health solutions research multiple ways of getting paid...
TRANSCRIPT
Health Solutions ResearchMultiple Ways of Getting Paid
Alternative Payments Techniques in Emerging Markets
Ajay Gupta, CEO Health Solutions Research
International Business NewsJuly 2019
Also in this issue:Practical tips on Getting Paid / EXIM Bank Update / Country Profile: Vietnam
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Pg. 2: Savino Del Bene
Pg. 3: Letter
Pg. 4: Health Solutions Research
Pg. 5: HSR cont’d, Transimpex
Pg. 6: Tips for Getting Paid
Pg. 7: First National Bank
Pg. 8: Getting Paid cont’d., Kansas Global Trade
Pg. 9: Express News
Pg. 10-12: Country Profile: Vietnam
Pg. 13-14: EXIM Bank, Vietnam, cont’d
Health Solutions ResearchMultiple ways of getting paidBeginning on pg 4.
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When it comes to getting paid for your export shipments, there are many options and financial services available.
Health Solutions Research CEO, Ajay Gupta, tries them all when he ships to the Middle East from his facility in Maryland. They include the basic methods – letters of credit (L/Cs), wire transfers, and even checks. See his story on page 4 of this edition.
In this era of changing supply chain logistics, it is good to examine them all, including instruments such as factoring, discounting receivables - and even currency hedging.
Mike Salerno, Vice President of International Banking, First National Bank of Omaha, makes a compelling reason to consider discounted L/Cs and other supply chain finance programs. See his definitions on page 7.
In keeping with our theme of getting paid, we take a look back from a previous edition with ten practical tips for getting paid on page 6.
With a major shift from China in supply chain logistics by many exporters, we take a focused look at an emerging manufacturing country for US manufacturers – Vietnam. See page 10.
We also continue to scour foreign news sources for information that may be helpful to you in our “Express News from Around the World” column.
International Business News
page 3July 2019
How do you get paid when exporting data analytic services to the health care industry in Middle East and North Africa (MENA) region?
“We’ll accept payment a number of different ways,” said Ajay Gupta, CEO of Health Solutions Research (HSR). “it may be a wire transfer, letter of credit, or even a check clearing through our international bank.”
The key for this Maryland SME is forming good re-lationships with its clients at home or in the MENA region, according to Mr. Gupta. “We often have to negotiate with our clients to complete payments, but they always come through when we develop those relationships,” he explained.
As the company expands to other countries in the future, they plan to consider additional means of financing projects that both safeguard collections and simplify the process for clients, such as the possibility of working with the Export Import Bank (ExIm).
A significant form of financial assistance for HSR is the Maryland grant program, more commonly known as the ExportMD Award. Funded through the SBA, and in other states often known as STEP grants, HSR became eligible for up to $5,000 in reimbursement for expenses associated with an international marketing project.
In addition, it covers the costs of the exhibit booth and for in-market consulting and business outreach services. Eligible expenses for the Export MD award include expenses related to an international mar-keting initiative such as airfare, hotel and other travel expenses, translation of brochures and web site development.
In addition, the state contracted with a MENA-based consulting company which has been a key partner for HSR in identifying potential buyers, clients and health ministries in that region. With this added support, the company launched its international health care consulting services from
Health Solutions Research uses multiple ways of getting paid for its data-driven health delivery systems in MENA countries
HSR’s Ajay Gupta, CEO (l) and Ram Peruvemba, Chief Medical Officer, working on the GeoHealth Platform on Ajay’s laptop.
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July 2019page 4
the Arab Health Exhibition and Congress in Dubai this past January contacting major health providers from the MENA region.
Most prominently, the company developed and showcased its GeoHealth Dashboard – a novel Geographic Information System (GIS) that merges health and non-health data to aid long-term plan-ning for health care systems.
“In the MENA countries, chronic dust storms present respiratory problems among children,” noted Mr. Gupta. “With the GeoHealth Dashboard, we can analyze data systems within and outside of healthcare to identify new insights into how chil-dren are exposed to such dust storms – and solu-tions to limit that exposure. This can reduce the number of nights many of these children spend in health care facilities thereby helping reduce health care costs.”
