881 trade finance under letter of credit transaction recommendations for joint stock commercial bank for foreign trade of vietnam

Student : Nguyen Huong Giang Class : K20KDQTA Course : 2017 - 2021 Student ID : 20A4050097 FACULTY OF INTERNATIONAL BUSINESS Supervisor BANKING ACADEMY : Dr Nguyen Thi Hong Hai BACHELOR’S THESIS TRADE FINANCE UNDER LETTER OF CREDIT TRANSACTION RECOMMENDATIONS FOR JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM Hanoi, May 2021 i DECLARATION I guarantee that my Bachelor’s thesis with the research topic "Trade finance under Letter of Credit transaction - Recommendations for Joint Stock Commercial Bank For Foreign Trade of Vietnam" is my personal research with the guidance of Dr Nguyen Thi Hong Hai - Lecturer of the Falcuty of International Business, Banking Academy of Vietnam Data sources and information used during the study are derived and cited in accordance with regulations Research results in the thesis topic serve for self - study and objectively analysis I take all responsibility for my thesis Student’s signature Nguyen Huong Giang ii ACKNOWLEDGEMENTS Throughout the writing of this thesis I have received a great deal of support and assistance Foremost, I have to thank Banking Academy of Vietnam and the Faculty of International Business for creating good conditions for me in the process of studying in the past years and completing this thesis Also, I would like to thank all lecturers of the Faculty of International Business and lectures of Banking Academy of Vietnam who equipped me with useful knowledge in the university years; and my classmates and friends for their suggestions Especially, I would like to express my sincere gratitude to my advisor Dr Nguyen Thi Hong Hai for the continuous support of my research, for her patience, motivation, enthusiasm, and immense knowledge Her guidance helped me in all the time of research and writing of this thesis Last but not least, I would like to thank my family: my parents, my brother and my sister in-law for supporting me spiritually throughout my life iii TABLE OF CONTENT DECLARATION i ACKNOWLEDGEMENTS ii TABLE OF CONTENT iii LIST OF ABBREVIATIONS vi LIST OF CHARTS viii LIST OF FIGURES viii LIST OF TABLES ix INTRODUCTION .1 Rationale of the study Research purpose Research scope and objective Research methodology Thesis Structure CHAPTER 1: LITERATURE REVIEW AND THEORETICAL OF TRADE FINANCE UNDER LETTER OF CREDIT TRANSACTION 1.1 LITERATURE REVIEW 1.2 THEORETICAL OF TRADE FINANCE UNDER LETTER OF CREDIT TRANSACTION 1.2.1 Overview of Letter of Credit .6 1.2.2 Overview of trade finance under Letter of Credit transaction 12 1.2.3 Criteria for assessing trade finance under Letter of Credit transactions 20 1.3 FACTORS AFFECTING THE DEVELOPMENT OF TRADE FINANCE UNDER LETTER OF CREDIT TRANSACTIONS 22 1.3.1 Subjective factors 22 1.3.2 Objective factors 23 SUMMARY OF CHAPTER 25 CHAPTER 2: EXPERIENCES IN TRADE FINANCE UNDER LETTER OF CREDIT TRANSACTION IN SOME COMMERCIAL BANKS .26 2.1 EXPERIENCES FROM ASIAN COMMERCIAL BANKS 26 2.1.1 Experiences from BRAC Bank 26 2.1.2 Experiences from Hong Kong & Shanghai Banking Corporation Bank 29 iv 2.2 EXPERIENCE FROM EUROPEANCOMMERCIAL BANKS .30 2.2.1 Experiences from Vnesheconombank 30 2.2.2 Experiences from Roseximbank 30 2.2.3 Experiences from Sberbank 31 SUMMARY OF CHAPTER 31 CHAPTER 3: ANALYZE ON THE REAL SITUATION OF TRADE FINANCE UNDER LETTER OF CREDIT TRANSACTION AT JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM 32 3.1 OVERVIEW OF JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM 32 3.1.1 Development History 32 3.1.2 Structure of management apparatus 34 3.1.3 Business Operations of Joint Stock Commercial Bank for Foreign Trade of Vietnam 36 3.2 THE REAL SITUATION OF TRADE FINANCE UNDER LETTER OF CREDIT TRANSACTION AT JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM 40 3.2.1 Trade finance under Letter of Credit transaction at Joint Stock Commercial Bank for Foreign Trade of Vietnam 40 3.2.2 Analyze the real situation of trade finance under Letter of Credit transaction at Joint Stock Commercial Bank for Foreign Trade of Vietnam 43 SUMMARY OF CHAPTER 53 CHAPTER 4: RECOMMENDATIONS FOR JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM 54 4.1 SHORT - TERM SOLUTIONS 54 4.1.1 Diversify trade finance under Letter of Credit product 54 4.1.2 Continuing to enhance