The procedure of payment by letter of credit in importing contracts of Vietnam National General Export-Import Joint Stock Company No. I

FOREIGN TRADE UNIVERSITY FACULTY OF ECONOMICS AND INTERNATIONAL BUSINESS -*** MID-TERM INTERNSHIP REPORT Major: International Business Economics VIETNAM NATIONAL GENERAL EXPORT-IMPORT JOINT STOCK COMPANY NO I Full Name: Student ID: Class: Instructor: Hanoi, August 2014 TABLE OF CONTENTS PREFACE PART 1: INTRODUCTION OF VIETNAM NATIONAL GENERAL EXPORTIMPORT JOINT STOCK COMPANY NO I (GENERALEXIM I) 1.1 The establishment and development of GENERALEXIM I 1.2 Functions of GENERALEXIM I 1.3 Missions of GENERALEXIM I 1.4 Main business sectors of GENERALEXIM I .4 1.4.1 Commercial Business 1.4.2 Manufacturing 1.4.3 Services .4 1.4.4 Financial and Joint Venture – Association Activities 1.5 Organizational Structure of GENERALEXIM I 1.6 Business results of GENERALEXIM I in recent years .5 PART 2: MID-TERM INTERNSHIP DIARY .7 PART 3: THE PROCEDURE OF PAYMENT BY LETTER OF CREDIT IN IMPORTING CONTRACTS OF VIETNAM NATIONAL GENERAL EXPORTIMPORT JOINT STOCK COMPANY NO I .12 3.1 The current situation of payment method by Letter of Credit (L/C) of Vietnam National General Joint Stock Company No I 12 3.2 Assessment on the use of payment by L/C in importing contracts of GENERALEXIM I 13 3.2.1 The advantages and achievement of payment by L/C in importing contracts of GENERALEXIM I .13 3.2.2 Unresolved drawbacks in the procedure of payment by L/C in importing contracts of GENERALEXIM I .14 3.3 Some proposals to resolve the weaknesses of payment by L/C in importing contracts of GENERALEXIM I 15 CONCLUSION 16 REFERENCES APPENDIX PREFACE Export-import has always been playing an important role in the development of the national economy For a developing country that is currently moving towards integration into world market, exporting and importing activities even become the first priority Being a student majoring in International Business Economics, I was fortunate enough to experience a five-week internship at export-import companies, in particular, a one-week period at Vietnam National Textile and Garment Group (VINATEX) and a four-week period at Vietnam National General Export-Import Joint Stock Company No I (GENERALEXIM I) The following report describes what I have learned and observed from the internship period Due to the limit of time and personal restrictions, there might be mistakes throughout the report Hence, all the comments and remarks will be highly appreciated, which could help me better in my future assignments The structure of this report consists of three parts as follows: Part 1: Introduction of Vietnam National General Export-Import Joint Stock Company No I (GENERALEXIM I) Part 2: Mid-term Internship Diary Part 3: The procedure of payment by letter of credit in importing contracts of Vietnam National General Export-Import Joint Stock Company No I Last but not least, I would like to give special thanks to – my instructor in this Mid-term Internship module, and – my mentor at GENERALEXIM I for the help and support during my internship Without whom, I would not have completed my report with much more knowledge and experience relating to my major Hanoi, August 2014 PART 1: INTRODUCTION OF VIETNAM NATIONAL GENERAL EXPORTIMPORT JOINT STOCK COMPANY NO I (GENERALEXIM I) 1.1 The establishment and development of GENERALEXIM I: Vietnam National General Export-Import Joint Stock Company No I (also known as GENERALEXIM I) was founded in December 1981 under the Ministry of Foreign Trade (nowadays called the Ministry of Industry and Trade) and transformed into a joint stock company in 2006 During its early days, GENERALEXIM I mainly focused on export-import before diversifying its portfolio, in which the initial focus accounted for nearly 85% of the company's annual revenues and profits In both domestic and international markets, the company has always been highly appreciated for its prestige in trade and sound financial capacity The headquarter is located at No 46, Ngo Quyen Street, Hoan Kiem District, Hanoi and its three branches are in Hai Phong, Da Nang and Ho Chi Minh City respectively Throughout over 30 years, the company's establishment and development is divided into three main stages:  Stage (1981-1992): The company was newly established, while the national economy started to apply a combination of the market mechanism, the economic management mechanism, the old and new export-import methods This was the time for the company to decide on its orientation and lay grounds for its business activities  Stage (1993-2004): The economic management mechanism in accordance with market mechanism was formed clearly; the company's development was at the same speed with the international economic integration process of the national economy  Stage (2005-present): The company's business activities have become stable and it has been successful in transforming into a joint stock company Being consistent with the existing business strategies, until now, the