WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy
Vietnam’s major electronic firm Asanzo initially found cheating customers
Ngoc Thuy 15:42, 2019/10/29
Asanzo only assembles products instead of manufacturing them, because the added value created after assembling accounts for just 1 – 2% of the total cost of a product, while accessories and components imported from abroad make up the rest.
Vietnam’s major electronic firm Asanzo has committed a series of offenses, including cheating customers, origin fraud, use of fake labels and tax evation, according to Mai Xuan Thanh, vice director general of the General Department of Vietnam Customs. 
 
Illustrative photo.
Illustrative photo.
Thanh unveiled the information at the meeting on October 28 that made public the findings of the investigation regarding allegations that Asanzo has been selling Chinese goods disguised as made-in-Vietnam. 

Regarding the allegation of cheating customers, Thanh said the assembly processes for some products were not carried out as the firm advertised with modern equipment, but in reality, all processes are executed manually by screwing different parts into complete products. 

Moreover, the use of slogan “Advanced Japanese Technology” for some products is inaccurate. 

Thanh added Asanzo has not received confirmation from the Ministry of Science and Technology for transferring technologies from Sharp Roxy Hong Kong, as well as completing the payment to the latter. 

Customs authority also concluded that Asanzo in fact only assembles products instead of manufacturing them as the added value created after assembling accounts for 1 – 2% of total cost of a product, while accessories and components imported from abroad make up 98 – 99% of the costs. 

As a result, these final products are not qualified as made-in-Vietnam and showed signs of origin fraud. 

At the meeting, representative of the Supreme People’s Procuracy Lai Anh Tuan said there have been signs of tax evasion from Asanzo, including not issuing invoices or using fake ones. 

On October 23, the Ho Chi Minh City Tax Department announced fine of VND47.6 billion (US$2.04 million) against Asanzo. 

Vietnam’s customs authority is scheduled to report the case to Prime Minister Nguyen Xuan Phuc before October 30. 

The whole story started in June when Tuoi Tre newspaper reported Asanzo had been found selling its self-claimed "made-in-Vietnam" products but actually imported from China. Tuoi Tre quoted sources as saying Asanzo’s production facilities actually only assemble televisions with components originated from China, while other electronic household appliances  are imported entirely from China without a single component made in Vietnam. 

CEO of Asanzo Pham Van Tam held a press conference on June 23 admitting the use of up to 80% of foreign-made components for the company’s main products including televisions and air-conditioners. Tam also informed the software for televisions is fully developed in Vietnam.
Other news
10:42, 2025/01/22
Vietnam, Switzerland upgrade bilateral ties to comprehensive partnership
The two countries will deepen cooperation in areas such as innovation, green finance, intellectual property, and the exchange of expertise on developing international financial centers in Vietnam.
16:05, 2025/01/21
Sustainable fuel incurs new costs for Vietnamese airlines
Vietnamese airlines have been active in adopting Sustainable Aviation Fuel (SAF), making Vietnam's aviation sector greener.
12:19, 2025/01/21
The Czech Republic sees Vietnam as most important economic partner in SEA
Prime Minister Pham Minh Chinh expects bilateral trade turnover to reach US$5 billion in the coming years.
22:39, 2025/01/19
Hanoi urged to develop urban agriculture and tourism models in 2025
The city's agricultural sector is urged to develop industrial zones to support traditional craft villages and to implement policies that stimulate production and business operations.
18:11, 2025/01/18
5-star OCOP products on sale in US supermarkets
OCOP products are finding their way into international markets as many manufacturers have been adapting their products to international standards.
22:45, 2025/01/15
Industrial property benefits from surge in high-tech investment
Vietnam is emerging as a strategic destination for major technology firms given its favorable geographic location within the global supply chain.