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Accounts receivable causes headache to businesses
Collecting debts proves to be hard work these days, especially when the purchasing power is low and the stocks are big.
The Director of a HCM City-based company specializing in making cosmetic and cleansing products said that the company has to collect over VND 50 billion worth of debts from its distributors.
The director said that he just hopes to collect one third of the debts by Tet. Supermarts and some distributors in HCM City have promised to pay debts by January 17-22, 2009, or just several days before Tet.
Meanwhile, distributors from other provinces have asked to delay the debt payment until February 2009, or after Tet. Some partners even said that they will only be able to pay debts by the end of the first quarter of 2009.
Nguyen Thi H., Director of a company specializing in blanket, pillow and fabrics which has the monthly turnover of VND 6 billion a month, said that the business has been very good but just on accounts. However, the company still cannot collect debts.
“60% of partners have fallen into difficulties and have asked to delay the payment. I myself understand that the late payment is unavoidable.”
H.H, a mobile phone distributor, is also complaining about debt collection. The young owner of the company said that a lot of sales agents have escaped and he cannot find the debtors. He said that the company is in risk of losing VND 2 billion as sales agents repudiate their debts.
Taking legal proceedings or allowing late payment?
L.A., the supplier of materials to many garment companies in Vietnam which has their office at the Tan Binh market, has also received the proposals to delay the debt payment from clients. The Director of the company said that the debtors are all big and well known businesses.
She said that some companies are now seriously lacking cash, while they have to pay due bank debts as they have made too many investments in the last year. Meanwhile, petty merchants at markets said they will pay debts just ten days before Tet. In fact, she said she does not worry about the debt payment of petty merchants as they have their own capital and do not have to borrow money from banks, while they have not injected money in real estate and stocks.
The director said that if she cannot collect debts from partners, she will not have money to pay debts to fabric producers.
Another Director of a HCM City-based company also related that the distributors in Hanoi and the central region have informed they will arrange money to pay debts later, while they now do not have money as the localities have been severely stricken by the flooding in November.
Meanwhile, N.C.H, Business Director of the B.K. Company in HCM City, related that he has to move heaven and earth these days to collect debts. Partners now owe US $200,000 to the B.K. Company. H. said that the company has decided to make a claim for debt payment. In December, the distributor sued five sales agents in HCM City for the abuse of trust. H said that has to do that to force the partners to arrange money to pay debts.
H.T., Business Director of an information technology products system also said that irrecoverable debt proves to be the risk in doing business. H. said that sometimes businesses have to take legal proceedings to have the cases settled. However, this is really not the favourable choice as they have to spend time and money on legal fees.
Saigon tiep thi
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