company has continued to consolidate them and started making adjustments in accordance with its new structure as well as the country's new management mechanism GENERALEXIM I was honoured to receive a Third-class Independence Medal from the Socialist Republic of Vietnam Moreover, the company also won "Sao Vang Dat Viet" award for outstanding Vietnamese brands in the integration process In 2008, GENERALEXIM I was ranked 261st place in the Top 500 biggest businesses in Vietnam and 41st place in the Top 500 biggest private enterprises in Vietnam Headquarter: No 46, Ngo Quyen street, Hoan Kiem district, Hanoi Office number: (+84)4-38264009 Fax: (+84)4-38259894 Website: www.generalexim.com.vn E-mail: gexim@generalexim.com.vn Tax code: 0100107490 Business code: 0103011968 1.2 Functions of GENERALEXIM I: The company directly exports or is entrusted to export agriculture products, fisheries, handcrafts, and consumer goods in order to serve manufacturing and daily life needs of locals, industries, enterprises, etc Besides, the company also supplies/imports/exports materials and other goods to locals, industries and enterprises which pay in cash or in exchange of other goods as agreed upon economic contracts Moreover, the company manufactures and processes products for exporting, as well as provides services relating to importing 1.3 Missions of GENERALEXIM I:  Effectively performing manufacturing and services activities  Self creating capital; managing and exploiting it in an effective way; performing its obligation towards the government  Complying with policies, economic management system, export-import management system and external trade management system  Performing every obligation in relevant economic contracts  Improving the quality and quantity of exported goods; expanding international markets; attracting more foreign currencies and promoting exporting activities  Traning to make more well-qualified staff  CSR branding 1.4 Main business sectors of GENERALEXIM I: 1.4.1 Commercial business:  Exporting: agriculture products such as coffee beans, peppers, rice, peanuts, red onions, teas, cinnamons, other kinds of peas, etc.; wooden products; garments; minerals; handcrafts and fine arts  Importing: industrial equipments; machines; transportation means; materials for manufacturing and constructing (iron, steel, aluminum, copper, cattle foods, materials for vetenirary medicines, etc.); chemicals; consumer products 1.4.2 Manufacturing: There are factories processing garments for exporting from Hai Phong 1.4.3 Services: The company acts as a sales/purchasing agent at the request of domestic and foreign customers In addition, it also offers offices for lease in Ha Noi, Hai Phong, Da Nang and Ho Chi Minh City and offers other commerical services relating to export-import 1.4.4 Financial and Joint venture – Association activities:  Strategic partnership with Vietnam Export-Import Commercial Joint-Stock Bank (EXIMBANK)  General Real Estates Corporation I (G-Land)  Strategic partnership with BeeLogistic to establish BEEGEN Distribution Solution Corporation  Shareholder of Quang Ngai Minerals ML Corporation 1.5 Organizational Structure of GENERALEXIM I: The company consists of several departments with different functions and specializations, yet they perform in uniformity under the direction of the Board of Directors The organizational structure is demonstrated in the diagram below: SHAREHOLDERS ASSEMBLY SUPERVISORY BOARD BOARD OF MANAGEMENT BOARD OF DIRECTORS Management Departments Business Departments - Administrative Department - Financial Accounting Department - General Department - Financial Investment Department - Basic Construction Department - Import-Export Department - Import-Export Department - Import-Export Department - Import-Export Department - Import-Export Department - Import-Export Department - Property Business Department Subsidiaries and Affiliated Enterprises Joint Ventures and Associated Units - In Ho Chi Minh City - In Da Nang - In Hai Phong - Hai Phong Export Garment Enterprise - Dong Nai Representative Office - AgricultureForestry Products Processing and Exporting Enterprises and General Depots - De Nhat Development Company - EXIMBANK - Quang Ngai Minerals ML Corporation - General Real Estates Corporation I - Hop Luc Fund Management Company 1.6 Business results of GENERALEXIM I in recent years: Today, GENERALEXIM I is a company which has diversified business areas, however, export-import still remains its primary focus, which accounts for nearly 85% of the company’s annual revenues and profits In both domestic and international markets, the company has always been highly appreciated for its prestige in trade and sound financial capacity Over the past few years, although both the national and international economies have faced with significant fluctuations, thanks to the guidance of the Board of Directors and utmost efforts of the whole company staff, the company’s performances have been expanded both in depth and width, especially in export-import In 