Unilateral/bilateral export factoring
Benefits for the customers
- Financing for working capital for non-traditional payment transactions such as L/C, D/P
- Improved competitiveness by meeting deferred payment needs from importers;
- Reduced/Eliminated default risk from buyers/importers;
- Time saving on receivables management and transferring the tasks of receivable collection to Bank experts, that allows Customers to focus on their production and business.
Features
- VietinBank (the factoring party) purchases receivables from the customer who is the exporter to receive the legal rights and benefits related to the receivables as agreed. As for bilateral export factoring, VietinBank will coordinate with the factoring agent in the buyer's country to provide other factoring-related services such as collection, receivables management, and financial risk insurance for the buyer.
- VietinBank buys back or advances receivables that have the remaining deferred payment term of less than one year, using the deferred payment TTR, open account or deferred payment.
- Services include:
- Advance payment for receivables;
- Monitoring and managing receivables;
- Collection of receivables;
- Guaranteeing financial risks for the buyer.
Eligibility conditions
- Customers are granted factoring limit at VietinBank.
- Importers purchase goods by deferred payment TTR, open account or D/A. The remaining deferred payment period is less than one year.
- Comply with foreign exchange management regulations, law on anti-laundering money, and regulations by countries.