HO CHI MINH CITY BANKING UNIVERSITY DEPARTMENT OF FOREIGN LANGUAGES Internship Report on MAIN TASKS OF INTERNATIONAL PAYMENTS AND SUPPORT CREDIT DEPARTMENT at ORIENT COMMERCIAL JOINT STOCK BANK Bach D[.]
HO CHI MINH CITY BANKING UNIVERSITY DEPARTMENT OF FOREIGN LANGUAGES Internship Report on MAIN TASKS OF INTERNATIONAL PAYMENTS AND SUPPORT CREDIT DEPARTMENT at ORIENT COMMERCIAL JOINT STOCK BANK Bach Dang transaction office ACKNOWLEDGMENT First of all, I would like to send my profound gratitude to Banking University of Ho Chi Minh city for providing useful environment with so much practical knowledge and many outdoor activities for us By participating in FIC Entrepreneurship Club, I have a great opportunity to learn various soft skills and improve my English skills In addition, I wish to express my sincere thank to all of the lectures in Foreign Language department for their helpful lesson in class Specially thankful to my supervisor – Master Vo Thanh Tuan – a teacher of Foreign Language department for his conscientious and dedicated instruction, his kindly support helps me complete my internship course and internship report properly Moreover, I would like to give my greatest appreciation to Orient Commercial Joint Stock Bank (OCB) – Bach Dang transaction office, the manager and all of the staffs, for offering me the best condition to work here From the bottom of my heart, I wish my deepest thanks to my supervisor – Ms Vu Thi Minh Trang Without her support, I could not go through the completion of internship period Her advices are very helpful for me to develop myself Last but not least, I wish an honest gratitude to my beloved family and my friends, those who always stand by me and help me overcome many difficult moments in life Also, I would like to thank my dear sister for her encouragement and inspiration during the course of my academic career Faithfully, Ho Chi Minh, 2020 Student Tran Thi Tuyet Vi XÁC NHẬN VÀ ĐÁNH GIÁ CỦA ĐƠN VỊ THỰC TẬP ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… TP Hồ Chí Minh, ngày …… tháng …… năm …… Đơn vị thực tập (Ký tên & đóng dấu) Phần đánh giá Giảng viên hướng dẫn STT Nội dung đánh giá Điểm Tinh thần, thái độ làm việc Cơ quan thực tập (dựa sở đánh giá đơn vị thực tập) /2.0 Mức độ chấp hành nội quy thực tập thực yêu cầu chuyên môn theo hướng dẫn Giảng viên hướng dẫn /2.0 Chất lượng báo cáo thực tập - Nội dung báo cáo - Trình bày /1.0 - Ngơn ngữ /1.0 a Tống quan quan nhận thực tập phận thực tập /1.0 b Nội dung công việc phân công phương pháp thực /1.0 c Kết đợt thực tập, bao gồm: ● Những kiến thức, kỹ củng cố học hỏi ● Những kinh nghiệm tích lũy ● Các đóng góp thân cho quan sáng kiến, đề xuất giải pháp (nếu có) /2.0 Tổng điểm /10.0 Nhận xét Giảng viên chấm Phần đánh giá Giảng viên chấm STT Nội dung đánh giá Điểm Tinh thần, thái độ làm việc Cơ quan thực tập (dựa sở đánh giá đơn vị thực tập) /2.0 Mức độ chấp hành nội quy thực tập thực yêu cầu chuyên môn theo hướng dẫn Giảng viên hướng dẫn /2.0 Chất lượng báo cáo thực tập - Nội dung báo cáo - Trình bày /1.0 - Ngôn ngữ /1.0 a Tống quan quan nhận thực tập phận thực tập /1.0 b Nội dung công việc phân công phương pháp thực /1.0 c Kết đợt thực tập, bao gồm: ● Những kiến thức, kỹ củng cố học hỏi ● Những kinh nghiệm tích lũy ● Các đóng góp thân cho quan sáng kiến, đề xuất giải pháp (nếu có) /2.0 Tổng điểm /10.0 Nhận xét Giảng viên chấm TABLE OF CONTENTS INTRODUCTION OF ORIENT COMMERCIAL JOINT STOCK BANK 1.1 Overview of OCB 1.2 Overview of Bach Dang Transaction Office 1.2.1 Introduction 1.2.2 Products and Services 1.2.3 Organization system 9 10 10 11 12 ASSIGNED TASKS AND METHODS OF IMPLEMENTATION DURING INTERNSHIP AT OCB BACH DANG 13 2.1 Learning about the international payment activities of OCB 2.1.1 Assigned tasks of international payment 2.1.2 Letter of credit (L/C) 2.1.3 International money transfers 13 13 13 14 2.2 Supporting about the credit department activities of OCB 2.2.1 Learning about the main types of loans in OCB 2.2.2 Assisting credit profile and translation of some contract documents 14 14 15 2.3 Methods of implementation 2.3.1 Photocopy, scan and imprint the documents 2.3.2 Check the documents 16 16 16 KNOWLEDGE AND EXPERIENCED ACHIEVEMENT 3.1 Knowledge achievement in the internship 16 16 3.2 Skills in internship 3.2.1 Computer skill 3.2.2 Communication skills 3.2.3 Time management skills 3.2.4 Attention to detail 17 17 17 17 18 3.3 Experiences during the internship 3.3.1 Critical thinking skills 3.3.2 Adaptation to new working environment 18 18 18 CONCLUSION 18 REFERENCE 19 Introduction of Orient Commercial Joint Stock Bank 1.1 - Overview of OCB Date of established: June 10, 1996 Registered name: Orient Commercial Joint Stock Bank Trading name: OCB Head office: 41-45 Le Duan, Ben Nghe Ward, District 1, Ho Chi Minh Tel: 1800 6678 - (84-28) 38 220 960 – 38 220 961 Fax: (84-28) 38 220 963 Email: ocb@ocb.com.vn Website: www.ocb.com.vn Orient Commercial Joint Stock Bank (OCB) was established on June 10, 1996, after 24 years of operation and development, OCB always maintains the motto: customer is the focus, research and development of translated products appropriate financial services Now OCB has more than 200 business units spread across the provinces and key economic centers across the