2009, profit after taxes reached 40.4 billion VND, and return on sales (ROS) was 3.72% In 2010, net revenue rose to nearly 80 billion VND, which was 1.95 times higher than the previous year Besides, ROS also increased to 7.52% meaning a successful year with high profits However, profits decreased in the next consecutive years In 2013, ROS sunk to only 0.53%, while net profit was 11.07 billion VND – about half of that in 2012 This figure proved that the company was still in hardship and no signs of recovery had been found (Please refer to Table 1.1 in Appendix for more details) PART 2: MID-TERM INTERNSHIP DIARY Week 1: Tuesday, July 1st 2014 Today was my first day at VINATEX When I arrived, I was asked to come to the Conference room to have a quick meeting with the Director of Market Department and his two assistants, along with another intern We shared our plans and expectations during the internship, then the two assistants were assigned by the Director to be our mentors, helping us fulfill our wishes to learn and experience Our first week of internship, decided by the Director, would focus on the overview of the Group’s activities and the Department’s functionalities Thereafter, I had a conversation with my assigned mentor, Mr Dung – who is years older than me and also graduated from Foreign Trade University, High Quality Program of External Economics, so our getting aquainted went very well Also, he really well understood the requirements of the Mid-course Internship module and ensured to assist me throughout the 1-month-period After that talk, he led me to my booth at the middle of the office, between another internship and a female Business Development Assistant There were no available computers left, so he told me to bring my laptop next time I came to the office The documents for this week research would be sent to my e-mail and could be read at home, so I was allowed to leave early Before leaving, I was asked to meet the Director of Human Resources Management and show her the Referral from my Univesity Being friendly and supportive as she was, she gave me several suggestions for my Internship Report Week 1: Thursday, July 3rd 2014 I continued reading the sent documents, which were: VINATEX Analysis in the process of Equitization by BSC, and The Functions and Missions of Market Department They provided me deep insight about the Group’s strengths/weaknesses and its opportunities/challenges on the way to become a corporation from a stateowned one member limited company In the document, it was stated that the Group would open to many types of investors, in which there would be several chosen strategic ones I wondered who Vinatex would choose as its strategic investors and tried to reasearch online first, but no official list had been announced yet, even any predictions When I asked other seniors at the office, they also said the same thing I chatted for a while with an employee sitting next to me Though she was busy arranging files, she was willing to get to know me and answer my questions Finishing my reading, I listed out several topics I would like to be provided further information on, which were: Current international partners of VINATEX and Predictions about future international commercial relationships after VINATEX fully became a corporation I turned to my mentor to ask for those documents, but he told me that he could not provide them as they were not available for references Week 1: Friday, July 4th 2014 Today the Head of the Department and Mr Dung were going to another city to attend a meeting, so I did not meet them at the office I had already finished the reading, so I did not know what else to there The intern next to me was busy translating some documents, and another employee on my right was making phone calls all morning I just sat at my booth doing some research on the Internet about garment markets until noon Then I decided to leave as I thought the afternoon would be the same as morning Week 2: Monday, July 7th 2014 This week I was introduced to a new place for internship – Vietnam National General Export-Import Joint Stock Company No I (GENERALEXIM) It would be more consistent with my major than VINATEX, and more importantly, more open in providing research materials Firstly, an adminstrative staff showed me around the building, we stopped by every room and said hi to everyone in it The last one was Export-Import Department 3, to which I was assigned The room was not very large, and there were employees working in this Department I talked to the Vice Manager of the Department and told him about the purpose of my Mid-term Internship module He set up a space for me to sit in and said that I would be allowed to observe some of their tasks as I was not qualified enough to them by myself, still I felt happy with that I came in the afternoon so there was not much work to at that time, I thought I could use some time left to get acquainted to the staffs Two of them graduated from Foreign Trade University, and they also said that about half of the