First use of CargoDocs electronic Bills of Lading for exports out of Vietnam
The milestone transaction covered the sale of natural rubber in containers by Huy Anh Rubber Co Ltd in Vietnam, to CEAT in India. The trade was supported by ICICI Bank acting as collecting bank on behalf of CEAT Limited, for cargo shipped on an Ocean Network Express (ONE) vessel ex-Da Nang Port, Vietnam to Nhava Sheva Port, India.
The original eB/L was handled electronically in a single platform, with key actions being completed in a few days, achieving a significant reduction in transaction time compared to paper-based processes. Moreover, participants were able improve their supply chain/trade visibility and eliminate their exposure to paper-related fraud risks by accessing a secure, digital solution to execute the transaction.
Key transaction steps included:
- Carrier ONE drafted the eB/L and initiated the collaborative review process with Huy Anh
- ONE digitally signed the eB/L and issued it to Huy Anh
- Huy Anh uploaded the supporting documents and electronically presented the eSet of documents to ICICI Bank
- After reviewing the eSet, ICICI Bank digitally transferred the documents to CEAT, who in turn submitted the documents to ONE
- ONE digitally accomplished the eB/L, enabling speedy discharge of the cargo against original eDocs
Mr. Roopesh R, Sr. VP – Procurement, CEAT Limited, said: “In today’s VUCA world, traditional procurement processes are creating bottlenecks in the entire supply chain process & hence digital transformation of current procurement processes is a need of an hour. We at CEAT have embarked on our digital journey in import documentation / transaction process with good support from essDOCS.”
Mr. Le Van Huy, CEO – Huy Anh Rubber Co Ltd, added: “The use of CargoDocs electronic Bill of Lading for exports can be seen as a significant development for Huy Anh. In terms of saving time and security we found that using essDOCS was very effective. We expect that essDOCS will strongly develop and expand their services related to the export process in the future.”