Home

Business Activities of Eximbank Transaction Office 1


CHAPTER 2

CURRENT STATUS OF IMPORT PAYMENT ACTIVITIES BY DOCUMENTARY CREDIT METHOD

AT EXIMBANK TRANSACTION OFFICE 1


Maybe you are interested!

2.1. GENERAL OVERVIEW OF EXIMBANK EXCHANGE 1

2.1.1. Overview of Eximbank Transaction Office 1

Business Activities of Eximbank Transaction Office 1

Full name: Transaction Office 1 Vietnam Export Import Commercial Joint Stock Bank

International transaction name: Vietnam Export Import Commercial Joint Stock Bank- Main Office 1

Short name: SGD 1 EIB

Date of establishment: August 6, 2007

Director: Mr. Nguyen Quoc Huong

Address: 7 Le Thi Hong Gam, Nguyen Thai Binh Ward, District 1, HCMC

Phone: (08) 39151515

Fax: (08) 39151861

SWIFT: EBVIVNVX1CB

Website: www.eximbank.com.vn

E-mail: website@eximbank.com.vn

2.1.2. Business activities of Eximbank Transaction Office 1

Since its inception, SGD 1 EIB has determined to become an import-export financing bank, developing a variety of banking products and services, and expanding operations based on the application of modern science and technology. The main business activities of SGD 1 EIB are:

Receive payment deposits, savings deposits, and deposits in VND and foreign currencies. Mobilize term and non-term savings with flexible and attractive interest rates. Customer deposits are insured according to the regulations of the State Bank of Vietnam.

Short, medium and long-term loans, overdraft loans, loans for living and consumption, loans according to credit limits in VND, foreign currency and gold for economic sectors and individuals with attractive interest rates.


Carry out treasury transactions, salary payments, on-site collection and payment, receive and pay remittances, domestic and international money transfers.

Providing payment services, financing import and export of goods, discounting goods documents, transferring money via the SWIFT system to ensure speed, reasonable costs, and safety. Currently, Vietnam Eximbank in general and SGD 1 EIB in particular are one of the most diverse joint stock commercial banks operating in the payment field, meeting most of the domestic and international payment requirements of customers.

Foreign currency trading: SGD 1 EIB conducts foreign currency trading activities such as buying, selling, and exchanging foreign currencies for individuals and domestic enterprises.

Full package service for international students: Providing student consulting services, financial proof procedures for students, full package study abroad loans...

Issuing and paying for domestic and international credit cards such as: Eximbank Mastercard, Eximbank Visa, Eximbank Card. Providing ATM services.

Carry out domestic and foreign guarantee operations (payment guarantee, contract performance guarantee, bid guarantee...)

Financial and investment consulting services: Consulting and updating information related to financial investment activities to update investors before making investment decisions.

With a network of correspondent relationships with more than 852 banks in more than 80 countries around the world, SGD 1 EIB ensures the implementation of international payment transactions quickly, promptly, at low cost, and safely with payment methods such as credit cards, collections, and money transfers.

2.1.3. Organizational structure of departments of Eximbank Transaction Office 1

Including: Board of Directors and 9 functional departments.

Board of Directors:

Manager:

- As the legal representative of SGD 1 EIB, has the highest authority and responsibility of SGD 1 EIB.

- Responsible for organizing and operating activities, directing the implementation of policies, regimes, tasks and developing business planning targets for SGD 1.

- Responsible for organizing, arranging and managing labor working at SGD 1.

- Responsible for the business results of SGD 1.


Vice president:

- Responsible for participating with the Director in preparing, building and deciding on the work program, business plan and operational directions of SGD 1, representing the Director in resolving and signing documents in the assigned field.

- Manage all activities of the Department of Education and Training in the absence of the Director and with the Director's official authorization.

Departments:

Each department consists of 1 Head of Department and a number of Deputy Heads of Department responsible for supporting the Head of Department in operating and managing the department's activities.

1) Export Payment Department

This is a specialized department with the function of performing international trade transactions for export goods between customers and foreign units in accordance with current regulations, rules and business processes of the State, and at the same time complying with international conventions on international trade transactions.