staff in the whole company were FTU students However, the number of FTU graduates applying for GENERALEXIM I tended to decrease over the last few years Week 2: Thursday, July 10th 2014 I was provided with documents with general information about the company and the Department From them I learned that Export-Import Department is one of the Export-Import Departments of the company, which is in charge of importing and trading transport equipments, metals, as well as processing and producing apparels They have to deal with a lot of import contracts and manufacturing contracts on a regular basis, which requires very sound knowledge about international commercial transaction Today I was asked to make some copies of a document of request for opening an L/C It was urgent so I did not have time to thoroughly look at it, but it seemed not different from the ones that I had seen in textbooks Besides the copying, I was also asked to send several documents to another Departments Mr Cuong said that they were some “warm-up” tasks for me to get used to the workplace Perharps next week when all things were finished, I would ask to have a look at an import contract and other relevant documents Week 3: Tuesday, July 15th 2014 It was quite a relaxing day at the office today as other seniors did not have much work They were preparing for the company’s summer vacation trip this weekend, so they talked a lot about the plan I also tried to join their conversation eventhough I would not take part in that trip Most of the employees in this Department were young and friendly, so I found it easy to get along and get to know them better My mentor – the Vice Manager of the Department – told that I would not have to come to the office until next week, and that after the trip there would be a lot of work so I should be prepared Week 4: Monday, July 21st 2014 The staff came back from the trip yesterday and they all looked refreshed At o’clock, we had a staff meeting in which the Manager of the Department summarized the work of the previous week and of the current week After the meeting, I was given a list of documents and was asked to gather them and arranged them in order I thought it was a simple task but eventually I did not finish it until the end of the afternoon as it took quite a lot of time to wait for a complete set of documents I was also instructed to make a call to Vietnam Bank for Agriculture and Rural Development to confirm some information relating to an L/C Apparently, the partner had changed the delivery date so we had to make a request for amendments to fix the differences At the end of the day, the Manager of the Department brought out some specialties from the trip so that we could have a small snack party for a hard-working day Week 4: Wednesday, July 23rd 2014 Today the Vice Manager of the Department told me to join a staff checking the information in a set of documents before sending them to Bank of China Some of them looked like those that I learned at school, but some were different and new to me There were new terms that made it hard for me to follow, but the staff was willing to explain whenever I felt confused There were a number of papers for us to check and arrange, including: bill of lading, commercial invoice, bill of exchange, certificate of heavy metal, certificate of weight/quantity, certificate of quality, certificate of beneficiary, etc I also had a long talk with them about the company’s common methods of payment, among which L/C was the most used one They shared about the procedures before and after opening an L/C, the advantages of payment by L/C, as well as its 10 unresolved drawbacks Noticing my interest, my mentor allowed me to have a look at one of last year’s contracts and its enclosed documents, telling that I could use them in my internship report (Please refer to the Appendix for more details) Week 5: Monday, July 28th 2014 My mentor asked me to translate several articles of a contract he was working on, and provided me a full Sales & Purchase Contract to read and base on This was an interesting yet challenging task I was quite slow in the translation process at first, trying to recall everything I had learned from the module “Exporting and the Export contract” at school, and I only finished articles until the end of the afternoon He told that I could make some copies of the contract to read at home and then continue translating the next day I came to the office Week 5: Wednesday, July 30th 2014 I completed translating the longest article which was Payment My mentor checked it, telling me there were only minor wording mistakes After having carefully read the sample contract, I was confident that I could the job better A staff came back from Hai Phong to receive a shipment of industrial equipments There were documents that needed scanning so I volunteered to the task I did not know how to scan documents so I was thinking that might be a an opportunity for me to learn so Eventually, it was not a difficult thing to at all Week 5: Friday, August 1st 