TRADE SERVICES
TRADE SERVICES
Trade services consist of international and domestic trade settlement and finance. Trade Settlement is the financial service banks provide to enterprises conducting exchange of goods and services among different countries, including services of fund settlement, letter of credit, collection, factoring etc. Trade finance is the structural short-term financial service banks provide to enterprises, based on clients’ assets arisen from commodity exchange, such as goods in stock, advanced payments, account receivables, etc.
1. Business development background
In the past few years, Vietnam’s volume of import and export has continuously grown up, having great impact on the capacity and potential of trade finance market. Along with the increasing dependence on overseas markets, trading enterprises’ demands for banks have become more and more complex. As a result, banks have to commit themselves to various innovations of trade products and services to satisfy expansion demands of their clients.
2. Service Function and Feature Description
We have correspondent bank relationship with 1706 banks in 103 countries, which enable us to offer you a full range of international trade solutions to facilitate you to great success. As trade businesses grow and expand, demands for financing have become increasingly strong. Our innovative solutions are reliable, responsive, and give you the greatest potential benefit with the lowest possible cost and risk. Working to your business’ specifications, we can help you to:
- Incorporate solid trade practices into your business strategy that will help your business grow.
- Identify any possible risks associated with trade, and take steps to manage them effectively.
- Accelerate trade-related cash flow to keep your business running smoothly.
3. Principal Products
Our trade service comprises international and domestic trade settlement and finance:
- Domestic trade settlement: domestic letter of credit, etc.
- Import trade settlement: outward remittance, L/C opening, import collection.
- Export settlement: inward remittance, L/C advice, export negotiation, export collection.
- Domestic trade finance: domestic packing loan, etc.
- International trade finance: packing loan, export bills purchased under L/C, export collection finance, export invoice finance, inward bills under L/C finance, import collection finance, outward remittance for import finance, etc.
4. Co-operation prospect between Bank and Enterprise:
Nowadays, more and more enterprises have been involved in trade for expanding business scale, with which however correlate experience may not keep pace. Therefore based on our professional network and information advantages, BOCOM is now gradually transforming its pattern toward “customer oriented”, constantly innovating our products, breaking through traditional service mode, combining various service means to meet customer’s new requirements, so as to consolidate relationship between BOCOM and our clients.