2) Import payment department

This is a specialized department with the function of performing international payment operations for imported goods between customers and foreign units in accordance with current regulations, rules and business processes of the State, and at the same time complying with international conventions on international payment operations.

Payment for goods by payment methods: credit card, collection... is done quickly, securely and saves a lot of costs thanks to the agency relationship with many banks around the world.

3) Corporate Credit Department

Functions of lending, debt collection, and guarantees for corporate customers. Guaranteeing loans for import-export financing, payment guarantees, deposits, and investment project appraisal. Responsible for checking the loan use process of credit-related units.

4) Personal Credit Department

Has the function of making loans, debt collection, and guarantees for individual customers. Responsible for checking the loan usage process of individuals with credit relationships.


5) Treasury Department

The Treasury Department is responsible for implementing the management of valuable papers at the Bank, performing the tasks of collecting and disbursing Vietnamese Dong and foreign currencies, savings, money transfer and warehousing.

6) Personal Customer Service Department

Providing services: opening accounts, withdrawing deposits, savings, transferring money domestically and internationally, buying and selling foreign currencies, consulting and supporting study abroad and travel for individual customers.

7) Corporate Customer Service Department

Providing services: opening accounts, withdrawing deposits, savings, transferring money domestically and internationally, buying and selling foreign currencies, financial and investment consulting for corporate customers.

8) Card Business Department

Perform functions: Issue and pay international and domestic cards.

such as: Eximbank Mastercard, Eximbank Visa card, Eximbank domestic card.

9) General Accounting Department

Perform accounting tasks such as transaction accounting, money transfer, financial accounting, centralized accounting, and planning statistics.


2.2. CURRENT STATUS OF IMPORT PAYMENT ACTIVITIES BY DOCUMENTARY CREDIT METHOD AT EXIMBANK TRANSACTION 1

2.2.1. Business process for payment of imported goods by documentary credit method at Eximbank Transaction Office 1

2.2.1.1. L/C opening process

When customers need to open an L/C, they can refer to the EIB website for information such as: L/C application form, service fee schedule. New customers who want to open an L/C at the bank need to go to the bank or call the bank directly to get clear advice on the L/C opening process and to have their questions and concerns answered. The bank will open the L/C within a maximum of 1 working day from the date of receiving the L/C application, ensuring that the business of the enterprise can run smoothly.

convenient, uninterrupted, time saving


Controller rechecks records

L/C approval department leader



The payer opens the L/C.

The controller re-checks all documents along with the L/C opening request and accounting vouchers.

Department leader signs and approves the documents



Print and deliver original L/C with stamp to customer




Transfer of L/C opening telegram to foreign bank

Save profile


Receiving documents

Check detailed content

Diagram 2.1 L/C opening process

Receiving L/C opening application:

- Documents are received directly from customers or from the Credit Department:

If the deposit is 100% of the L/C value: The customer submits the application to open an L/C directly to the Import Payment Department.

If the deposit is less than 100% of the L/C value: The customer must carry out the procedures for guarantee, credit loan, mortgage as well as agree on the deposit level and submit the application for opening L/C at the Corporate Credit Department for approval.

- The department receives the documents and clearly records the date and time of receipt in the L/C opening document receipt book.


Processing L/C opening documents:

For customers who have had previous transactions: The company's payment manager directly views the L/C opening application.

For new customers making their first transaction at the Import Payment Department: The department leader will assign a payment officer.

o Documents required to be presented:

Receive documents directly from customers:

+ 1 original copy of L/C opening application form according to EIB's form.

+ 1 copy of foreign trade contract or equivalent document.

+ 1 copy of insurance certificate (for opened L/Cs with value excluding insurance but insufficient deposit).

+ 1 copy of import code registration certificate for first-time customers.

+ 1 copy of business registration certificate for first-time customers.

+ Import permit document from the Ministry of Industry and Trade or specialized management ministry

for conditional imports.

+ 1 letter of introduction for the person transacting with SGD 1 EIB signed by the authorized person of the unit for the first-time customer.

Receive documents from Credit department:

+ 1 original copy of L/C opening request form according to EIB's form.

