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Letter of credit (L/C)

 

VietinBank will advice L/C or amend L/C with the fastest communication channels. Original or amended L/C will be delivered to the Exporter at any VietinBank's branches as per request or via Express delivery service of post office.

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Product benefits

  • Peace of mind for the Exporters when delivering goods to Importers as the authenticity of original or revised L/C has been verified and confirmed as being backed up by an issuing bank;
  • Easy access to VietinBank pre-financing programs: Pre-export Financing, post-export financing (Export bill discounting);
  • Thorough consultation on the drawbacks of the L/C terms and conditions to ensure payment security and cost saving for the Corporates.

VietinBank additionally commits to pay L/C (in addition to payment commitment of an issuing bank) if the Exporter present documents meeting the terms and conditions of L/Cs.

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Product benefits

  • Payment guarantee by VietinBank even in case the L/C issuing bank is unable to pay, as long as the Corporate present documents meeting terms and conditions of L/Cs;
  • Easy access to VietinBank pre-financing programs: Pre-export Financing, post-export financing (Export bill discounting);
  • Receiving consultation in receivables collection and commercial disputes in order to ensure payment security for the Corporate Customers.

VietinBank receives documents from the Exporting Corporates, checks and sends them to a foreign bank for transactions with L/C, Documentary against Payment (D/P), Documentary against Acceptance (D/A), then credit to the exporting Corporate immediately upon receiving payments from the foreign banks.

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Product benefits

  • Assistance in preparing and amending documents compliant with L/C terms and conditions as well as assistance in commercial disputes to ensure payment security to the Customers;
  • Easy access to VietinBank pre-financing programs: Pre-export Financing, post-export financing (Export bill discounting);
  • Time saving on receivables management, and the receivables collection given to Bank experts, which allows Customers to focus on their production and business.

This product is particularly instrumental for import-export brokers (the first beneficiary).

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Product benefits

  • Payment guarantee provided to the second beneficiary, using the original L/C by the issuing bank, without using the credit facility at VietinBank, resulted in cost saving;
  • Time saving on receivables management: the collection of receivables is given to Bank experts, which allows Customers to focus on their production and business;
  • Easy access to working capital financing from VietinBank, meeting business demand when receivables are not yet collected from importers;
  • Receiving consultation in issuing and amending documents.