What is an RFQ and when should you use it?

Overview

This article explains what an RFQ (Request for Quotation) is on VinaSources and when buyers should use it during the sourcing process.

An RFQ allows buyers to request pricing and commercial terms from multiple suppliers for a specific product requirement.

RFQ is part of a flexible sourcing journey, where buyers can:

• Send RFQs to multiple suppliers

• Chat directly with suppliers or admin

• Or proceed directly to placing an order

• RFQ is no longer mandatory before creating an order

Purpose

Using an RFQ helps you to:

• Request quotations from multiple suppliers at once

• Compare pricing, lead time, and terms efficiently

• Clearly communicate product requirements

• Make informed sourcing decisions before placing an order

What is an RFQ?

An RFQ (Request for Quotation) is a request created by a buyer to ask suppliers for pricing and terms for a specific product.

An RFQ typically includes:

• Product name and category

• Purchase quantity

• Target price or budget

• Trade terms

• Shipping method and destination

• Lead time

• Payment terms

• Product details and reference files (if any)

Supplier matching ensures that your RFQ is delivered only to suppliers whose products and capabilities align with the category the buyers select.

When Should You Use an RFQ?

You should use an RFQ when:

• Pricing is not fixed or publicly listed

• You need quotations from multiple suppliers

• You want to compare different supplier offers

• You have specific product requirements or custom details

• You need to confirm lead time, shipping, or payment terms before ordering

How RFQs Work?

1. A buyer creates and submits an RFQ

2. The system sends the RFQ to matching suppliers

3. Suppliers review the RFQ and submit quotations

4. The buyer reviews and manages supplier responses

5. The buyer may communicate with suppliers or proceed to an order

Multiple suppliers can respond to a single RFQ.

Tips & Best Practices

• Choose the correct product category to reach relevant suppliers

• Review product categories on the homepage before creating an RFQ

• Provide clear and detailed requirements to receive accurate quotations

• Upload reference files when available

• Review quotations before closing an RFQ

Frequently Asked Questions

Do I need to send an RFQ before placing an order?

No. RFQs are optional. You can place orders directly from published products.

Can I send the same RFQ to all suppliers?

RFQs are sent automatically to suppliers whose categories match your RFQ.

How many quotations can I receive for one RFQ?

You may receive responses from multiple suppliers.

Can I choose specific suppliers to receive my RFQ?

No. RFQs are sent automatically to suppliers based on product category.

What if I choose the wrong product category?

Your RFQ may be sent to irrelevant suppliers or receive fewer responses. In this case, you should delete the RFQ and create a new one with the correct category.