“We’ve managed to build a revolutionary geospa-tial data analytic platform that merges data on
social determinants of health with social media data and health records to achieve improved clinical insights,” he said. “Our platform provides both point-of-care decision support while allow-ing health systems to anticipate future healthcare delivery needs.”
“For the next Arab Health in January 2020, also in Dubai, we are launching a full-blown Health Spatial Data Infrastructure (SDI), which is a ‘grown up’ version of our Dashboard,” he explained. “An SDI is essentially a portal that, in the case of our Health SDI, will connect, integrate and allow access to health and related data sources from around the world.”
What data sources and how do you access it? Mr. Gupta remarked, “Call us, or better yet, come visit our stand at Arab Health.”
For more information on HSR, visit its website at http://healthsolutionsresearch.org.
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In a global marketplace, it’s more important than ever for exporters to offer their customers attrac-tive sales terms supported by the appropriate payment methods. Here’s a look back from our 2018 tips for the ten primary methods of payment, from least risk to the exporter to most risk.
1. ConsignmentConsignment is a variation of open account in which payment is sent to the exporter after the goods have been sold by the foreign distributor to the end customer. It is the riskiest of the most common methods of payment.
2. Open Account (O/A)An open account transaction in international trade is a sale where the goods are shipped and delivered before payment is due, which is typi-cally in 30, 60 or 90 days. Open accounts are risky for exporters; however, from your client’s per-spective, this is the preferred method of payment in terms of costs and risks.
3. CollectionsAlso called a documentary collection, this method of payment involves using banking channels for more than handling the movement of funds for your payment.
With a documentary collection, you’re relying on the bank to control your product until payment is made. Your bank (the remitting bank) sends documents to the importer’s bank (the collect-ing bank) along with instructions for payment. The funds are received from the importer and remitted to you in exchange for the documents. The most significant risk is your buyer saying they changed their mind and no longer want the product that was shipped.
4. Letter of Credit (L/C)International letters of credit are a commit-ment by a bank on behalf of the foreign buyer that payment will be made to the beneficiary (exporter) provided the terms and conditions stated in the L/C have been met, as evidenced
Tips for Getting Paid in International Trade
Getting Paid, continued on page 8IBNewsmagTM
July 2019page 6
Alternative Payment Techniques in Emerging MarketsBy: Michael Salerno, Vice President, International Banking, First National Bank of Omaha
With regular changes in trade policy, many export-ers are looking at oppor-tunities in new markets. Asia, for example, is the fastest growing segment of the developing world and has some of the strongest credit ratings. However,
when evaluating emerging markets and working with new customers, many exporters are trying to find alternative finance techniques to give terms to clients while minimizing credit risk.
Export Import Bank of the U.S. (EXIM) products and credit insurance are widely used but discounted letters of credit and supply chain finance programs have also become very popular.
1. Discounted Letters of CreditDiscounted letters of credit are a great way to allow exporters a guaranteed payment while offering attractive terms to the importer. By discounting the letter of credit, the exporter is paid once the documents have been presented while the importer still has time to pay for the goods. There is a cost for confirmations and dis-counting, however, it can be less expensive than other financing options for the buyer locally. 2. Supply Chain Finance ProgramsSupply chain finance programs have become very popular within trade finance transactions, such as receivables discounting. These programs allow the exporter to sell to customers on open accounts with terms and then have a financial institution (or another provider) buy the receiv-able. This allows the exporter to accommodate the importer’s request for terms while receiv-ing payment once the product is shipped. These programs have benefits for importers too since they can finance their purchase at a lower cost than other local financing options.
To see if discounted letters of credit or supply chain finance programs are right for your exporting needs, talk to your financial institution for more informa-tion.
This article is for informational purposes only and not intended to provide specific advice or recom-mendations. When making decisions about your fi-nancial situation, consult a financial professional for advice.
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International Business News
page 7July 2019
by the presentation of specified documents. It is one of the most secure methods of payment for an exporter.
5. Cash In AdvanceWith cash in advance, the ex-porter can eliminate credit risk or the risk of non-payment since payment is received prior to the transfer of ownership of the goods. Wire transfers and credit cards are the most commonly used cash-in-advance options available to exporters. With this option, you get paid up front, and you can use your client’s money to finance production of the product you are selling.