2014 I came to say thanks and goodbye to everyone in the Department Today was almost weekend so they were happy enough to throw a small party with some snacks I brought along Mr Cuong gave me some comments on my internship period, and others also shared some advice about choosing future career I could not thank them enough I had a great time learning and working with them 11 PART 3: THE PROCEDURE OF PAYMENT BY LETTER OF CREDIT IN IMPORTING CONTRACTS OF VIETNAM NATIONAL GENERAL EXPORTIMPORT JOINT STOCK COMPANY NO I 3.1 The current situation of payment method by Letter of Credit (L/C) of Vietnam National General Joint Stock Company No I: International payment is one of the most important steps in importing of GENERALEXIM I The company has always been aware of creating a safe and effective procedure of payment fully under its control.The methods of international payment used in most of the importing contracts include: letter of credit (L/C), documents against payment (D/P) and telegraphic transfer (T/T) The results of these methods are illustrated in the graph below: Graph 3.1 Paid value of imported goods by payment methods during 2009-2013 (Unit: Million USD) 40 35 30 25 20 32.2 L/C D/P T/T 32.8 27.7 15 19.2 20.7 10 0.99 0.95 4.5 4.3 0.44 2.5 0.48 2.6 0.47 2.7 2009 2010 2011 2012 2013 (Source: Collection of the company’s reports ) 12 Throughout the five-year period, payment by L/C was always employed in the highest frequency The value of imported goods paid by L/C had a tendency to increase despite the fluctuation of the total import turnovers Meanwhile, values of imported goods paid by T/T and D/P either decreased or remained unchanged, accounting for a small proportion in the total annual figures The company’s main imported goods are: cars, motorbikes, construction materials, machines, equipments, chemicals from German, Japan, Malaysia, Singapore, Sweden, China, Italy, etc Since it orders high-value products from exporters in developed countries in a regular basis, the exporters tend to choose payment by letter of credit in order to assure the security and effectiveness in contracts In importing contracts, L/C may also bring a number of benefits to the importers if they comply with all the terms and conditions of the L/C 3.2 Assessment on the use of payment by L/C in importing contracts of GENERALEXIM I: 3.2.1 The advantages and achievement of payment by L/C in importing contracts of GENERALEXIM I: Since the payment method by L/C in importing contracts started to be employed by GENERALEXIM I, the company has gained several positive results as follows:  Errors are not made in a high frequency, helping the company to reduce costs, as well as maintain its partnership with banks and other business partners  The company has established strong relationships with domestic commercial banks which give the company preferential treatment and care Thence, GENERALEXIM I is able to reduce costs and other complicated procedures in the payment process  The use of L/C in payment has made contribution to maintain foreign exporters’ trust and loyalty As a result, the company moves through the negotiation process with its partners more quickly and effectively In order to record the above achievements, the company staff have always been working with responsibilities, concentration, seriousness and devotion They keep on learning, gaining more knowledge and developing their professional competence 13 Furthermore, the company has chosen the right issuing banks to ensure the benefits of the exporters, the banks and itself Payment by L/C is undeniably an effective method in importing contracts 3.2.2 Unresolved drawbacks in the procedure of payment by L/C in importing contracts of GENERALEXIM I: Despite strict inspection prior to the issuing of an L/C, there still appear unexpected shortcomings, in particular: Table 2.1 Errors in the procedure of payment by L/C Number of L/Cs with errors Total number of L/Cs 2009 13 102 2010 2011 2012 2013 14 16 20 26 108 115 125 154 (Source: Collection of the company’s reports) The reasons which lead to the above consequences are both subjective and objective: As for the company itself, the co-ordination between the Export-Import Departments and Financial Accounting Department is not tight enough to promptly mobilize due foreign currency when an L/C is issued This situation is occurring not only between two mentioned units, but also between other Departments of the company Each Department is good at doing their job, yet they need to become better at assist the others even if it is not their specialization Furthermore, the limitation in foreign language skills of the company staff is also an important cause This results in the misunderstanding of contracts, too much adjustment in the L/C which raises the costs Not to mention that, there are still employees who not fully understand the procedure of goods delivery and receipt, methods of managing risks relating to documents, interest rates, exchange rates, etc Finally, spelling, typing and printing errors