BANKING UNIVERSITY OF HO CHI MINH CITY DEPARTMENT OF FOREIGN LANGUAGES Internship Report Batch K34 (2018 2022) on THE COMMERCIAL ENGLISH TO THE INTERNATIONAL PAYMENT at VIET NAM TECHNOLOGICAL AND COMM[.]
BANKING UNIVERSITY OF HO CHI MINH CITY DEPARTMENT OF FOREIGN LANGUAGES Internship Report Batch: K34 (2018-2022) on THE COMMERCIAL ENGLISH TO THE INTERNATIONAL PAYMENT at VIET NAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK - NHA TRANG BRANCH Prepared by Student’s full name: VU BICH NGOC Student’s ID number: 030434180123 Program: Business English Internship Supervisor Name: NGUYEN THI THANH TRUC Title: Master of Arts Department: Foreign Languages Date of Submission: 12/2021 ACKNOWLEDGEMENTS During my eight-week internship at Viet Nam Technological and Commercial Joint Stock Bank – Nha Trang branch, I had a wonderful chance to acquire a significant amount of my own experience and obtain many crucial new skills Especially, approaching the actual working environment allowed me to gain a lot of knowledge in the international payment field, which serves the purpose of writing an internship report as well as preparing a step further in my future career path Honestly, the internship would not have been completed without the support and help of many individuals and organizations I would be grateful for: At the very outset, I would like to express my deep gratitude to all the lecturers of the Faculty of Foreign Languages who taught me meaningful lessons during my study at Banking University of Ho Chi Minh City These things set a stage for me to be more mature and confident to stand on my own feet in my life Particularly, I would like to take this opportunity to give my deepest thanks to my instructor - Ms Nguyen Thi Thanh Truc, my respectable teacher, for sharing her pearls of wisdom Her devoted guidance has given me a better understanding of my internship and has helped greatly improve this report Furthermore, I am sincerely grateful to the board of directors at Techcombank – Nha Trang Branch for creating a great chance for me to intern at the Bank There are no words to show my appreciation to Ms Tran Thi Que Chi, my supervisor and all of the members at the Corporate Customer Department for their kind cooperation and necessary advice which were extremely valuable for my report both practically and theoretically It was a great honor for me to work in a challenging but positive, professional and practical working environment for a two-month internship During my internship, I really had a golden time and I could train the manner of working to serve my jobs in the future All of the above allowed me to have a wonderful experience so I again thank them for their help and I hope that the success of the report would be a valuable present for their kindness Sincerely, Vu Bich Ngoc PHẦN NHẬN XÉT CỦA ĐƠN VỊ THỰC TẬP Họ tên sinh viên: ………………………………………………………………………………… Lớp: …………………………………… Khoa: …………………………………………………… Trường: ……………………………………………………………………………………………… Trong thời gian từ ngày …………………………………… đến ngày …………………………… Tại: …………………………………………………………………………………………………… Địa chỉ: ……………………………………………………………………………………………… Sau trình thực tập sinh viên đơn vị, chúng tơi có số nhận xét đánh giá sau: Về ý thức chấp hành nội quy, quy định quan: ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… Về đạo đức, tác phong: ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… Về công tác chuyên môn, tinh thần trách nhiệm thái độ học tập: ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… Đánh giá chung sau thực tập: ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… Khanh Hoa, …/…/2021 Người đánh giá (Ký ghi rõ họ tên) ASSESSMENT OF INSTRUCTOR ST T Nội dung đánh giá Điểm Nhận xét 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 - 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 Nội c Kết đợt thực dung báo tập, bao gồm: cáo 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 Giảng viên chấm ASSESSMENT OF INSTRUCTOR ST T Nội dung đánh giá Điểm Nhận xét 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 - 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 Nội c Kết đợt thực dung báo tập, bao gồm: cáo 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 Giảng viên chấm TABLE OF CONTENT INTRODUCTION .8 CHAPTER 1: OVERVIEW OF VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK History of development Techcombank - Nha Trang Branch Organizational structure of Techcombank – Nha Trang Branch 10 Corporate Customer Department of Techcombank – Nha Trang Branch .10 4.1 Organizational structure of Corporate Customer Department 10 4.2 Function of Corporate Customer Department of Techcombank - Nha Trang Branch 11 CHAPTER 2: ASSIGNED TASKS AND METHODS OF IMPLEMENTATIONS 12 Internship assignments 12 1.1 Checking the accuracy of the information in documents 12 1.2 Classifying the international payment documents 12 1.3 Communicating with foreign customers 13 Methods of implementations 13 2.1 Materials reading method 13 2.2 Information searching method .13 2.3 Communication method 14 CHAPTER 3: INTERNSHIP RESULTS 15 Achievements gained from the internship: 15 1.1 Theoretical knowledge 15 1.2 Practical knowledge .16 1.2.1 Observing and taking note skill 16 1.2.2 Time management skill 16 1.2.3 Networking skill 16 1.2.4 Questioning skill 17 Recommendation for Viet Nam Technological and Commercial Bank – Nha Trang Branch: 17 2.1 Paying attention to promoting great features of overseas remittance .17 2.2 Upgrading IT system regularly 17 CONCLUSION 18 INTRODUCTION Purposes of the internship After completing theoretical subjects at