process modification 54 4.1.3 Implement flexible measures in working 55 4.1.4 Strengthening international trade finance activities by Documentary Credit payment method 55 4.1.5 Marketing 56 4.2 LONG - TERM SOLUTIONS 57 vvi OF ABBREVIATIONS 4.2.1 Human resource LIST development 57 4.2.2 Technological development 57 4.2.3 Strengthening inspection, internalcontrol andcompliance .58 4.2.4 Branch network, correspondent bankingrelationship 58 SUMMARY OF CHAPTER 59 CONCLUSIONS 60 REFERENCES 61 ADB ^API Asian Development Bank Application Programming Interface ATM Automatic Teller Machine ^B∕L Bill of Lading BBLC Back-to-Back Letter of Credit BDT BRAC The currency for Bangladesh Bangladesh Rural Advancement Committee CAR CDCS Capital adequacy ratio Certificate for Documentary Credit Specialists CEB CRM ĨT Commercial Bank of Ethiopia Customer relationship management Information technology ^DZC Letter of Credit ^FY Fiscal Year ^GIC Guaranteed investment certificate HCMC Ho Chi Minh City HOSE HSBC Ho Chi Minh City Stock Exchange Hong Kong & Shanghai Banking Corporation ICC IFC International Chamber of Commerce ĨNG ISBP Internationale Nederlanden Groep International Standard Banking Practice ISP International Standby Practices LC Letter of Credit MT700 POS Issue of a Documentary Credit Point Of Sale ROA Return on Assets International Finance Corporatio ROE Return On Equity SBLC SLOC Standby Letter of Credit Standby Letter of Credit SMEs SMS Small and Medium Enterprise SWIFT Society Short Message Service for Worldwide vii Interbank and Financial Telecommunication UCP 600 UPAS L/C The Uniform Custom and Practice for Documentary Credits Usance payable at sight Letter of Credit URDG Uniform Rules for Demand Guarantees URR Uniform Rules for Bank-to-Bank Reimbursement ^US United States VCB Joint Stock Commercial Bank for Foreign Trade of Vietnam VCBL VCBR Vietcombank Leasing Vietcombank Remitance Company VCBS VCCBCC Vietcombank Securities Limited Company Vietcombank Corporate Channel Vietcombank Joint Stock Commercial Bank for Foreign Trade of Vietnam Chart Page viii Chart 3.1 The number of transaction offices and branches at Joint Stock 46 Commercial Bank for Foreign Trade of Vietnam fromOF 2017 to 2019 LIST CHARTS Chart 3.2 Profit from trade finance under Letter of Credit transactions from 51 2018 to 2020 Figure Page Figure 1.1 The entire process under Letter of Credit transaction Figure 2.1 The percentage of traditional trade finance used globally 26 Figure 2.2 Import traffic vs average value in FY2019, split by region, based on SWIFT MT700 traffic 27 LIST OF FIGURES Figure 2.3 SWIFT MT700 export L/C volumes by country/region 28 Figure 3.1 Management structure of Joint Stock Commercial Bank for Foreign Trade of Vietnam 35 53 c The legal issues of the unclear The content of international practices and practices on document transactions is still limited Currently, Vietcombank and most commercial banks in Vietnam use UCP 600 and ISBP 745 in international payments Besides the advantages that these documents bring, they also have many disadvantages for not keeping up with the actual arising of business activities In addition, international practices must comply with national regulations, but in international payment activities, Vietnam has not had any specific international legal documents Then, when a document transaction dispute arises or international payment will make it difficult for the parties to find a solution SUMMARY OF CHAPTER The content of chapter shows general information about at Joint Stock Commercial Bank for Foreign Trade of Vietnam Then, the thesis focuses on analyzing the actual situation of trade finance under Letter of Credit transaction at Vietcombank by quantitative criteria and qualitative criteria Vietcombank has many advantages in trade finance under Letter of Credit transactions: consulting service quality, bank’s prestige, networking of banking transaction offices, branches, and correspondent banks By contrast, it also has a few drawbacks like the management and technical work, legal issues, the quality of the dock services, etc since Vietcombank represents the state-owned bank, foreign shareholder banks, and big corporation banks and focuses on trade finance under L/C transaction to confirm the position in the commercial banking industry In chapter 4, the author gives recommendations for