Recommendations to improve import activity of fabric at dong tai global logistics and trading co ,LTD

Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD PREFACE I declare that this report is my own unaided work It has not been submitted before If violated, I am solely responsible for and bear the punishments of the Institution and University Student Name and Signature NguyễnTrầnNguyệt Minh NguyễnTrầnNguyệt Minh GMA 02 Page Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD TABLE OF CONTENTS PREFACE LIST OF SYMBOLS, ABBREVIATIONS LIST OF TABLES INTRODUCTION CHAPTER 1: LITERATURE REVIEW 1.1 Import definition and Types of import 1.1.1 Import definition 1.1.2 Types of import 1.1.3 The importance of Import 10 1.2International sale contract 11 1.2.1 Definition 11 1.2.2 Classification of International sale contract 11 1.3Documents procedure 12 1.3.1 Commercial invoice 12 1.3.2 Bill of Lading 13 1.3.3 Certificate of quality 13 1.3.4 Certificate of quantity/weight 14 1.3.5 Certificate of origin .14 1.3.6 Packaging list 14 1.4International payment 15 1.4.1Overview of international payment .15 1.4.2Current form of International payment 16 CHAPTER 2: THE ACTIVITY OF IMPORTING FABRIC .19 2.1 Introduction of Dong Tai Logistics And Trading Co., Ltd 19 2.1.1 The establishment of the company .19 2.1.2Organization 21 2.1.3Personnel 22 2.2The activity of import fabric .23 NguyễnTrầnNguyệt Minh GMA 02 Page Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD 2.2.1 Sending fixed order .23 2.2.2Evaluating: 25 2.2.3Choose partner and establish contract: 37 2.2.4 Open Letter of Credit (L/C): 45 2.2.5 Receiving and delivering cargo 54 2.2.6 Contract liquidation .66 CHAPTER 3: EVALUATION AND RECOMMENDATION 67 3.1 Evaluation to improve import activity 67 3.1.1 Evaluation about analyzing market and choosing partner 67 3.1.2 Evaluation about receiving and delivering cargo 67 3.1.3 Evaluation about payment activity .68 3.2 Recommendation to improve import activity .68 3.2.1 Recommendation about analyzing market and choosing partner 68 3.2.2 Recommendation about receiving and delivering cargo .69 3.2.3 Recommendation about payment activity 69 CONCLUSION 70 REFERENCES 71 NguyễnTrầnNguyệt Minh GMA 02 Page Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD LIST OF SYMBOLS, ABBREVIATIONS YOY: Year over year VINATEX: The Vietnam National Textile and Garment Group CFS: Container Freight Station CSF : Container-Freight Station NVOCC: Non-Vessel Operating Common Carriers LCL: Less-Than-Container Load FCL: Full Container Load GPS : Global Positioning System UNSTAT: United Nations Statistics Division FAOSTAT: Food And Agriculture Organization Of The United Nations GDP: Gross Domestic Product OECD: Organisation for Economic Co-operation and Development IMD: Insurance Mediation Directive FSA: Financial Services Authority VAT : Value Added Tax CIF: Cost, Insurance And Freight WTO's: The World Trade Organization's NBS: National Bureau of Statistics ITMF: International Textile Manufacturers Federation KOFOTI : Korea Federation of Textile Industries TEXPROCIL: The Cotton Textiles Export Promotion Council of India NguyễnTrầnNguyệt Minh GMA 02 Page Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD SITP: The Scheme for Integrated Textile Parks D/O: Delivery Order THC: Terminal Handling Charge CY: Container Yard GSO: General Statistics Office EEZ: Exclusive Economic Zone FOB : Free On Board L/C: Letter of Credit B/L: Bill of lading VCCI: Vietnam Chamber of Commerce and Industry B/E: Bill of exchange TTR: Telegraphic Transfer Reimbursement FCR: Forwarder Cargo Received SOA: Statement of Account UPAS L/C: Usance LC payable at sight NguyễnTrầnNguyệt Minh GMA 02 Page Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD LIST OF TABLES Table 1Production cost (VND) 29 Table Freight forwarder cost (VND) 29 Table 3Payment cost (VND) 30 Table Total payment (VND) 31 NguyễnTrầnNguyệt Minh GMA 02 Page Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD INTRODUCTION The textile and garment sector in Vietnam is one of the country’s largest industries and a key contributor to its economic growth In 2014, Vietnam’s textile and garment exports increased 18 percent year over year (YOY) to total approximately US$20 billion, accounting for 15 percent of the country’s gross domestic product and 18 percent of its total exports, according to the Vietnam National Textile and Garment Group (VINATEX) The textile and garment industry comprises some 4,000 enterprises and provides employment for more than 7.7 million people In this study, I will investigate and evaluate the importing procedure of fabric at Dong Tai Global Logistics and Trading Co., LTD Dissertation Methodology Method of analysis: the dissertation is composed based on the real process collected information of handling paperwork for importing fabric being implemented by Dong Tai staff The dissertation also gives an analysis of pros and cons of the procedure and gives some recommendations based on those points Statistical methods of data are also applied to given statistics in this dissertation The data is collected from the company accounting and operation departments of Dong Tai Global Logistics and