university, practice is very important because it helps me to accurately visualize daily work in real life The first purpose of the internship is that I have the opportunity to practice and apply knowledge from learnt subjects to assigned tasks Thereby it helps me accumulate more valuable experience for my future jobs Moreover, I can evaluate my learning process in an effort to acquire not only more knowledge but also complementary job-related skills The internship is also a chance for me to know my strengths and weaknesses to make the most suitable decisions for my future career Significance of the internship For each student, to have the best preparation for a future career depends not only on the hard work of acquiring knowledge at the university, but also a process of gaining the necessary experience that the university cannot teach Through the internship, I can use this period as a reference for my future job at a bank Furthermore, it is a confirmation helping me figure out whether I am suitable for a competitive field like banking or not CHAPTER 1: OVERVIEW OF VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK History of development Vietnam Technological and Commercial Joint Stock Bank, commonly referred to as Techcombank, was established and officially put into operation in 1993 From the beginning with a modest charter capital, Techcombank has grown to become the third largest bank in terms of chartered capital in Vietnam Currently, Techcombank provides a wide range of products and services to more than million corporate and individual customers in Viet Nam, satisfying not only the needs of traditional banking but also security and wealth management needs At Techcombank, the vision and mission are to become the No bank in Vietnam, catering to the needs of the Vietnamese people and helping them grow to achieve their own financial dreams In 2018, Techcombank achieved a very momentous milestone, as the bank completed the largest banking IPO in the history of Vietnam and started listing its shares on the Ho Chi Minh City Stock Exchange Techcombank - Nha Trang Branch Techcombank Bank – Nha Trang Branch was one of the first branches of the Vietnam Technological and Commercial Joint Stock Bank It was located at Vincom Plaza, 44 - 46 Le Thanh Ton Street, Nha Trang City, Khanh Hoa Province With more than 16 years of operation since 2005, Techcombank - Nha Trang Branch has become one of the key branches of Techcombank Organizational structure of Techcombank – Nha Trang Branch Within an 8-week internship, I worked as an International Payment intern of the Corporate Customer Department of the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) - Nha Trang Branch In this chapter, Techcombank Nha Trang Branch and the Corporate Customer Department are concerned Chart Structure of Techcombank – Nha Trang Branch BOARD OF DIRECTORS Customer Service Department Personal Customer Department Corporate Customer Department Relationship Manager (RM) Branch Service Officer (BSO) Priority Customer Department Customer service manager (CSM) Intern Position Corporate Customer Department of Techcombank – Nha Trang Branch 4.1 Organizational structure of Corporate Customer Department The international payment division is under the control of the Corporate Customer Department which has a human resources structure consisting of Relationship Managers, Customer Service Manager and Branch Service Officers In which the main responsibility belongs to Branch Service Officers with the task of receiving and processing credit records and international payments 10 4.2 Function of Corporate Customer Department of Techcombank - Nha Trang Branch The main functions that the Corporate Customer Department at Techcombank - Nha Trang Branch performs are: - Consulting, guiding corporate and personal customers on international payment conditions and documents; - Supporting and answering customers' questions and complaints related to international payments; - Receiving and checking the validity of the documents in accordance with the regulations of Techcombank and the State Bank or relevant departments; - Informing and closing foreign currency price with customers; - Managing and storing documents arising in accordance with current regulations 11 CHAPTER 2: ASSIGNED TASKS AND METHODS OF IMPLEMENTATIONS Internship assignments During the internship at Techcombank – Nha Trang branch, some simple tasks were given at first and gradually more complicated ones were assigned Here are some allotted tasks 1.1 Checking the accuracy of the information in documents Checking the accuracy of documents is one of the tasks that I was instructed to during my internship In order to check the information, I must understand the terms and conditions as well as all the relevant information which need to be checked At the same time, carefully review the sales contracts, invoices and documents provided by customers to have all the necessary data All these checks are to ensure that the transaction is completely legit Some specific things that I usually need to check are: - Basic information of sender and recipient such as name, bank and bank account number, SWIFT code, amount and currency, etc - Dates in the contracts, number of the contracts - The method of money transfer is to transfer before receiving the goods or after receiving the goods - Fees and who is responsible for these payments - Authorized people’s signature and seal of the company 1.2 Classifying the international payment documents The Corporate Customer Department has to deal with a large amount of