Joint Stock Commercial Bank for Foreign Trade of Vietnam to develop trade finance under Letter of Credit transaction 54 CHAPTER 4: RECOMMENDATIONS FOR JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM The essay is researched to analyze trade finance under Letter of Credit transaction and propose some solutions to help Vietcombank carry out this activity more effectively The following solutions are suggested: 4.1 SHORT - TERM SOLUTIONS 4.1.1 Diversify trade finance under Letter of Credit product To stand out in the bank field, one of the measures attracting more customers is diversifying product portfolio, creating new services, and offering incentives in specific activities For example, diversifying short-term, medium-term, and long-term finance to meet the needs of businesses Commercial banks should encourage branches to negotiate export documents before submitting them to the head office, thereby attracting export customers to commercial banks, increasing fee revenue, and increasing foreign currency capital to support activities 4.1.2 Continuing to enhance process modification The transaction time is prolonged partly due to the overlap in the business process, so to speed up the transaction time and increase operational efficiency, it is necessary to study and modify the current process - All processing of transactions needs to be carefully recorded in the technical system log and on the book of delivery between business stages This is a mandatory requirement for both the branch and the head office to observe the actual situation of practical cooperation between the branch and the head office, and at the same time to search and detect the business stages that cause delays Unnecessary delay or overlap, so those appropriate change decisions can be made - It is necessary to consult professional staff and customers about the process to see which business stage is causing the most difficulties for employees, which procedures are annoying for customers, the most inconvenient in the process So, the bank has to have an objective view of the model, find out the points that have not been improved, and bring better service quality to customers 55 4.1.3 Implement flexible measures in working Vietcombank should limit customers to trade simultaneously by giving advice to customers, setting time limits for transaction execution to optimize the working process It is necessary to evaluate the importance and urgency of transactions to prioritize performance, especially in the overload situation While the transactions are in large numbers, without knowing how to sort them out to arrange the optimal execution order, it is easy to lead to the situation where the transactions with a lot of time to execute are executed first , while transactions that are due are pushed back, delayed execution has serious consequences, damaging the bank's reputation 4.1.4 Strengthening international Credit payment method trade finance activities by Documentary Trade finance is an activity that requires a large amount of foreign currency capital because the value of foreign trade contracts is enormous The commonly used currencies are USD, ERU, JPY However, Vietcombank cannot always meet them Moreover, the exchange rate fluctuates frequently, so it is difficult for banks to maintain an amount of foreign currency to pay at any time Therefore, the bank needs to expand capital mobilization sources to meet capital needs to be resolved promptly, by the following measures: - Expanding and encouraging to create personal accounts and opening ATM cards creates a premise for the bank's ATM card operations to attract people's idle capital - Applying preferential policies to businesses with foreign currency capital and finding new customers to encourage enterprises to pay money at banks to attract foreign currencies from abroad, reduce service fees to enhance their loyalty - Strengthen the flexible interest rate mechanism with customer loans to change by market conditions, create special incentive and gift programs for VIP customers to enhance stabilize capital, medium and long-term capital mobilization flows - Develop deposit insurance policies to ensure maximum benefits for customers to develop more bonds and certificates of deposit These papers can be pledged for loans at banks with preferential interest rates for loans at commercial