needs of the import operations. Recruitments shall be executed
in strict way for the aim of attracting new, young, energetic and talented employees.
Moreover, the Company should associate with and advertise itself to related-industry
Universities, such as foreign trade majors, to select high-qualified students and
provide them with opportunities to intern at the company whilst studying at school
for them to get access to practical operations of import area. Thus, after their
graduation, the Company can have an available source of new employees who are
passionate about international trade and proficient in practical application.
Improving general expertise of staff
Human is the determining factor in the success of any organization and labor
force investment and development play a key role in enhancing the operational
capacity of a system, especially in international trade, where the requirements for
human factor are also higher and more sophisticated.
As mentioned above, at first hand, Company needs to enhance the capability
of all staff who get involved in the performance of import contracts. To implement,
the Company should establish or sponsor classes and courses training import export
operations, customs formalities, international payment, customer relations as well as
info days displaying amendments in laws and regulations which influence the
professional operations of the Company, particularly tax modifications. Guiding
activities should occur in both short-term and long-term programs. In addition to
internal training, Director had better delegate employee to be representative to
participate in external workshops hosted by such organizations as Customs
Department, VCCI, SGS … to have a lively and enthusiastic workforce.
 22

Creating and improving benefits for employees

In terms of fresh staff, they always demand for a chance to enhance their
knowledge and skills, so opportunity for them to study higher is one of their concerns.
To keep talented employees engaged, the Company should give them sponsorship for
professional and specialize courses. Furthermore, favorable policy of wage, social
insurance, unemployment insurance, off-dates,…is a measure to prevent from
switching job. Unexpected reward to successful project will motivate all employee to
perform energetically and productively.
Establishing new department being in charge of advertising business
At the current situation, there is no independent Marketing Department which
is responsible for promoting Company’s creditworthy to potential customers and
suppliers. Company needs a team to deliver message and advertise to all audiences.
This not only attract new contracts to be concluded but also hold more appeal to
investors.
Conducting examination goods more strictly and claiming for indemnity
as soon as possible
As noticed above, defects and shortage of goods are huge losses to the
company. So that, increasing number of investigator and frequency of examining
goods is a must for the Company. Whenever discovering any discrepancies in goods,
investigators or storekeepers must forthwith update information to internal system in
order to prepare to claim suppliers or insurance companies.
Changing and adapting to new form of payment
As you know, L/C is the method of payment that has favorable benefits and
guarantees for both parties but it is not the best solution in payment. In documentary
credit, there is a participation of the Bank which arises additional expenses and seems
to be not completely mutual trust. The cause of choosing such kind of payment is
from low position of Vietnamese companies in international market and practice of
paper industry. In the recent years, the Company has determined to increase
proportion of D/P payment. However, the Company needs to make more sufficient
efforts to enhance its prestige, mutual trust and reach negotiation for payment by more
cost-saving and more favorable method. When already establishing a long-term close
 23

relationship, Company should sign contracts with approval method of payment such
as D/P, T.T on credit or late payment.
Increasing concentration and examination on documentary and contract
tasks
To minimize errors arising during the process of completing contracts and
preparing payment, Import Dept. need to carefully examine L/C and contracts. They
need to be extremely focused as one mistake in one document can leads to a chain of
mistakes in others. In the event that there are discrepancies in information concerning
L/C or contracts, such staff need to find out the origin of such differences right away
and ask for correction to ensure consistency with pre-agreement. For example, if there
is any discrepancy between L/C and agreed contract, staff must discover the origin of
this mistake and clarify it immediately or inform partners to modify it. The
circumstance that usually occurs at the company is that Toan Luc and other
companies are both included in one controlling enterprise leading to mistake in name,
address of company and title of goods.
During the process of receiving goods that involve external agencies, Import
Dept. need to regularly update information and guiding agents of these organizations
and strictly follow these regulations. In doing so, the staff can complete the
documents quickly and also establish good relationship and trust with these agencies.
To reduce risks associating with recording documents, the Company needs to
build up a storage system with security password and large capacity so as to store a
large number of papers and dossiers. Also, import staff ought to classify documents
according to contract numbers so that when there are any problems arising regarding
a certain contract, all related documents can be quickly accessed and extracted.
Finally, Import Dept. need to regularly examine the documents which have been
stored so that they can find out losses of or damages to these documents as soon as
possible and propose timely solutions
 24

CONCLUSION
Although paper industry has faced many difficulties for many years, demand
for paper material started to increase about 20% per year. Mentioning paper, one
cannot ignore Toan Luc Trading Joint Stock Company, a leading importer and
distributor of paper in Vietnam. After more than 23 years of establishment and
growth, Toan Luc has recognized outstanding achievements.
The performance of paper import contracts, one of the most important aspects
of Toan Luc business operations, has also been perfected and improved during such
a long time of existence and development of the Company. As a result, this process
has several striking strengths such as time and cost efficiency, high level of security
and cooperation, and high technology. Yet, such a process also contains inevitable
limitations, including lack of negotiating standing, shortage of import staff and loosen
investigation of goods. Thus, it is time for Toan Luc to consider some necessary
remedies such as recruiting potential personnel, increasing concentration and
examination on documentary and contract tasks, establishing complete process of re-
export of paper and enhancing negotiating standing, conducting examination goods
more strictly and claiming for indemnity as soon as possible.
I strongly believe that the currently-executing process and innovative policies
together with the positive development of the paper industry and the economic growth
potential of the Company will ensure the promising future of Toan Luc.
Although the internship period has been over, this precious chance has left me
with invaluable practical experience which helps consolidate the specialized
knowledge I have learned at the university.
Finally, I would again send my sincere thanks to all involved people for all the
precious helps. Without these contributions, this report cannot be completed.
 25