6. Bank Draft and Transmittal LetterTo help in the transfer of ex-ported goods, bank drafts are essential in the proper documen-tation to help keep shipping items organized along their route and efficient for the exporter.
7. Uniform Customs and Practice for Documentary Credits (UCP 600)The Uniform Customs and Prac-tice for Documentary Credits (UCP 600) is a set of rules and regulations banks follow for letters of credit and other types of payment. The UCP is governed by the International Chamber of Commerce (ICC). ICC’s rules on documentary credits, which are used for letter of credit transac-tions worldwide, were approved in 2006.
8. Telegraphic TransferAlso known as a wire transfer, the
telegraphic transfer is a common way to get paid when exporting internationally.
9. Export Import BankEXIM is the official export credit agency of the United States. Its mission is to ensure that US companies of all sizes have access to the financing they need to turn export opportunities into sales. The EXIM Bank’s aim is to help American businesses export fearlessly and make sure they get paid.
10. ArbitrationArbitration is essentially private litigation. Instead of one party suing the other in a court system in a particular country, arbitra-tion is consensual; that is, the parties must both agree to submit a dispute to arbitration. An agreement to arbitrate can be done up front in the contract by inserting an arbitration clause or even entered into after a dispute begins.
Getting Paid, continued from page 6
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July 2017page 8 July 2019page 8
Asahi ShimbunMitsui & Co. and Japan Oil, Gas and Metals National Corporation (JOGMEC) will buy a stake in the Arctic LNG2 project in the Russia Artic Circle. The Japanese government is sup-porting economic cooperation with Russia in the hope that it will have a positive influence on bilateral negotiations.
Mitsubishi Heavy Industries has clinched a deal to take over the regional jet business of Bombardier Inc. (Canada). The purpose is to reinforce the development of its SpiceJet pas-senger aircraft.
BloombergSingapore will focus on region-al trade and digital economic agreements to help counter the impact of the US-China trade war that’s weighing on the na-tion’s growth prospects.
EU ministers approved a trade deal with Vietnam, the first with an Asian devel-oping country, and the second with a member of the regional association with ASEAN.
Sydney Morning HeraldPrime Minister Scott Morrison has accepted an invitation from President Trump to visit Wash-ington DC in September. It will involve a formal state dinner. He is the first Australian PM to be hosted at a state dinner since John Howard dined with George W. Bush in 2006.
Korea TimesConcerns are being raised over possible eco-nomic crisis in South Korea cities near the South Korea/North Korea border because of the planned withdrawal of SK military units from the border. The South Korean military is being cut by 118,000. The current number is 618,000.
Cornerstone OnDemand (Santa Monica, Cali-fornia), a workplace learning software provider has officially launched business in south Korea by securing Samsung Electronics as its first customer.
Straits TimesTrump administration is pressing Vietnam to slash trade surpluses.
China`s economy grew 6.2% in 2nd quarter its slowest rate in 27 years. Analysts said that expected growth to weaken the rest of this year which would prompt more aggressive stimulus
measures.
Hong Kong turmoil has mil-lionaires exploring other wealth centers like Singapore.
Singapore construction sector may face protracted slowdown in the medium term.
Buenos Aires TimesMercosur (Brazil, Argentina, Paraguay and Uruguay) is seeking a free trade agreement with the US. The talks began in Washington DC in March.
Record soybean harvest in the Argentine Pampas (3.36 metric tons per hectare)Note: 1 Metric Ton = 1.10 US tons. 1 hectare = 2.47 acres.
Albemarle Corporation (US) plans to build a US$690m lithium processing plant in Bunbury, Australia.
Santiago TimesChile offered to donate wood and copper to help rebuild Notre Dame Cathedral in Paris.
Express News from Around the World
International Business News
page 9July 2019
General• Greet by handshaking when meeting and leaving. It is best to offer a two-handed hand shake to the oldest/older man in the same room, then one handed and right handshakes to men with similar age and younger then youngest.• It is credible and appreciated to greet Vietnam- ese people in Vietnamese for the first time of meeting.• Dress conservatively and accordingly. Ties and suits for men and dresses or suits for women are suitable for business meetings.• When meeting a woman in a social or busi- ness environment, wait for her to extend her hand first if not just greeting by saying “Hello” or “Goodbye” with title “Mrs.” or “Ms.” Remem- ber: Vietnamese names start with family names, then middle names then first names. • Show respect to elders and women. For example: let the elders and women enter or leave the room first, sit first, pass items using two hands to them, and offer your seats for them.• Don’t pass items over others’ heads.• Don’t make promises you can’t keep. It is a no-no.• When you invite someone for a meal, it is your responsibility to pay. They don’t split the bills like in America.• Smiling or making a little joke when possible is always welcome.• Vietnamese people in society or business appreciate Americans and products made in America because they think the products are high quality. • Family relationships and relationships with people are highly valued in Vietnam.