banks, strengthening the development of foreign currency networks to attract capital sources from abroad to 56 increase foreign supply currency to promote foreign currency business, develop arising operations to limit interest rate risk, require companies sponsored by foreign currency guarantee to pay foreign currency on time, consider fees if late payment Improve risk management and control lending with foreign currency loans using interest earned to reinvest to finance 4.1.5 Marketing Marketing plays a vital role in any business's development strategy, so Vietcombank’s marketing activities must be at the forefront To attract a market share of customers, marketing activities such as market investigation, search and analysis of customer needs, target market and clarify customer's understanding, develop shortterm and long-term marketing plans Trade finance products and services in general and trade finance through L/C, mainly, are more widely known in the context of the economy tending to trade liberalization In particular, the introduction of new products and the entry of foreign banks increase opportunities for development and expansion Still, besides that, there are also challenges required to cope with the struggles and stand out Therefore, it is necessary to have appropriate strategies to attract customers in the market Vietcombank should diversify and use the documentary credit method On the other hand, the international payment department and international trade finance at the branch should divide customers by industry and field so that they can better and faster apply customer requirements to customers who are: individual small and medium enterprises Employees need to carefully explain to this group of customers to choose the most suitable payment method The bank can also accept mortgages or reduce the deposit rate to encourage businesses to use the payment method Large enterprises have used documentary credit In addition to regular proper care, banks provide fee reduction or free small amounts of loan interest rate reduction or incentives Organize seminars, customer conferences, symposiums on international payment, international trade finance to provide information to customers 57 4.2 LONG - TERM SOLUTIONS 4.2.1 Human resource development The professional qualifications of the payment team play a vital role in determining the effectiveness of the payment process They are the ones who directly perform the operations and make decisions about the quality of the documents If the staff is highly qualified and responsible, many errors will be avoided, thereby avoiding risks for the bank Professional training to standardize requirements for staff working in international trade finance So, the bank organizes regular training classes and periodically checks the knowledge of import-export service department staff, for example, Incoterm 2020, insurance Recruitment decides the quality of personnel of the branch and the head office, so it is necessary to coordinate with the human resources department to select candidates and arrange for positions suitable for each individual It will show the bank's staff with professionalism and higher qualifications Organize seminars to help employees know more about uncommon situations that have happened in the world from which to learn for themselves Customer service attitude training, customer satisfaction is the basis for the assessment of service attitude and the service quality of the bank in general, the service quality of trade finance by L/C transaction in particular The bank has a reward system with professional staff who complete the assigned work and are creative This is the motivation for the staff to fulfill the target and devote themselves to the best Along with that, there is a strict discipline regime for officials who not complete their tasks with nasty attitudes towards customers and colleagues 4.2.2 Technological development The system of commercial banks is aware of the importance and necessity of science and technology and has focused on investment However, our country's modern science and technology, especially banking technology, still has a long development gap compared to the world level To adapt to the development trends of the world's banks, Vietcombank needs to have a plan to modernize banking technology 58 with a specific technology development