Queen Logistics Vietnam: Export-import enterprises with Korean partners will be affected by Hanjin's bankruptcy

Ms Minh Phuong, CEO of MP Logistics, who was hailed by the US as the "logistics queen" of Vietnam, shared with us the impact of the bankruptcy of Hanjin Shipping Global (Korea).

According to Ms. Fang, Hanjin's declaration of bankruptcy is likely to affect logistics, not much less. Korean businesses most affected. This season is the peak season, spring, businesses prepare goods for sale on the big holidays such as Christmas, New Year, Lunar New Year ..., especially European countries ahead of New Year's Eve calendar.

"The Southeast Asian markets exported to Europe, the United States will use Hanjin's services will be affected, because Hanjin is the seventh largest logistics company in the world, so many businesses use their services," Ms. Phuong said.

According to the female CEO, logistics in Vietnam is usually FOB. FOB is an English abbreviation of the phrase Free On Board, meaning Waivership on the deck of a ship, also known as "on board". It is a term in international trade. The transfer takes place when the goods pass over the ship's rail at the port of loading. Internationally, this term indicates the port of loading, eg "FOB New York" or "FOB Hai Phong". Other expenses such as freight, insurance premiums are the responsibility of the purchaser.

Therefore, buyers of goods from Vietnam using Hanjin's services are greatly affected. As before, Vietnamese businesses will not pay the charges that the buyer will pay.

Therefore,   foreign businesses buying in Vietnam will be affected. Specifically, the goods on this occasion will not be on schedule.

In the Asian region, Korean businesses will be hit hardest because they are the biggest users of Hanjin. On the Vietnamese side, businesses working with Korea will also suffer, such as companies importing goods from Korea to Korea that use Hanjin's services. Slow delivery will affect sales.

South Korea's Hanjin Shipping has filed for bankruptcy court on Sept. 1 after creditors have lost patience with them. This makes about half of Hanjin's cargo fleet and loads of cargo stuck on the sea.

Due to the fact that the seaports are concerned about the possibility of paying Hanjin's handling charges, they do not dare to take over the cargo ships of the company and therefore they will have to "stand motionless" at sea. During the time Hajin arranged.

It is worth mentioning that Hanjin filed for bankruptcy during the peak period of cargo shipment in the year. This means that items such as televisions, bags and furniture, which are consumed a lot at the end of the year for Thanksgiving and Christmas holidays, may be delayed.

These goods have to cross the sea 10 days to Los Angeles from Asia and can take up to 30 days to reach Rotterdam.

According to The Tran

According to Young Intellectuals

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