PROFILE:Vietnam
A Few Practical Tips for Doing Businessin Vietnam
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July 2019page 10
Business• Be professional at business meetings: dress nice, exchange cards (best if in both Vietnamese and English), give cards using two hands to elders and women; use the right hand for the rest. Read the cards with interest (not just glancing) to show your respect to the person giving the business card before carefully putting it away.• Face means reputation for Vietnamese people so try not to lose yours or someone else’s face.• Silence means disagreement in meetings to avoid losing someone’s face.• Building and maintaining relationships is very important in business. • Patience is gold. It takes a longer time to make their decisions if they are governmental or state owned companies due to different levels of ap- provals. • Be a little early or on time for meetings to show your respect.• In international trade, letter of credit is a common payment method.• Doing businesses with private sector is straight forward, fast and beneficial. • It is smart for American companies to enter or approach Vietnam market by these ways: export directly; set up local representations like agent, distributor, representative office, branch, joint-venture, franchise/licensing, busi- ness cooperation contract, BTO contract at first. Even exporting directly, you should treat your local partner like an importer or distributor as pre-registration of exporters or producers may be required in some certain cases. The local representatives know better language, people, custom, tradition, structure, organization, rules, regulations, laws, etc. to better service or shorten your market entry to Vietnam. • Imported products are subject to import duties and VAT.• Shipping by air and ocean is common for ex- porting to Vietnam. The busiest ocean ports are Haiphong (in the north), HoChiMinh (in the south), Danang (in the center) and busiest airports are Noibai (in the north) and Tan Son Nhat (in the south). CIF (Cost-Insurance-Freight) and FOB (Free On Board) are commonly used for Vietnamese importers. • Before exporting your products to Vietnam, make sure you obtain a necessary technical license (if any).• Study your partner well before entering any
contract. Make sure you and your partner un- derstand well Incoterms in international trading.• Undertaking self-protection measures before bringing your products in Vietnam is recomm- ended.• Before starting business, get to know your partner with small talk about personal life such as family, sport, weather, hobbies, etc. because Vietnamese people love to do business with someone they know and trust. The fastest way to have their trust is introduction by an influ- encing person. Contacts and personal relation- ships are a plus. • Lot of businesses make decisions over meals/ drinks.• Negotiations and flexible prices are common.• Emails are widely used in Vietnam but in many cases they are not responded without prior introduction or conversation. Meeting in person is preferable. • Foreign investment is always encouraged and there are advantaged terms and conditions for investors to invest in Vietnam.
Overview• Vietnam is a Socialist country led by the Vietnam Communist Party. The president of the State and Prime Minister are elected by the National Assembly. • Hanoi is the capital of Vietnam and is more political and located in the North while the South has Ho Chi Minh City and is more commer- cial. • Total area: 331,210 square kilometers (128,565 square miles)• Population: 97,448,148 (est. July 8, 2019) while 35.8% is urban and living in cities like Ho Chi Minh (8.6 mil. Est. 2019)), Hanoi (8.1 mil. Est. 2019), Danang (1.2 mil. Est. 2019), Haiphong (2.35 mil. Est. 2019), Cantho (1.57 mil. Est. 2019).• Population growth rate: 0.93%• Median age: 30.9 years (est. 2019)• Labor force participation rate: 76.6% • Languages: Vietnamese, English is the second followed by French and Chinese.• Religion: Buddhist 7.9%, Catholic 6.6%, Protes- tant 0.9%, Muslim 0.1%, none 81.8% (2018 est.)• Time difference: 12 hours ahead of Missouri during Standard Time.• Vietnam is a tropical country, hot and humid; there are 4 seasons in the North while the South has only one season: hot all around year.
page 11July 2019
LocationVietnam is located in Southeastern Asia. Border countries: Laos, China and Cambodia. It is slightly larger than the State of New Mexico.