+ 1 copy of foreign trade contract or equivalent document.

+ 1 L/C opening request from the Credit department or a copy of the Credit department's report approved by the superior in accordance with EIB regulations.

+ 1 letter of introduction for the person transacting with SGD 1 EIB signed by the authorized person of the unit for the first-time customer.

Check detailed content before release:

Payment staff:

- Check customer's legal documents.

- Check the entire content of the L/C opening request in detail compared to the contract: If there are any unclear points, conditions, or instructions that are inconsistent or different from the contract, the payment officer must notify and instruct the customer to make corrections before issuing the L/C abroad.


- Check the customer's deposit source if the L/C requires a deposit: If the enterprise has available foreign currency in its foreign currency account at the bank, the bank will deduct this balance into the deposit account. If the foreign currency is not enough or the enterprise does not have a foreign currency account, the payment officer will request the enterprise to buy foreign currency from the Currency Trading Department.

- Check the authorized signature on the L/C opening request.

- Any corrections on the L/C opening request must be confirmed by an authorized signature according to the registered form or by the correction stamp of the L/C opening unit.

+ In case the customer does not specify the notifying bank or the notifying bank does not have an agency relationship with EIB:

The leader or authorized person selects the notification bank according to the criteria:

* Choose an agent bank that has signed a fee sharing agreement or granted an L/C confirmation limit to EIB in the transaction.

* Has a representative office in Vietnam for convenient complaints when necessary.

* No additional fees will be charged in case documents are not presented.

+ In case of L/C deposit of 100% of L/C value, the name of consignee on the bill of lading (B/L) can be freely specified.

+ In case the L/C does not have 100% deposit, it must be stipulated to be established according to the order of SGD 1 EIB on the bill of lading (B/L, AWB).

+ If L/C opens CFR price or FOB price:

If the L/C deposit is sufficient: The payment officer reminds the customer to buy insurance to

risk prevention

If the deposit L/C is not sufficient: Follow the regulations in the section on required documents to be presented.

- Transfer the file to the controller for re-checking and then send it to the department leader for approval.

Controller: Check the records again.

Department leader: Approve L/C.

Open L/C:

Payment staff:

- Enter data into the machine to open L/C:


o L/C reference number consists of 16 characters: XXXX CCC EIB XX XXXX

+ First 4 digits: Branch code

+ CCC: Type of transaction performed (ILS: immediate payment, ILU: deferred payment)

+ EIB: Eximbank

+ Next 2 characters: Year of transaction.

+ Last 4 characters: Transaction serial number.

- Submit all documents along with L/C opening request and accounting vouchers to the controller for re-checking and to the leader for approval.

Controller:

- Check all the contents of the L/C opening request with related documents, the legal nature of the importing unit, imported goods and the source of funds used to open the L/C.

- Check on the computer the data entered by the payment officer and sign the control on paper

L/C opening request, L/C opening telegram and unit's notice.

- Submit documents to leader or responsible person for approval.

Department Head:

- Check the L/C opening documents and the source of funds to open the L/C, approve the documents.

Deliver original L/C to customer to open L/C and keep tracking records:

- After checking, the bank will give the original L/C to the customer and transfer the money to a foreign bank.

- The payer delivers the original L/C printed on EIB logo paper, signed by the department head to the customer who signs on the L/C saved by the bank: Clearly state the date of receipt and the name of the recipient.

- Save all files including the unit's original file + L/C telex copy + accounting vouchers in the L/C file cover. Record necessary details such as L/C opening date, L/C number, L/C opening customer name, L/C value, goods name... on the file cover for tracking.

Transferring L/C opening telegram to foreign bank:

If the bank informs that it has a SWIFT key relationship with EIB: Transfer via the SWIFT system using MT700, MT701.

If the bank informs that there is no SWIFT key relationship with EIB: Apply 1 of the following 2 ways:

+ Ask another bank agent in the same location with SWIFT key relationship to transfer the key.

+ Transfer via TELEX/SWIFT MT999 system with the condition that the international relations department provides a test key if EIB has a test key relationship with that bank.

Comment


Agree Privacy Policy *