country And is considered as one of the banks with good and stable growth within years in the system of financial institutions in Vietnam ● OCB is one of the first banks in Vietnam to complete the risk management project items under Basel II international standards in 2017 and was recognized by the State Bank in December 2018 ● On July 2, 2019, OCB was rated by Moody's Investors Service, which one of the three most prestigious credit rating organizations in the world, increasing the rating of counterparty risk assessment (CRA-counterparty risk assessment) and risk rating counterparty risk (CRR-counterparty risk ratings) to Ba3, this is the highest ranking in Vietnam today ● In 2019, OCB continues to be awarded by two IFM magazines two major awards in the field of finance and banking, respectively Most Innovative Digital Banking Solution and Fastest Growing Digital Bank - Vietnam 2019 ● OCB is one of three financial and banking organizations in Vietnam receiving the "Asia-Pacific Excellent Enterprise" award at the Asia Pacific Entrepreneurship Awards 2019 (APEA) The award from APEA is a recognition of OCB's outstanding business capabilities in the finance and banking industry in Vietnam and is the motivation for OCB to continue to bring trust and prosperity to customers 1.2 Overview of Bach Dang Transaction Office 1.2.1 Introduction Bach Dang Transaction Office is one of the transaction offices of OCB This transaction office deals with every activity as its branches With the goal of increasing profit, the office has promoted in mobilizing savings deposit from individuals and granting loans for individuals who need money for business demands or cost living payments in short, medium or long-term ▪ Contact information Address: 246B-246E Bach Dang Street, Ward 24, Binh Thanh District, Ho Chi Minh City Tel: 028 3511 7816 Fax: 028 3511 7816 1.2.2 Products and Services Personal banking products: - Savings - Loans E-banking: Easy to make transitions anytime, anywhere with absolute security via online banking OCB card: OCB offers a wide range of cards with outstanding benefits and exclusive privileges that could fit the needs of your lifestyle - International money transfers - Bancassurance - Interbank fund transfer via card numbers - Premium payment Corporate banking products: Deposit and account management: OCB will help you maximize profit from your idle capital through an extensive network Including: collection service, custom duty payment, automatic payment, fast E-Bank – Internet banking for businesses, local tax collection, online tax collection, electricity bill payment service, payment service, payroll service, fax/email-based transaction service, smart money deposit, term deposit Corporate financing: Getting ahead in your business with our wide range of credit products and steady source of capital Trade finance and guarantees: OCB offers a comprehensive range of solutions to promote and support your trading activities, fulfill domestic and international payment needs - Foreign exchange and capital trade - New products and promotions Manager 1.2.3 Organization system Transaction Banking Department Administrative Department Retail Banking Officer Teller Teller Surveyor International Payment Customer Relationship Director Credit Department Director Customer Service Staff Credit officer Credit officer Credit officer ASSIGNED TASKS AND METHODS OF IMPLEMENTATION DURING INTERNSHIP AT OCB BACH DANG 2.1 Learning about the international payment activities of OCB 2.1.1 Assigned tasks of international payment For me, the internship at OCB Bach Dang transaction is not only a good chance to become familiar with the business environment of the workplace but also help me understand and practice the theories learned at school The reason I applied for the program can be summed up with the word “experience.” In my internship period, I had a practical look about banking activities through tasks allocated I was instructed in terms of international payment, related activities when making credit reports and loan documents for customers in the first working week at OCB – Bach Dang Transaction Office Thus, I have a chance to understand clearly about the process of import and export payment based on letter of credit (L/C), international money transfers and the process of granting credit to customers at banks 2.1.2 Letter of credit (L/C) Step Main Task Detail Receive L/C opening The customers must reach those following requires: application from ▪ Having legal status following the law of customers Vietnam ▪ Having certificate of business registration (only for new customers) ▪ Having import and export business code numbers(only for new customers) ▪ Having bank accounts at OCB ▪ Application for buying foreign currencies ▪ Having foreign trade contract ▪ Having import license from Ministry of Industry and Trade or other relevant competent organization ▪ Insurance policy (depending on price conditions) Open L/C There are two kinds of L/C in OCB included deferred L/C and Upas L/C The deferred letter of credit, stipulating the payment in lump sum or installments for sellers This payment will be made after a certain time from the date of delivery or the date of presentation of the document The upas letter of credit