Brief HistoryVietnam was first formed and called Van Lang about 2000 years ago. Then Chinese occupied Vietnam for more than 1000 years. It became French part and whole colony from the late of 19th century until 1954.
December 1965, US soldiers officially entered Vietnam until Vietnam was able to reunite the country on April 30th, 1975.
EconomyTo commit to build and develop the country after all the wars, Vietnam has shifted its economy from centrally planned to more industrial, internationally integrated and market based since 1986. Some of its activities include:
• July 1995, Vietnam became a member of ASEAN.• In 2001, Vietnam and US signed the Bilateral Trade Agreement. • Vietnam joined WTO in 2007. • In 2015-2016, Vietnam joined the EU-Vietnam Free Trade Agreement; the Korean Free Trade Agreement and the Eurasian Economic Union Free Trade Agreement. • In 2018, Vietnam signed the Comprehensive and Progressive Agreement for the Transpacific Partnership.
Those trade agreements allow Vietnam to have low tariffs not only in ASEAN but also in EU and US and attract exporting companies produce in Vietnam then export to countries outside ASEAN.
Since the transition, Vietnam has been able to turn from one of the poorest countries in the world to the country with the economy standing at 34th in the world and expecting the 20th position in 2025 globally. Some significant indicators:
• GDP growth: 6.1% (2016), 6.8% (2017), 7.1% (2018) and 6.71% (June 2019) Average GDP Growth: 5.5% just behind China in Asia• GDP: $245 B. US dollars (nominal, 2018), $711 B. US dollars (PPP, 2018)• Agriculture accounts for 16% of the GDP; Indus- try: 38% and Service: 46% (June 2019)• Unemployment rate: 2.17% (Mar. 2019)• Employed persons: 54 mil. (June 2018)• Exchange Rate: 1 US Dollar = 23,222.00 VN Dong (June 2019)
With stable economic growth, socio-political stabil-ity and a young working population, Vietnam has been the destination of Foreign Direct Investment (FDI) from Asia, Europe and America. Particularly, with the US-China trade war now, Vietnam attracts more FDI. Up to the end of 2018, the total FDI of Vietnam was 340 billion US dollars from 27,350 valid FDI projects. From January to end of May 2019, Vietnam’s FDI was 16.74 billion US dollars for manufacturing and processing, real estate, retail and wholesale.
Opportunities to do business in Vietnam:• Infrastructure, rail, port• Real estate• Oil and gas, power• High tech and advanced engineering• IT industry• Machinery and equipment • Manufacturing and processing• Education• Pharmaceuticals, medical equipment, health care• Agriculture, farming• Retail and wholesale
International TradeTotal Exports: $244.76 B (2018)
• Major Exports: Telephones and parts, Textile and sewing products, Footwear, Computers and
A typical city market in Vietnam
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July 2019page 12
parts, Other Machinery, instrument and ac- cessories, Coffee, Wood and wooden prod- ucts, Fresh and processed vegetables and fruit, Seafood, Cashew nut, Cameras and their parts, Means of transport and equipment, Articles of plastics, Iron, Steel.• Major Export Partners: USA (23%), EU (21%), China (20%), ASEAN (12%), Japan (9%), Korea (9%), India (3%) and Australia (2%).
Total Imports: $236.5 B (2018) • Major Imports: Computers, Electronical prod- ucts & parts, Machinery, instrument, accessories, Telephones and their parts, Textile fabrics, Iron, Steel, Plastic materials, Chemicals, refined Petro- leum oil, Parts and accessories for motors.• Major Import Partners: China (33%), Korea (24%), ASEAN (16%), Japan (10%), EU (7%), USA (6%), Australia & India (2%).