strategy in the right direction Vietcombank associates with domestic technology corporations such as FPT, Vingroup to improve and enhance the technical technology for banks also help a lot for the payment process and develop the banking system, information system The promotion of the technological revolution will help increase labor productivity and competitiveness, reduce waiting times, and improve the efficiency of international trade finance activities to join the international banking community in the future 4.2.3 Strengthening inspection, internal control and compliance Compliance with the rules and procedures for checking documents will ensure the quality of examination documents These processes are the basis for the bank to accurate and find out frauds in documents Staff needs to have flexibility in specific situations to make reasonable decisions without causing difficulties for customers and to ensure the reputation and safety of both customers and the bank After checking the documents, the staff needs to make sure that the documents fully meet the provisions of the terms and conditions of the L/C between the documents Inspected operational risks at branches to prevent and report potential risks and propose solutions to operation issues found at the branch level 4.2.4 Branch network, correspondent banking relationship In term of documentary credit payments in international trade finance, the correspondent banking relationship plays a vital role, especially in the current global relationship for this relationship to develop Commercial banks need to take the following measures: Firstly, developing the internal information system, building a program of information and management reports about the correspondent bank, and combining external information Secondly, there are appropriate international trade policies for each bank involved in the transaction, such as credit limit, funding limit, confirmation limit 59 Thirdly, respect the commitments between banks and comply with international practices to avoid affecting the bank's reputation and the relationship between the two banks Fourthly, enhance information exchange with correspondent banks to obtain more information to take measures to prevent information risks Fifthly, strengthen relationships with existing correspondent banks, develop more correspondent banks in new markets and new regions Finally, actively contact and offer transactions with foreign banks SUMMARY OF CHAPTER Based on assessing the actual implementation of trade finance under Letter of Credit transaction at Joint Stock Commercial Bank for Foreign Trade of Vietnam The results achieved and the limitations still encountered in chapter Chapter proposed recommendations for the bank to help it apply trade finance under Letter of Credit effectively 60 CONCLUSIONS The topic “Trade finance under Letter of Credit transaction at Joint Stock Commercial Bank for Foreign Trade of Vietnam” has systematically researched the theory of trade finance under Letter of Credit, analyzed the current situation of applying Vietcombank's model to be able to draw the achieved results as well as the limitations Deriving from the actual situation, a system of solutions to help Vietcombank apply trade finance under Letter of Credit transaction activity, such as enhancing business processes, improving technology quality, human resources, enhancing professional training, stabilizing and restructuring the department organizer when needed The topic does not analyze the whole system of Vietnamese commercial banks Still, it only focuses on studying Vietcombank's Trade finance under Letter of Credit transaction, from which to have a specific and close look at the reality at Vietcombank The topic has a new contribution in understanding the experience of using trade finance under Letter of Credit transaction of commercial banks in the world Even though many concentration and seriousness are put in this dissertation, errors and limitations are still unavoidable Firstly, the given data is still insufficient The analyst still does not cover all the facts of trade finance under Letter of Credit transaction in the banking system since data in banks are always confidential Moreover, some national and regulations are not analyzed closely because of their complicated content Future research could make several extensions