REFERENCES
1. Bao Viet Securities, 2016, Report on Paper Industry in Vietnam
http://images1.cafef.vn/Images/Uploaded/DuLieuDownload/PhanTichBaoCao/Nga
nhbaobigiay_220416_BVSC.pdf
2. Toan Luc Trading Joint Stock Company, 2017, Regulations of Organizing
Activities.
3. Toan Luc Trading Joint Stock Company, 2017, Process of Negotiating
contracts
4. Toan Luc Trading Joint Stock Company, Report from Import Department
years 2014-2016
5. Toan Luc Trading Joint Stock Company, 2017, Process of Implementing
Paper Import Contracts.
6. Toan Luc Trading Joint Stock Company [Online] [Cited: June 16, 2017]
http://www.toanluc.com.vn/
7. Toan Luc Trading Joint Stock Company [Online] [Cited: June 16, 2017]
http://www.toanluc.com.vn/lich-su-hinh-thanh.html
8. Toan Luc Trading Joint Stock Company [Online] [Cited: June 16, 2017]
http://www.toanluc.com.vn/chinh-sach-chat-luong.html
9. Toan Luc Trading Joint Stock Company, Financial Statements years 2013 –
2016.
 26

ANNEXES
ANNEX 1: IMPORT QUANTITY BY PAPER PRODUCTS FROM 2014 TO 2016

Table 1.1 Import quantity by paper products from 2014-2016

Unit: Tons
2014 2015 2016
Value Proportion Value Proportion Value Proportion
Couche 119.6 0.8% 4,679.8 25.4% 11,740.3 40.9%
Newsprint 12,497.0 81.0% 11,560.0 62.7% 11,118.0 38.7%
Ivory 1,716.6 11.1% 1,538.4 8.3% 2,177.2 7.6%
Duplex 1,010.2 6.6% 390.0 2.1% 1,982.2 6.9%
Ford 22.7 0.1% 150.0 0.8% 1,396.5 4.9%
Others 55.6 0.4% 120.1 0.7% 320.6 1.1%
Total 15,421.6 100.0% 18,438.2 100.0% 28,734.7 100.0%
Table 1.2 Import quantity of paper product
Unit: Tons
Difference 2014/2015 Difference 2015/2016
Absolute Proportion Absolute Proportion
Couche 4,560.3 3814.5% 7,060.5 150.9%
Newsprint -937.0 -7.5% -442.0 -3.8%
Ivory -178.3 -10.4% 638.9 41.5%
Duplex -620.1 -61.4% 1,592.1 408.2%
Ford 127.4 562.3% 1,246.5 831.0%
Others 64.4 115.8% 200.5 167.0%
Total 3,016.6 19.6% 10,296.5 55.8%
(Source: Report from Import Department years 2014-2016)
 27

ANNEX 2: IMPORT QUANTITY BY SUPPLIERS COUNTRIES FROM 2014 TO 2016

Table 2.1 Import quantity by suppliers countries from 2014-2016

Unit: Tons
2014 2015 2016
Value Proportion Value Proportion Value Proportion
Indonesia 2,267.09 14.7% 3,673.28 19.9% 5,961.92 20.7%
Philippines 12,497.00 81.0% 8,585.00 46.6% 7,906.00 27.5%
China 54.27 0.4% 2,387.42 12.9% 3,829.05 13.3%
Korea 515.67 3.3% 336.52 1.8% 2,102.23 7.3%
Japan 90.55 0.6% 3,384.14 18.4% 8,565.06 29.8%
Europe - 0.0% - 0.0% 370.41 1.3%
Others - 0.0% 71.86 0.4% 156.57 0.5%
Total 15,424.58 100.0% 18,438.22 100.0% 28,734.67 100.0%
(Source: Report from Import Department years 2014-2016)
 28

ANNEX 3: FINANCIAL SITUATIONS FROM 2013 TO 2016

Table 3.1: Financial Indicators from 2013 to 2016

Unit: Billion Dong
2013 2014 2015 2016
Total Revenues 685.8 414.5 423.4 596.0
-Sales Revenues 564.3 395.6 401.2 591.7
-Other Revenues 121.6 18.9 22.2 4.2
Total Costs 685.0 413.9 421.4 591.6
Gross income 0.8 0.6 2.1 4.4
Sales Revenues/Total Revenues 82.3% 95.4% 94.8% 99.3%
Gross profit margin 0.12% 0.14% 0.50% 0.73%
(Source: Financial Statements of Toan Luc Trading Joint Stock Company years 2013-2016)