is just the opposite of revocable letter of credit Receive and check the documents ▪ Drafts ▪ Invoice (proforma invoice, provisional invoice, final invoice, detail invoice) ▪ Marine/Bill of lading (straight bill of lading, to order bill of lading, to bearer bill of lading, clean bill of lading, unclean bill of lading, through bill of lading, direct bill of lading) ▪ Packing slips ▪ Certificate of origin ▪ Insurance policy 2.1.3 International money transfers ▪ Various outward remittance forms (via account message or bank-draft issuance) Outward remittance via account Receive money via Western ▪ You can send money abroad in various currencies and the beneficiary can receive in the convertible currency or the local currency ▪ Individuals sending money outward for legitimate purposes: study abroad, medical treatment or for family members living abroad, sending money to overseas, overseas business trips, immigration, payment for fees and charges incurred abroad ▪ Customer can receive in VND or USD Union online ▪ No tax income applied ▪ No limit number of transactions/amounts ▪ Fund transfer can be made in 130 different currencies Multiple currency fund transfer ▪ Attractive exchange rate ▪ Competitive tariff ▪ Simple and quick procedures ▪ Free consultancy 2.2 Supporting about the credit department activities of OCB 2.2.1 Learning about the main types of loans in OCB Type Loan Topup Detail ▪ Only for customers who have mortgages at OCB ▪ Loan documents need: Loan For Real Estate - Identity card; - Loan request; - Family register; - Insurance claim form; - Loan request; - List of goods purchased ▪ Vietnamese citizens from full 22 to 55 years old ▪ Identity card/ Family register/ Temporary Residence Card ▪ Loan application form and proposal (OCB form) ▪ Documents proving the source of the customer's income ▪ Documents related to real estate trading (Sales contract, ) ▪ Papers relating to collateral Car Loan ▪ Identity card; ▪ Family register; ▪ Loan application form and proposal (OCB form); ▪ Sales contract / Purchase invoice/Motorbike registration certificate ▪ Documents about collaterals (if collaterals are different from vehicles purchased) Consumption Loan ▪ Mode of repayment: - Installment installments monthly / quarterly or at the end of the period (only applicable to income from production and business activities and the loan period from under 12 months) - Interest paid monthly according to reducing balance ▪ Identity card/ Family register/ Temporary Residence Card; ▪ Loan application form and proposal (OCB form) ▪ Documents proving Customer's source of income ▪ Documents proving the purpose of the client's capital use ▪ Papers related to special assets are real estate, cars 2.2.2 Assisting credit profile and translation of some contract documents After learning and being instructed in some international payment operations, I was instructed on the knowledge and skills of the credit department Here, I supported him/her to make price surveys of collaterals of customers at the bank Additionally, I was learnt how to calculate customers' principal and interest in the debt printing table at the beginning of the afternoon Moreover, my English skills are improved through the translation of documents of rental contracts or real estate to help clients of credit department staff In addition to the bank internships, I was taken to the field by credit officers through customer meetings to get information and share some of my experience with the credit department 2.3 Methods of implementation 2.3.1 Photocopy, scan and imprint the documents I start my works as supporting the office in photocopying and scanning the documents including certificates, B/L files and more document By the way, I keep contact with other departments such as transaction office, administrative office,credit department to collect the certificates, records, file with the purpose of storage and using as documentation for the next transactions in the future Apart from photocopying and scanning, I also support the manager in imprinting the documents which had been checked by the manager before, which helps the transactions at international payments office running more smoother and faster 2.3.2 Check the documents My duty is checking the adequacy and regularity of documentation First, I instruct the customer what they need to if they would like to pay their import’s invoice by L/C The customer must prove their capital to ensure that they have ability to pay the invoice And then, they will fill fully into the opening L/C application form After the bank have accepted opening L/C require form their customers, I will check their file to ensure all of these components are valid The file/document includes: License for establishment of company, business registration certificate, foreign trade contract, license for importing goods given by Ministry of Commercial, quota certificate, license for importing and exporting code registration given by maritime authorities… (Depending on what type of L/C is, deferred L/C and Upas L/C, there are different features in detail.) Knowledge and experienced achievement 3.1 Knowledge achievement in the internship The time of internship at OCB Bach Dang gave me a great chance to consolidate my knowledge I