Bidv exempts exporters from certain

Bank for Investment and Development of Vietnam (Bidv) has extended support to exporters by scrapping certain fees, including the fee of informing them of Letters of Credit(L/C) and the international payment fee.

Hoang Long Ha, deputy director of Gia Dinh Branch of Bidv, yesterday said that his bank just collected interest sums on loans given to exporters, but cancelled other fees that enterprises used to pay to the bank. He was referring to the two above-mentioned fees at a seminar held here yesterday by the Vietnam Chamber of Commerce and Industry.

Under current practices, export enterprises must pay $15-20 for each LlC opened by foreign partners and informed to exporters by local banks. Any changes of the LIC during the process due to changes in the delivery of goods, ports, or the contract value also result in new fees to be borne by local exporters.

After delivering goods to foreign partners, exporters usually have to pay international payment fee of $10-100 to the settlement bank.

“We cancelled all of those fees when exporters make payments at Bidv,’ Ha said.

 

Category: Finance