Table 3.2: Annual changes in financial indicators from 2013 to 2016

Unit: Billion Dong
Difference 2014/2013 Difference 2015/2014 Difference 2016/2015
Absolute Proportion Absolute Proportion Absolute Proportion
Total Revenues -271.3 -39.6% 9.0 2.2% 172.5 40.7%
-Sales Revenues -168.7 -29.9% 5.7 1.4% 190.5 47.5%
-Other Revenues -102.6 -84.4% 3.3 17.3% -18.0 -80.9%
Total Costs -271.1 -39.6% 7.4 1.8% 170.3 40.4%
Gross income -0.2 -27.4% 1.5 252.6% 2.3 108.1%
(Source: Financial Statements of Toan Luc Trading Joint Stock Company years 2013-2016)
 29

ANNEX 4: SET OF DOCUMENTS

1) Contract of Sale: No. UG54/6B044

2) Letter of credit: L/C No. HDTOF1633414566I
3) Commercial Invoice: Invoice No. UG54/6B044
4) Detailed Packing List
5) Bill of Lading: B/L No. SNKO040161200354
6) Marine Cargo Policy: Policy No. 72-H0063349
7) Certificate of Origin Form JV: Certificate No. 160157221173001409
8) Arrival Notice
9) Customs Declaration Form: Form No. 101219252150
 MITSUBISHI CORPORATION SINGAPORE
BRANCH
SNKO040161200354
1 TEMASEK AVENUE, HEX 19-00,
MILLENIA TOWER,
SINGAPORE 039192

TO ORDER OF SACOMBANK-HUNG DAO

BRANCH

CARGO ARRIVAL NOTICE

TOANLUC TRADING JOINT STOCK Vessel Arrival Date : 31.DEC.2016
COMPANY.
ADD:34-36 PHAN VAN TRI ST, DIST 05, PLEASE CONTACT: SINOKOR VIETNAM CO., LTD
HOCHIMINH CITY, VIETNAM Saigon Riverside Bldg., 5th Fl., Suite #507-508
TEL:84-8-38363251, * 2A-4A Ton Duc Thang, Dist. 1, HCMC
Tel : (84-8) 3821 4446 Fax: (84-8) 3821 4448
Ext: 118-119-129-130
NIIGATA PORT IN JAPAN CY
E-Mail : importsgn@sinokor.com.vn

KMTC ULSAN 1617S NIIGATA PORT IN JAPAN

CAT LAI PORT IN HOCHIMINH** CAT LAI PORT IN HOCHIMINH*** CAT LAI

130 PACKAGES SAID TO CONTAIN 58,861.00KGS 90.848CBM

20'X2/40'HQX1 SHIPPER'S LOAD, COUNT & WEIGHT
20' SKLU1425233 291316 AS PER ATTACHED DESCRIPTIONS
PARTICULARS FURNISHED BY MERCHANT

20' SKLU1502052 291317

40H TCNU8834371 291318

TOANLUC
6YWF18
CAT LAI, HCMC
MADE IN JAPAN
NO.101-136,201-218

TOANLUC
6YWF21
CAT LAI, HCMC
MADE IN JAPAN
NO.201-249,301-327

SAY : THREE (20'X2 & 40'HQ X1) CONTAINERS ONLY. CY/CY

FREIGHT PREPAID AS ARRANGED

** LOCAL CHARGES : (excluded VAT 5.26%) -> Thanh toan theo ti gia cua VCB (ngay thanh toan)
DISCHARGING TERMINAL HANDLING 40HX1 USD 150.0/40H USD 150.00
DISCHARGING TERMINAL HANDLING 20'X2 USD 100.0/20' USD 200.00
DESTINATION DOCUMENTATION FEE( DDFX1 VND 600,000.0/DDF VND 600,000.00
CLEANING/WASHING OF CONTAINERS 40HX1 VND 100,000.0/40H VND 100,000.00
CLEANING/WASHING OF CONTAINERS 20'X2 VND 50,000.0/20' VND 100,000.00

TOKYO, JAPAN TOKYO, JAPAN 17.DEC.2016

THREE (3)
SINOKOR MERCHANT MARINE CO., LTD.

17.DEC.2016
 == ATTACHED RIDER ==

B/L NO : SNKO040161200354

<< Description Information >>

130 PACKAGES(54 REELS & 76 PALLETS(1,336.00 REAMS)
(=668,000 SHEETS))

UNCOATED PAPER IN REEL/SHEET

- KINMARI WF-NEOS
------------------------------
JAPANESE ORIGIN

N/W 56,324 KGS

L/C NUMBER : HDOTF1633414566I

*FAX:84-8-39234681
**CITY,VIETNAM
***CITY,VIETNAM CY

SHIPPING AGENT
SINOKOR VIETNAM CO.,LTD.
SAIGON RIVERSIDE BLDG.,9TH FL.,SUITE #903-904,
2A-4A TON DUC THANG ST.,DIST. 1, HOCHIMINH CITY,VIETNAM
TEL:+84-8-3821-4446~7 FAX:+84-8-3821-4448/3914-4641