documents every day, so classifying is extremely important because this helps international payment officers easily manage and find them when they need as well as avoid unexpected risks I have to read carefully every small detail and classify according to the regulations issued by Techcombank: - Required documents based on the type of international payment method: - Chronological arrangement; - CIF number sort order 12 All original documents are scanned to be sent to Techcombank’s headquarters for auditing so document classification must be done professionally 1.3 Communicating with foreign customers After checking all papers and documents that the customer provided, if there are errors like not providing enough documents for the bank to conduct the next international payment steps, I am supposed to contact customers to request additional valid documents Depending on the client's location and situation, I can choose to arrange face-to-face meetings, make phone calls or send notifications via fax and email Methods of implementations 2.1 Materials reading method The checking task was verified through two methods: by hand and by the system Most of this kind of task is done by the manual checking method which requires me to read some documents such as the sales contracts, Foreign exchange transactions agreements (if any), Telegraphic transfer application, etc within a certain time so I had to adopt reasonable reading methods Skim and scan reading are skills that I used to complete this task First of all, after receiving the document, I skimmed to get an overview of the materials like the kind of document, its main content, etc Then I used scan reading to find out the key information such as names, dates, numbers, etc These reading methods I learned a lot at school, however, applying them in a real working environment has given me new experiences I needed to effectively use both of them to not only save my time but also avoid the risk of errors in the process of checking 2.2 Information searching method T/T payment, an international payment method that I worked with during my internship, is divided into types: - Prepaid transfer: Before receiving goods, the importer shall pay the exporter for the goods - Postpaid transfer: After receiving the goods, the importer shall pay the exporter for the goods 13 Each type of payment will have different information and related documents As an intern without much knowledge and experience in the banking industry, to be able to classify materials correctly, I did a lot of research to know all the relevant information and make sure there were no mistakes There are two sources of information that I used: on banking related websites and in my Corporate Customer Department On online sites, I looked for specialized terms as well as consulted information related to the field of banking and the international payment process I also learned from my colleagues and instructor about the T/T payment process at Techcombank, its related documents, the accuracy checking, etc I had the opportunity to consult many documents from the internal storage of the bank which is a really invaluable source of information for me to gain a better understanding and have the most intuitive visualization about my assigned task as well as my internship 2.3 Communication method Communicating with customers is extremely important for all companies and businesses, and banks are the same During my internship at Techcombank, I had the opportunity to communicate with customers in two methods which are considered convenient and most popular: via email and phone calls With the method of communication via Email, the skills and knowledge learned in Commercial Correspondence helped me a lot Each email that I composed provided all necessary details, the notification of arising problems in the most concise, understandable and easy to review for customers In order for the process of communicating with customers by phone call to take place conveniently, the ability to listen and think carefully before speaking is very important I took notes and listed all the issues that need to be discussed and related information and also listened very attentively to be able to support customers quickly and professionally 14 CHAPTER 3: INTERNSHIP RESULTS Achievements gained from the internship: 1.1 Theoretical knowledge Internship at Techcombank gave me the opportunity to learn new knowledge about the Process of Telegraphic Transfer with corporate customers, which I have never worked with before Basically, Telegraphic Transfer, commonly known as T/T payment method is a payment method whereby the customer requires the bank to transfer a certain amount of money to the beneficiary in a particular location by means of money transfer (Swift/telex) Chart The T/T process Remitter (Importer) Beneficiary (Exporter) Agent bank Remitting bank The chart above gives information about the Process of Telegraphic Transfer for corporate customers First, the beneficiary (exporter) performs the obligations in accordance with the commitments in the contract Second, the money transferor (importer) makes a remittance order enclosed with the money transfer document to request the bank to transfer an amount of money abroad Next, the remitting bank checks validity of the money transfer records and deducts money paid for the beneficiary and guarantees the creditor's account Then, based on the customer's payment order, the remittance bank issues the payment order to the agent bank in the beneficiary country Finally, the agent bank debits the remittance bank account