Trading Co., LTD Dissertation Scope The dissertation is implemented in order to analysis and evaluate current situation of importing at Dong Tai company The dissertation focus on the detail steps of the importing procedure of Dong Tai for understanding the real activities In addition, dissertation also gives some suggestions to improve the efficiency of import procedure Duration Time The statistics and documents in dissertation are collected within the 2-month internship During this period, I had chance to get in import-forwarding job and gain knowledge and experience to complete this dissertation NguyễnTrầnNguyệt Minh GMA 02 Page Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD Research Result By applying observation method, the implementation of the procedure shall be evaluated and compared with the requirements of the company procedure So that, advantages and disadvantages of this procedure implementation are figured Finally, some recommendations are built based on the above analysis The result of this study will provide several recommendations that help the managers to further exploit current logistics as well as investing on human resources to improve this process NguyễnTrầnNguyệt Minh GMA 02 Page Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD CHAPTER 1: LITERATURE REVIEW 1.1 Import definition, types and the importance of import 1.1.1 Import definition Imports are the goods and services that are bought by residents, governments or businesses of a country, but made outside of the country It doesn't matter what the goods or services are, or how they are sent They can be shipped, sent by email, or even hand-carried in personal luggage on a plane If they are produced in a foreign country and sold to domestic residents, they are imports For example, tourism products and services are still imports, even though they are sold to tourists outside of their country In a way, when you travel outside the country, you are technically importing those souvenirs 1.1.2 Types of import There are two basic types of import: Industrial and consumer goods Intermediate goods and services Companies import goods and services to supply to the domestic market at a cheaper price and better quality than competing goods manufactured in the domestic market Companies import products that are not available in the local market There are three broad types of importers: Looking for any product around the world to import and sell Looking for foreign sourcing to get their products at the cheapest price Using foreign sourcing as part of their global supply chain Direct-import refers to a type of business importation involving a major retailer (e.g Wal-Mart) and an overseas manufacturer A retailer typically purchases products NguyễnTrầnNguyệt Minh GMA 02 Page Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD designed by local companies that can be manufactured overseas In a direct-import program, the retailer bypasses the local supplier (colloquial middle-man) and buys the final product directly from the manufacturer, possibly saving in added cost data on the value of imports and their quantities often broken down by detailed lists of products are available in statistical collections on international trade published by the statistical services of intergovernmental organizations (e.g UNSTAT, FAOSTAT, OECD), supranational statistical institutes (e.g Eurostat) and national statistical institutes Industrial and consumer goods 1.1.3 The importance of Import On a national level, in most countries international trade and importing goods represents a significant share of the gross domestic product (GDP) International trade has a significant economic, social, and political importance in many countries Imports provide countries with access to goods and services from other nations Without imports, a country would be limited to the goods and services within its own borders International trade is generally less expensive than domestic trade despite additionally imposed costs, taxes, and tariffs However, the factors of production are usually more mobile domestically than internationally (capital and labor) It is common for countries to import goods rather than a factor of production For example, the U.S imports laborintensive goods from China Instead of importing Chinese labor, the U.S imports goods that were produced in China by Chinese labor On a business level, companies take part in direct-imports, which occur when a major retailer imports goods that are designed locally from an overseas manufacturer The direct-import program allows the retailer to bypass the local supplier and purchase the final product directly from the manufacturer Direct imports save retailers money by eliminating the local supplier NguyễnTrầnNguyệt Minh GMA 02 Page 10 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD Every delay in payment of Part B is considered to be opposite to be clauses in this contract and Part B has to pay the extra amount of 0.1% of the debt for late payment without investigation In case Part B doesn’t pay in time as stipulated above, Part A has right to perform one/all of the following actions: - Keep the original set of document or the