have learnt Business English, especially English for Banking and Finance so I took advantage of this to complete my tasks such as check the documents and translated some documents for credit department In addition, the internship at OCB Bach dang enables me to have specialist knowledge of Banking through reading many documents to understand processes and regulations clearly and practical activities I known about drafts, bill of exchange, letter of credit, promissory note, etc I could differ between these types and deeply understand the benefits of them Moreover, I learnt more information about loans when I supported at Credit Department For instance, I known more about the terms of a loan through reading documents, learnt about how to make appraisals, property mortgage receipts, business statements and how to analyze a company's financial statements 3.2 Skills in internship 3.2.1 Computer skill My implementation was about translating some real estate lease contracts and some document when I supported credit department Therefore, I improved my Word, Excel skill by myself throughout searching from Google or learning from instruction by my buddy I can use a variation of formulas and functions in Excel or typing a text in Word faster and more correctly By the way, I was trained in the way of writing an email professionally 3.2.2 Communication skills Communication skills are the ability to communicate effectively with superiors, colleagues, and staff is essential, no matter what industry you work in It cannot be denied that everyone needs communication skills not only for their job, but also for their everyday life I am an active person so I rarely get trouble in communicating But I must admit that communicating with superiors is very difficult, especially when collecting documents or asking for their help Additionally, I not only listened to their issues, then guided them or escalated to the corresponding division for solving the problems but also noted their suggestions, opinions and sometimes their constructive criticisms and used their ideas Thank to this practical cases after finishing the 3-month internship course,I have improved tremendously my communication skills in a business environment 3.2.3 Time management skills With the multiple tasks in a day, time management is one of the most significant skills that I have to gain I evaluated each task and time to complete it Then I arranged which one would be done first and try to finish the task before deadline 3.2.4 Attention to detail Bankers must be very careful in number because they have to deal witha range of numbers every day Checking documents at international payment office and supporting credit department helps me be more meticulous and cautious 3.3 Experiences during the internship 3.3.1 Critical thinking skills Critical thinking is the ability to think clearly and rationally about what to or what to believe It is a very necessary skill for everyone in order to have a deep understanding of things in the challenging and changing world The job helps me examine everything from different angles 3.3.2 Adaptation to new working environment Working for a bank where employees are mostly had high experience in profession This was a challenge for me at the starting time engaging this particular environment After that, I tried to talk and make friends with them, involved with the organization culture, changed my appearance as well as behavior to become more professional That was one of the most interesting experiences during my internship CONCLUSION After internship, I am aware of more growing up Not only that I have also gained insight into the working culture of the organization and observed how to handle works in International Payment Department and Credit Departmnet at OCB Bach Dang, but also I have improved many skills and gathered much experiences relating to international payments and loan terms as my career path Because my major is Business English, I have not deeply understood about the bank operation But when I took the internship at OCB, under the guidance of excellent trainees, I have cultivated myself and recorded great achievement in working as a banker However, I still encounter with many challenges in preparing this report due to confidential information Due to above reasons, the report might have many mistakes that I expect that teachers can sympathy For the last words, I hope that all lecturers will have more happiness and success in life REFERENCE https://www.ocb.com.vn/en https://www.ocb.com.vn/en/international-payments.html https://www.ocb.com.vn/en/loan-products.html https://www.ocb.com.vn/en/service-products.html ... CITY BANKING UNIVERSITY DEPARTMENT OF FOREIGN LANGUAGES Internship Report on MAIN TASKS OF INTERNATIONAL PAYMENTS AND SUPPORT CREDIT DEPARTMENT at ORIENT COMMERCIAL JOINT STOCK BANK Bach Dang transaction. .. Staff Credit officer Credit officer Credit officer ASSIGNED TASKS AND METHODS OF IMPLEMENTATION DURING INTERNSHIP AT OCB BACH DANG 2.1 Learning about the international payment activities of OCB... motivation for OCB to continue to bring trust and prosperity to customers 1.2 Overview of Bach Dang Transaction Office 1.2.1 Introduction Bach Dang Transaction Office is one of the transaction offices