and transfers the money to the exporter 15 1.2 Practical knowledge 1.2.1 Observing and taking note skill International payments are a complex process that requires a great deal of academic knowledge and practical experience Therefore, after gaining enough knowledge to understand the process, I observed how my instructor handles documents and processes information and the way she communicates with clients as she works Then I wrote down important things that can be useful for my internship report and for my future work 1.2.2 Time management skill Time management skills, like other soft skills, are in high demand today Good time management makes me more productive, more efficient, and more likely to meet deadlines I used this skill and note-taking skills a lot I classified the work and focused on doing the most important things first, then the related jobs were also gradually completed according to the checklist Obviously, my work every day was mostly completed on schedule After months of practicing this habit, I have become more sensitive in arranging work in accordance with time, more proactive in my assigned task and also save a lot of time 1.2.3 Networking skill In the early days of starting this internship, the professional working environment here really made me feel admired and also a little strange However, I know that it is necessary to make good networking and develop relationships so I tried to fit in with people at my workplace Communication serves as a special mechanism in building the connections and engagement, therefore I communicated a lot with my coworker not only exchanging information but also sharing our thoughts about different objectives of our work I also learn how to listen actively to understand my colleagues, so I can easily guess their feelings for better connections at work After monthinternship, I created a comfortable working environment where I built a strong foundation on the basis of trust and understanding 16 1.2.4 Questioning skill (focus how you can get this skill not benefits from these questions) Questioning is the key to gaining more information and I realized that asking questions is not difficult, the issue is whether we accept gaps in our knowledge about a new field and are willing to learn about it Sentence building problemIn fact, it is difficult for me to clearly understand all concepts and terms because of some limitations in my banking knowledge Therefore, I asked the instructor to help me with more explanation and clarification By asking related questions in proper attitudes and at the right time I eventually got useful answers for my assigned tasks Recommendation for Viet Nam Technological and Commercial Bank – Nha Trang Branch: 2.1 Paying attention to promoting great features of overseas remittance One of Techcombank's strategic objectives is being a financial partner that both domestic and international customers want to cooperate for the development So from my point of view, Techcombank needs to pay more attention to advertising and marketing in the field of international payments The fact is that on the bank's website, international payments are not highlighted, so it can be difficult for customers to find relevant information Although international payment is a great potential field, it has not been focused on investment to become a key business field of the bank Techcombank should introduce outstanding features of the services in this field to customers and build the bank's perfect image in services' quality 2.2 Upgrading IT system regularly Some equipment in the building runs slowly because it is not used often or used many times for a long time In order for the work to go smoothly and quickly, the branch needs to regularly check and update the system of facilities, and at the same time have specific instructions for members to enhance its efficiency at work 17 CONCLUSION The internship period in international payment? is absolutely a golden opportunity for me to obtain and improve many skills, learn lots of knowledge and gain a large amount of pragmatic experience In general, being active and having courage are necessary because it helped me a lot to be able to deal with many assigned tasks everyday efficiently My overall communication skills as well as language skills experienced some enhancement but more efforts are needed for further improvements Getting acquainted with everyone to create a comfortable atmosphere at the workplace also plays an important role I had chances to implement my major’s knowledge practically and learn from colleagues in a professional and supportive environment at Vietnam Technological and Commercial Joint Stock Bank (Techcombank) – Nha Trang branch I had the opportunity to participate and be guided to complete some international payment transactions Because it is definitely quite challenging for an intern, I made mistakes in some tasks related to the banking operations, especially the international payment operation; but those assigned tasks had really been an excellent preparation for me as well as my career path in the future In a nutshell, the internship had been an excellent and rewarding experience and I thoroughly enjoyed the challenges that came along every single day There will definitely be more skills that I need to cultivate in order to be successful in the banking industry 18 REFERENCES https://www.techcombank.com.vn https://infofinance.vn/techcombank-la-ngan-hang-gi/ https://thebank.vn/blog/18205-thanh-toan-tt-la-gi.html Internal documents at Corporate Customer Department Techcombank Nha Trang branch 19