goods of Part B until all of the debts including charges to collect the debts are paid - Apply necessary methods to hold the goods of Part B or stop service Part B - Cancel this contract Part B pays Part A by remittance to the following information: Benificiary: DONG TAI GLOBAL LOGISTICS AND TRADING CO.,LTD Bank account: (VND): 69787979 (USD): 71011099 Bank name: Vietinbank (Hai Phong Branch) Clause 5: Mode of delivery Goods delivery is carried out under principles:”Containers sealed” for FCL shipments and “trucks sealed” for LCL shipments Clause 6: Common clause: Both parties undertake to implement all clauses of this contract This contract is adjusted by Vietnam law During handling process, if there are any difficulties, disputes arising, both parties will resolve on mutual supported spirit before presenting them to Hai Phong People’s economic court The decision of the Court will be legal basis to tie both There are four (04) origins of this contract Each party will keep two (02) with the same legal value This contract will be effective from the day of signing until one or both parties want to cancel it NguyễnTrầnNguyệt Minh GMA 02 Page 58 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD REPRESENTATIVES’S PART A Afterreceipt of REPRESENTATIVES’S PART B goodsinwarehouses, the companystoregoodsinwarehousesinHanoionemonth Thentheysellallfabricsfortwolocal companiesat a priceof 160.000.000(VND)/ton SALE CONTRACT No: 52849/HD 2015 Date: 10th August, 2015 THE SELLER: Dong Tai Logistics And Trading Co., Ltd Adress: Room 202-204, Tasaco Building, Km 104+200 Nguyen BinhKhiem, Hai An, HaiPhong, Viet Nam Tell : (84)313 979356 Fax : (84) 313 979494 Email: thanh@globalnetwork.com.vn Hereinafter called: “Party A” THE BUYER: Hanoi Trading Fashion Co., Ltd Address: No 13 Dinh Le - HoanKiem - Hanoi Tel : (84.4) 38 253244 / 38 257453 Fax : (84.4) 38255219 /38253244 NguyễnTrầnNguyệt Minh GMA 02 Page 59 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD Email: khkd@hafasco.com Hereinafter called: “Party B” Both parties have agreed to sign this contract under the following term and conditions: I Object of the contract: 1.1 Party A supplies all fabric with technical document & necessary conditions basing which Party B’s requirement in quantity, quality and shipment time 1.2 Party B have to pay the price as provided in the contract of sale II Commodity, unit price, value, label 2.1 Commodity, unit price, value Commodity Quota Quantity Unit price (VND) Value (VND) 100% cotton Fabric framework knitted 10 tons 160.000.000 1.600.000.000 Say: One billion six hundred million Vietnamese Dong Other materials to be supplied by Party A 2.2 Label/Trade Mark: The Party A will supply main label and guarantees that trade mark of goods have right to use by trade mark registry certifying and will be fully responsible if any dispute occurs III Delivery time: 3.1 Delivery time: Shipment date of fabric: Not later than September 7.2015 3.2 Party A will supply fabric to Party B free of charge by truck basis in complete and sufficient quantity with good quality up to schedule to ensure production pregress NguyễnTrầnNguyệt Minh GMA 02 Page 60 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD Quantity and description of goods must be correctly and clearly indicated in B/L and other shipping documents to enable Party B to fulfill import’s formalities Shipping documents of fabric include: origin B/L marked “Freight prepaid” consigned to DOLIMEX HOCHIMINH CTTY VIETNAM and mentioned this contract number Signed invoice packing list Shipping documents shall be informed to Party B to attention of the Export dept, within 03 days after shipment Any expense happened due to late documents from Party A shall be on Party A account With days after arrival of fabric in the factory, representative from both parties will check the content of each package, and have control report made, signed an sent to Party A IV Payment: By bank transfer - 30% of the contract value will be transferred to the account of the Seller as a deposit within days of signing the contract - 70% of the remaining must be paid within days after delivery V Inspection: Authorized representative from Party A will come to inspect the goods during production and before shipment, and together will Party B has responsibility to solve any problem arising from this contract execution, avoiding interference with production progress and shipping schedule VI Claim and Arbitration: 6.1 Party B shall inspect fabric upon receipt Should there be any shortage in quantity and/or defect in quantity, Party B shall advise Party A by telex or fax within 10 days, and have survey report made and sent to party A within 20 days after receive of goods Party A shall ship immediately supplement or replacement onto ensure complete production NguyễnTrầnNguyệt Minh GMA 02 Page 61 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD 6.2 Claim and disputes, if any should be settle amicably by consultation between the two parties in case no settlement can be reached each party is entitle to submit the relevant claim or dispute to the Economic Court at HaNoi City, Vietnam due to its Arbitration rule VII General