Sampling of English Language News Sites• Vietnam Investment Review: https://www.vir.com.vn/ - news on FDI in Vietnam• Vietnam Economic times: http://www.vneconomictimes.com/ - news on Vietnam’s economy, investment, finance.• Vietnam News: https://vietnamnews.vn/ - daily news on economy, lifestyle, sports• https://e.vnexpress.net/ - general news• https://en.nhandan.org.vn/ - daily news • https://www.vietnambreakingnews.com/ - general news• https://english.vietnamnet.vn/ - general news• https://www.vietnamtribune.com/ - local and international news• http://news.chinhphu.vn/ - news from govern- ment• https://vietnam.vnanet.vn/ - general news
Sampling of Vietnam Companies• PetroVietnam: http://www.pvn.vn/sites/en/ Pages/default.aspx - oil and gas company• FPT: https://fpt.com.vn/en - largest information technology company in Vietnam• CMS: http://www.cms.com.vn/en/contact.html - computer manufacturer • Viettel Company: http://international.viettel.vn/ - telecom, ICT, network provider, phone manuf- acturer
It took a while, but the Export Import Bank (EXIM) now has a fully functional board and is cleared to do deals in excess of $10 million.
Heading the board is Kimberly Reed. She is president and chairman of EXIM’s board of directors. She is a senior executive with a 23-year career that crosses a variety of sectors, leading efforts focused on job creation, trade, economic development, and govern-ment reform.
Originally from Buckhannon, West Virginia, Chair-man Reed holds a J.D. from West Virginia University College of Law and a B.S. from West Virginia Wes-leyan College.
In addition to Chairman Reed, two other EXIM board members have been approved for the board. These appointments restore the quorum on EXIM’s board of directors, returning the bank to full functionality.
EXIM levels the global playing field for US export-ers when they compete against foreign companies that receive support from their governments. There are approximately 85 other export credit agencies around the world trying to win jobs for their own countries.
In recent years, 90 percent of the total number of the bank’s authorizations has directly supported small businesses and has returned billions to the US Treasury after paying for all its administrative and program expenses.
According to a recent EXIM news release, Competi-tive Engineering Inc. (CEI) of Tucson, Arizona,recognized growing international sales. The company tapped into EXIM’s working capital loan guarantee that included foreign ac-counts receivable as collat-eral in its borrowing base to fulfill its export orders and maintain cash flow.
EXIM Bank now fully functional
Vietnam, continued on page 14
International Business News
page 13July 2019
• Seaprodex: http://seaprodex.com/en/ - leading seafood import/export• Vietnam Steel Company.: http://www.vnsteel.vn/home/default.aspx - manufacturing steel • Traphaco: http://www.traphaco.com.vn/ - leading pharmaceutical company• Vietten Garment Company: https://www.viettien.com.vn/en/home - clothes and fabric manufacturing company• Thuongdinh Footware: http://www.thuongdinhfootwear.com.vn/en - shoes manufacturer • Vietnam National Coffee company: https://www.vinacafe.com.vn/ - coffee manufacturer• Lafooco: http://www.lafooco.vn/en/ - cashew manufacturer • Huong Thuy company: http://www.huongthuy.com/index.php - food, beverage manufacturer/importer/distributor• Saoviet Company: http://www.saoviet.net.vn/EN/ - electronic manufacturer• Sam Holding: http://samholdings.com.vn/en/ sam/sam-wire-cable/ - wire, cable manufacturer• Namson Company: http://namson.com.vn/en/ - laser machine manufacturer
• Duyphong Engineering Manufacturing Corp.: https://www.duyphong.vn/en-US/about-us - mold base manufacturer• Tienphong Plastic Company: http://www.nhuatienphong.vn/ - leading plastic pipe and fitting manufacturer • Vinachem- Vietnam National Chemical Corp.: http://www.vinachem.com.vn/companys-pro file/about-vinachem-vnc/about_vinachem.html - chemicals, fertilizers manufacturer and import/export• Danang Rubber Company: http://drc.com.vn/ - tire manufacturer• Vinaconex: http://vinaconex.com.vn/?menuid=99- - property development, construction, import/ export, industrial production, design consulting, finance, education and training• Viwase: http://viwase.vn/?site=idx&language=en - design, engineering, construction for water and wastewater industry
Public Holidays - 2019• January 1: New Year’s Day• February 02-10: Vietnamese New Year’s Days• April 15: Hung’s King Festival• April 30: Reunification Day• May 1: Labor Day• September 02: Vietnam Independence Day
By Ha CooperH&R International [email protected]
Aerial skyline view of Hanoi cityscape at twilight.
Vietnam, continued from page 13
July 2017page 14 July 2019page 14