of the current study during the current research process to fill the gap For example, future research needs to be enhanced and validated using more diversified random samples or give readers a closer look at national and international regulations Although essential solutions for the development of trade finance under Letter of Credit transaction may exist, detailed suggestions will be changed to suit the current time So that future researchers can update these recommendations 61 REFERENCES A ENGLISH ICC (2018), GLOBAL SURVEY ON TRADE FINANCE, Zurich, Switzerland ICC (2020), GLOBAL SURVEY ON TRADE FINANCE, Zurich, Switzerland Ahn & JaeBin (2011), A Theory of Domestic and International Trade Finance, IMF Working Papers 11/262, International Monetary Fund, Washington, D.C., USA Anders Grath (2014, The Handbook of International Trade and Finance: The Complete Guide for International Sales, Finance, Shipping and Administration, 3rd edition, Kogan Page Limited, USA BRAC Bank (2019), Annual report 2019, BRAC, USA Vietcombank (2018), Annual report of Joint Stock Commercial Bank for Foreign Trade of Vietnam, KPMG Limited, Vietnam Vietcombank (2019), 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Thế mạnh để thu hút giữ chân khách hàng”, available at https://thebank.vn/blog/16110-tai-troSubmitted to National Economics University thuong-mai-vietcombank-the-manh-de-thu-hut-va-giu-chan-khach-hang.html Bài Học sinh (accessed 15 May 2021) 12 Vietcombank, available at https://portal.vietcombank.com.vn/Pages/Home.aspx portal.vietcombank.com.vn (accessed 15 May 2021) 3% 2% Nguon Internet BÁO CÁO ĐỘC SÁNG 21 % 19% CHỈ số TƯƠNG ĐỒNG NGUỒN INTERNET 4% 10% ẤN PHẨM XUẤT BẢN BÀI CỦA HỌC SINH www.vietcombank.com.vn A Nguòn Internet t www.ledgerinsights.com Nguồn Internet file-eu.clickdimensions.com Nguồn Internet www.revistaespacios.com Nguon Internet Submitted to Da Nang University of Economics Bài Học sinh τ% Submitted to Banking Academy Bài Học sinh www.bracbank.com Nguδn Internet Submitted to International University VNUHCM 10 1% 11 % 12 % Bài Học sinh www.aba.org.tw Nguồn Internet ca.sports.yahoo.com Nguồn Internet 13 % 14 % www.acams.org Nguồn Internet en.wikipedia.org 15 % 2% 16 2% Nguon Internet 1% 1% 1% % Nội dung yêu cầu chỉnh sửa Hội đồng Nội dung chỉnh sửa sinh viên Ghi (ghi rõ vị trí chỉnh sửa: dịng, mục, trang) NGÂN HÀNG NHÀ NƯỚC VIỆT NAM CỘNG HOÀ XÃ HỘI CHỦ NGHĨA VIỆT NAM Ý kiến Figure 2.1 The percentage of Dòng: 14 HỌC VIỆN traditional NGÂN HÀNG trade finance usedĐộc lập - Tự - Hạnh phúc Mục: 2.1.1 globally Trang: 26 Ý kiến Ý kiến 3 Ý kiến Figure ImportCHỈNH traffic vs average Dịng: TỐT - NGHIỆP BẢN GIẢI2.2 TRÌNH SỬA KHÓA LUẬN value in FY2019, split by region, Mục: 2.1.1 based on SWIFT MT700 traffic Trang: 27 H ọ tên sinh viên: Nguyễn Hương Giang 2.3 SWIFT MT700 export Dòng: Mã sinhFigure viên: 20A4050097 L/C volumes by country/region Mục: 2.1.1 Lớp: K20KDQTA Ngành: Kinh doanh quốc tế Trang: Tên đề tài: “TRADE FINANCE UNDER LETTER OF28CREDIT Figure 3.1-Management structure of FOR Dòng: TRANSACTION RECOMMENDATIONS JOINTS STOCK Joint Stock Commercial Bank for Mục: COMMERCIAL BANK FOREIGN TRADE OF3.2.1.2 VIETNAM” Foreign Trade of FOR Vietnam 35 Các nộ i dung ho àn thi ện theo kết luận HTrang: ộ i đồng: % Loại trừTrích dẫn Mở Loại trừ mục lục tham Mở khảo Loại trừtrùng khớp < 30 words Ý kiến Chart 3.1 The number of transaction offices and branches at Joint Stock Commercial Bank for Foreign Trade Dòng: Mục: 3.2.2.1 Trang: 46 of Vietnam from 2017 to 2019 Ý kiến Chart 3.2 Profit from trade finance under Letter of Credit transactions from 2018 to 2020 Dòng: Mục: 3.2.2.2 Trang: 51 Kiến nghị khác (nếu có): Hà Nội, ngày 07 tháng 06 năm 2021 Giảng viên hướng dẫn TS Nguyễn Thị Hồng H ải Sinh viên Nguyễn Hương Giang ... situation of trade finance under letter of credit transaction at Joint Stock Commercial Bank for Foreign Trade of Vietnam Chapter 4: Recommendations for Joint Stock Commercial Bank for Foreign Trade of. .. BANK FOR FOREIGN TRADE OF VIETNAM 3.1 OVERVIEW OF JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM Joint Stock Commercial Bank for Foreign Trade of Vietnam leads the list of prestigious banks... Operations of Joint Stock Commercial Bank for Foreign Trade of Vietnam 36 3.2 THE REAL SITUATION OF TRADE FINANCE UNDER LETTER OF CREDIT TRANSACTION AT JOINT STOCK COMMERCIAL BANK FOR FOREIGN