condition: Both parties confirm their willingness to fulfill contract’s obligations It is fully understood that this contract shall be carried out in strict accordance with the stipulations and instructions outlined herein and under the terms and conditions listed in this contract Any enclosure, supplement, amendment, or modification to this contract shall be valid only a written agreement has been duly signed by both parties In case violation by either party of this contract’s terms and/or conditions causes financial losses to the other party, the violating party shall bear full responsibility to compensate the affected party with reasonable amount agreed upon by both parties VIII Expiry: Expiry of the contract to September 7.2015 This contract is made in Haiphong City on August.10, 2015 in 06 copies, Each party keeps 03 copies of equal validity with effect from the signing date SALE CONTRACT No: 84576/HD 2015 Date: 8th August, 2015 THE SELLER: Dong Tai Logistics And Trading Co., Ltd Adress: Room 202-204, Tasaco Building, Km 104+200 Nguyen BinhKhiem, Hai An, HaiPhong, Viet Nam Tell : (84)313 979356 Fax : (84) 313 979494 NguyễnTrầnNguyệt Minh GMA 02 Page 62 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD Email: thanh@globalnetwork.com.vn Hereinafter called: “Party A” THE BUYER: Passport Fashion Co., Ltd Adress: 10th FI.13 Hai Ba Trung, Hoan Kiem Dist Ha Noi Tell : +84-4-39757488 Fax : +84-4-39475896 Emai: Passportfashion@co.com Hereinafter called: “Party B” Both parties have agreed to sign this contract under the following term and conditions: I Object of the contract: 1.1 Party A supplies all fabric with technical document & necessary conditions basing which Party B’s requirement in quantity, quality and shipment time 1.2 Party B have to pay the price as provided in the contract of sale II Commodity, unit price, value, label 2.1 Commodity, unit price, value Commodity Quota Quantity Fabric 100% cotton framework 15 tons Unit price Value (VND) (VND) 160.000.000 2.400.000.000 knitted Say: Two billion six hundred million Vietnamese Dong NguyễnTrầnNguyệt Minh GMA 02 Page 63 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD Other materials to be supplied by Party A 2.2 Label/Trade Mark: The Party A will supply main label and guarantees that trade mark of goods have right to use by trade mark registry certifying and will be fully responsible if any dispute occurs III Delivery time: 3.1 Delivery time: Shipment date of fabric: Not later than September 5.2015 3.2 Party A will supply fabric to Party B free of charge by truck basis in complete and sufficient quantity with good quality up to schedule to ensure production pregress Quantity and description of goods must be correctly and clearly indicated in B/L and other shipping documents to enable Party B to fulfill import’s formalities Shipping documents of fabric include: origin B/L marked “Freight prepaid” consigned to DOLIMEX HOCHIMINH CTTY VIETNAM and mentioned this contract number Signed invoice packing list Shipping documents shall be informed to Party B to attention of the Export dept, within 03 days after shipment Any expense happened due to late documents from Party A shall be on Party A account With days after arrival of fabric in the factory, representative from both parties will check the content of each package, and have control report made, signed an sent to Party A IV Payment: By bank transfer - 40% of the contract value will be transferred to the account of the Seller as a deposit within days of signing the contract - 60% of the remaining must be paid within days after delivery NguyễnTrầnNguyệt Minh GMA 02 Page 64 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD V Inspection: Authorized representative from Party A will come to inspect the goods during production and before shipment, and together will Party B has responsibility to solve any problem arising from this contract execution, avoiding interference with production progress and shipping schedule VI Claim and Arbitration: 6.1 Party B shall inspect fabric upon receipt Should there be any shortage in quantity and/or defect in quantity, Party B shall advise Party A by telex or fax within 10 days, and have survey report made and sent to party A within 20 days after receive of goods Party A shall ship immediately supplement or replacement onto ensure complete production 6.2 Claim and disputes, if any should be settle amicably by consultation between the two parties in case no settlement can be reached each party is entitle to submit the relevant claim or dispute to the Economic Court at HaNoi City, Vietnam due to its Arbitration rule VII General condition: Both parties confirm their willingness to fulfill contract’s obligations It is fully understood that this contract shall be carried out in strict accordance with the stipulations and instructions outlined herein and under the terms and conditions listed in this contract Any enclosure, supplement, amendment, or modification to this contract shall be valid only a written agreement has been duly signed by both parties In case violation by either party of this contract’s terms and/or conditions causes financial losses to the other party, the