VietinBank commits in writing with the Guaranteeing Party to fulfill the financial requirements on behalf of the Guaranteed Party in case the Guaranteed party do not meet or only partially meet the commitments with The Guaranteeing Party. VietinBank provides the following re-guarantee forms: letter of guarantee, guarantee contract, standby L/C.
Product benefits
- Leverage the reputation of VietinBank to ensure fulfillment of financial obligations as agreed with the Guaranteeing Party which will allow the Guaranteed party to meet the pre-requisite to conduct its basic transaction;
- Guarantees issued by VietinBank has high credibility, widely accepted and can be verified online via webpage://www.vietinbank.vn/lcVerify;
- Access to consultation on relevant guarantee methods as well as support and consultation in solving disputes arising during basic transactions.
VietinBank receives, verifies and advises on Guarantees/ Amended Guarantees issued by domestic and international banks for Beneficiaries of the guaratees. It receives invoice claims according to Guarantees and supports the Guaranteeing Party in receivables collection, credits directly to the account of the Guaranteeing Party once the payment is made.
Product benefits
- Corporates can fully trust the authenticity of the Guarantees advised and confirmed by VietinBank. VietinBank provides advice on unfavorable terms of the guarantees to reduce risk and save cost for Customers;
- Access to consultation on drafting invoice claims according to the Guarantees and monitoring the receivables collection, which helps to reduce the risk of non- payment; and access to consultation and support in solving disputes arising during basic transactions.
Once a bank commits to corresponding guarantee, VietinBank issues a guarantee policy in which VietinBank commits in writing with the Guaranteeing party to fulfill the financial requirements on behalf of the Guaranteed party in case The Guaranteed Party do not meet or only partially meet its commitments with the Guaranteeing Party. VietinBank provides the following re-guarantee forms: letter of guarantee, guarantee contract, standby L/C.
Product benefits
- Leverage the reputation of VietinBank to ensure fulfillments of financial obligations as agreed with the Guarantee bank, which will allow the Customers (Guaranteed party) meet the pre-requisite to conduct its basic transaction;
- Increased credibility with the corresponding Guarantee banks, increased chance of meeting the requirements of the Guaranteed party ;
- Convenience as the Guaranteed party can collect receivables and handle conflict in Vietnamese language and according to Vietnamese law;
- Access to advice, support in collecting information on related projects, consultations in trouble shooting during the negotiation with Guaranteeing parties;
- Convenience in confirming the authenticity of the Guarantees issued by VietinBank: The Guaranteed / Guaranteeing parties can check information on letters of guarantees through Vietnam Bank website: https://www.vietinbank.vn/lcVerify/.
