1/Target Customers: Companies would like to make payments with their supplier/partner by L/C within Vietnam.
2/ Process:
Step 1: Buyer and seller signed a contract in form of Upas LC payment method. During the negotiation process, the seller needs to specify the time to receive money immediately no matter how many days late payment of the L/C, the interest cost will be paid by the buyer. .
Step 2: Buyer (importer) contacts the bank to open L/C and request financing with a period of time from the date of departure or the date the bank receives the document sheet. The level of support depends on the finance and ability of the importer to pay.
Step 3: VPBank authorised refunding bank to pay for Exporter by reimbursement authorization (as agreed between the two parties).
Step 4: The seller or exporter will deliver the goods and present all relevant documents to the advising bank. If these documents compliant, the advising bank will send a request to the reimbursing bank to make a letter of claim.
Step 5: VPBank will check the documents and then transfer the money to the advising bank for this bank to pay the seller.
- Competitive UPAS Fee
- Off-banlance sheet and Receivable accounting instead of loan accounting with VPBank