violating party shall bear full responsibility to compensate the affected party with reasonable amount agreed upon by both parties VIII Expiry: Expiry of the contract to September 5.2015 This contract is made in Haiphong City on August.8, 2015 in 06 copies, Each party keeps 03 copies of equal validity with effect from the signing date NguyễnTrầnNguyệt Minh GMA 02 Page 65 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD 2.2.6 Contract liquidation Both sides repay what is owed through the debit note by implementation of the accounting system The contract is definitive purchase; so the contract liquidation occurs quickly because the buyer had no complaints NguyễnTrầnNguyệt Minh GMA 02 Page 66 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD CHAPTER 3: EVALUATION AND RECOMMENDATION 3.1 Evaluation to improve import activity 3.1.1Evaluation about analyzing market and choosing partner 3.1.1.1Advantage: - Assessment process is divided into separate steps There is plentiful resources to judge The evaluation process is divided into separate steps include research and assessment In step research, the company has considered all three factors The first is the status quo of textile market in potential partners' countries The second is the market situation of partnership with Vietnam And the third is prospects of partner countries So the company have more data to assess which make accurate conclusions 3.1.1.2 Disadvantage: Currently, this processis based onthe reflectionfromcustomersandreferenceinformation on the network Company does not havenew ideas, initiativestofind a partner.Ifmarketsrisewould be goodfor the company.Conversely, if themarket declines, the companywillfind it difficult tofind partners The evaluation process is based on secondary information on-line newspapers, in magazines, not information has been validated in terms of reliability It leads to the result is not correct which affect the company because the process is the premise step 3.1.2 Evaluation about receiving and delivering cargo 3.1.2.1 Advantage Hiring the freight forwarding company is an quickly method, helping companies save time and bring high economic efficiency It may solve temporary accidents, problems occur during delivery if the company themselves 3.1.2.2 Disadvantage Because the company does not have highly qualified specialists in logistics, the company totally depends on the freight forwarding company If during forwarding NguyễnTrầnNguyệt Minh GMA 02 Page 67 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD process, the company was hired happening matter unexpected or delivery people are irresponsible; may lead to delays in the process of unloading Therefore, it will result in the breach of contract 3.1.3 Evaluation about payment activity 4.1.3.1 Advantage - Payment byL/Cissafety process, ensuringbenefits forbothexportingandimportingcountries - The method of payment by L/C to help buyers expand their supply goods resource without having to spend time and effort in finding and trusted reputation partners Because, most of the papers are checked and fully responsible for errors by the bank The importer can be assured that the exporter will have to all according to regulations in the L/C to ensure that the exporter will be paid (if not the exporter will lose money) At the same time, the buyer are assured that the seller delivers the goods, then they must pay money 4.1.3.2 Disadvantage The company does nottake advantage of Usance LC payable at sight (UPAS L/C) service of bank Specifically, in this contract, the Company is required to deposit 50% and 50% of the remaining on bank loans with interest rate 8.5% in the first months Because the company not take advantage of this service so the company did not enjoy many benefits from credit financing 3.2 Recommendation toimprove import activity 3.2.1 Recommendation about analyzing market and choosing partner Improving market research department Resultsof businessactivitiesofthe companydepends heavily onbusinesspolicyin the long term, so the companyneeds toresearchthe market todeterminecustomerneedstohavean appropriate strategy Market research department need capture the changing trends in the law, foreign currency exchange rate for the transaction is performed correctly There is a certain understanding for the other forwarding companies, find out their NguyễnTrầnNguyệt Minh GMA 02 Page 68 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD weaknesses and strengths the information, figure need to buy or rent from Econometric research institute in order to accurately analyze market and financial 3.2.2 Recommendation about receiving and delivering cargo Because the freight forwarding is taken place regularly, the company should establish freight forwarding division Division specializes in freight forwarding consists of people: employees of the customs declaration, employee specializes in allocate, employee specializes in the documents related to the import process, and employee contact the bank and open L/C.Creating conditions for the workers and employees who are studying through the practice session short or medium term overseas in order to improve foreign language