FOB Alumnus Shares Key Strategies for Managing Trade Risks
On 19 September 2024, Mr. Terry Swee Chee Yoong, the Managing Director and Founder of Vesbo Malaysia, returned to his alma mater, the Faculty of Business (FOB), to share valuable insights during a talk titled “Managing Risk and Challenges in International Trade.” The session attracted final-year students specialising in International Trade and Policy at the Melaka campus.
Mr. Terry provided an in-depth analysis of crucial trade documents, including the Letter of Credit and the Certificate of Origin. He emphasized the importance of understanding Incoterms, particularly the distinctions between Free on Board (FOB) and Cost, Insurance & Freight (CIF), and how these terms impact the pricing process in international trade.
A key highlight of the session was Mr. Terry’s explanation of how possessing a Certificate of Origin can lead to significant tax savings—up to 15%—when conducting business with ASEAN nations. This can amount to substantial savings for businesses engaged in high-volume trade, effectively lowering operating costs and helping maintain healthy profit margins. His practical insights equipped students with essential knowledge that will aid them in navigating the complexities of international trade in their future careers. The talk was also attended by Dr. Yeo Sook Fern, Dr. Chin Tee Suan and Dr. Tan Pei Kian.
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