skills, professional and trade skills 3.2.3 Recommendation aboutpayment activity After signing the contract, the company should contact the bank to use UPAS L/C With the L/C, the importer requires bank on their behalf committed payments to exporters in a fixed period.Thereby the company will enjoy some benefits: Firstly, the company will be granted credit with competitive interest rate of foreign currency on the basis of preferential mobilization capital The second is reducing pressure on the foreign currency for businesses that not have foreign currency revenues The third is the company may purchase goods under deferred payment method but may meet the requirements of immediate payment of the exporters NguyễnTrầnNguyệt Minh GMA 02 Page 69 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD CONCLUSION Import and export can improve firm productivity and export competitiveness, and trade growth can contribute to global economic growth There are many factors that discourage local companies from going international and taking their goods across the world But the benefits of international trading far outweigh its disadvantages The global village is growing even closer, and this has made exporting a big business that grows exponentially every year, and benefits from improved logistics and communication channels The business can also gain some long lasting benefits from international trade However, export - import activities havebetterefficiency, the company shouldhavesomemeasures todevelopsuch as:trainingfor employees, having a cleardivision of work Imports are important for businesses and individual consumers Individual consumers also benefit from the locally produced products with imported components as well as other products that are imported into the country Oftentimes, imported products provide a better price or more choices to consumers, which helps increase their standard of living Countries want to be net exporters rather than net importers Importing is not necessarily a bad thing because it gives us access to important resources and products not otherwise available or at a cheaper cost However, just like eating too much candy, it can have bad consequences If you import more than you export, more money is leaving the country than is coming in through export sales On the other hand, the more a country exports, the more domestic economic activity is occurring More exports means more production, jobs and revenue If a country is a net exporter, its gross domestic product increases, which is the total value of the finished goods and services it produces in a given period of time In other words, net exports increase the wealth of a country On my honor, I give my sincere thanks to Mr Tran Hai Viet, the teachers in this department along with employees in Dong Tai Logistics And Trading Co., Ltd facilitate and help me in this internship NguyễnTrầnNguyệt Minh GMA 02 Page 70 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD REFERENCES Joshi, Rakesh Mohan, (2009) International Business, Oxford University Press, New Delhi and New York ISBN 0-19-568909-7 Sullivan, Arthur; Sheffrin, Steven M (2003) Economics: Principles in Action Upper Saddle River: Pearson Prentice Hall p 552 ISBN 0-13-063085-3 Lequiller, F; Blades, D.: Understanding National Accounts, Paris: OECD 2006, pp 139-143 Jürg Rupp, May 18, 2010.China Textile City is a textile distribution center that's so large, it's almost impossible to imagine Sarah Pelot, December 9, 2009 Though impacted by the global financial crisis, China retains its status as the world's textile leader Vietnam's textile industry is set to expand rapidly, with a doubling of export value and workforce by 2010 By Jim Phillips, Contributing Editor, November 1, 2007 Sarah C Thomasson, September 13, 2010 India is a major player in the world cotton market The long-standing Indian textile industry faces new competitors and economic shifts with a strategy of growth By Michelle Mendieta Mitchell, Contributing Editor, May 1, 2007 Despite the world's economic crisis, Vietnam's textile industry continues to develop and increase its value Sarah Pelot, Associate Editor, March 16, 2009 10 Despite challenges, India remains a stronghold in the global textile industry SarahPelot, Associate Editor, October 6, 2008 11 Kien, Tran Nhuan, Hong Ryul Lee and Yoon Heo (2010), Dynamic Patterns of Korea-Vietnam Trade Relations, International Area Review, 10 (2): 257-279 NguyễnTrầnNguyệt Minh GMA 02 Page 71 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co.,LTD 12 Le Hong Hiep (December 2013) "Vietnam's Hedging Strategy against China since Normalization" Contemporary Southeast Asia 35 (3): 333–368 NguyễnTrầnNguyệt Minh GMA 02 Page 72 .. .Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co. ,LTD TABLE OF CONTENTS PREFACE LIST OF SYMBOLS, ABBREVIATIONS LIST OF. .. Minh GMA 02 Page 12 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co. ,LTD The number of copies of the invoice (both original and copies) required... 13 Recommendations to improve import activity of fabric at Dong Tai Global Logistics and Trading Co. ,LTD 1.3.4 Certificate of quantity/weight Document issued commonly by customs authorities of