are not checked thoroughly leading to unnecessary flaws Regarding to objective reasons, the complex and time-consuming procedure for opening an L/C of the bank should be addressed first One request for opening an L/C must be presented to three different departments of the bank: Customer 14 Management Department, Risks Management Department and Imported Goods Payment Department Secondly, there are cases in which the issued L/C does not contain correct agreed terms and conditions in the contract Most of these disparities come from foreign exporters and are in regards to changes in delivery date To solve the problem, the company has to send a request for advising amendments to L/C and be responsible for the amendment cost under the regulations of the bank (normally about US$20/request, and higher charges for more important amendments, such as changes in the value of an L/C) Thirdly, the procedure of payment by L/C is regulated by different types of rules, for instance, foreign exchange management ordinance, international practices and state laws This leads to the overlap between the enforcement and application of sanctions Last but not least, differences in geographical locations, language barrier, political systems, customs and traditions of Vietnam and other countries are causes of unagreed matters and mistakes in issued L/Cs, making it difficult for both the company and its partners 3.3 Some proposals to resolve the weaknesses of payment by L/C in importing contracts of GENERALEXIM I:  Upgrading technological facilities in order to assist the payment process as well as the communication between different Departments  Training staff on a regular basis to help them develop important skills, such as: export-import, international payment, accounting, computer skills (especially ecommerce), and foreign languages  Reducing risks rising out of fluctuations in exchange rates by: specifying interest rate for late payment; using other financial tools to assist the payment process; or accepting different types of currency in payment 15 CONCLUSION After a five-week internship period, I have learned valuable things about my major, export-import in particular Although I did not fulfill the whole five weeks at only one place, but I considered it as my luck to have an opportunity to experience in different companies and to know great people VINATEX and GENERALEXIM I are both big and famous companies in the field of export-import, which provided me a lot of practical knowledge to compare to what I have studied at school Normally I came to the office two days each week as there was not much work for me to as an intern Despite the limitation of time and my lack of skills and knowledge, I was assigned several tasks of the Department and always tried to fulfill them with carefulness and concentration Half of the time the Manager of the Department was not present at the office, so I did not get the chance to know her very well Other staff in the Department are pucntual, responsible, friendly and openminded They have adequate professional knowledge and were always willing to help me whenever I faced difficulties The Department was not busy all the time, as there were days in which we worked restlessly on a contract, but there were also days in which we had more time to our own business or to share things with one another By talking to the seniors, I knew more about the company’s payment process, which has become a minor topic of my report During the time I was working on the report, Mr Cuong – my mentor, and other staff helped along with research materials and their own personal experience The Mid-term Internship module is a helpful course as it gives students an opportunity to get used to the workplace and get first-hand experience – which are fundamental things that will be needed in their future career However, at some point it can be time-consuming and unnecessary if the company/organization does not allow students to actually take part in their daily tasks Therefore, I hope that there will be closer relationships between universities and recruiters, and flexible choices for the students in their internship module in the future 16 REFERENCES Export-Import Directory, 2013, Top 500 Biggest Enterprises in Vietnam, http://thuongmai.vn/danh-ba/doanh-nghiep-xep-hang-top/top-500-doanh-nghiep/top500-doanh-nghiep-2013/1679-top-500-doanh-nghiep-lon-nhat-viet-nam-nam2013.html?title=&items_per_page=20 Vietnam National General Export-Import Joint Stock Company No I, 2009-2013, Annual Financial Reports, Hanoi Vietnam National General Export-Import Joint Stock Company No I, 2012, Overview, Hanoi Vietnam National General Export-Import Joint Stock Company No I, 2012, Organizational Structure, Hanoi Vietnam National General Export-Import Joint Stock Company No I, 2012, Joint Venture and Associated Units, Hanoi APPENDIX Table 1.1: Business results of GENERALEXIM I during 2009-2013 (Unit: Million VND) Year Indicator Net revenue from sales 2009 2010 2011 2012 2013 1,085,726.4 1,050,717.3 1,179,061.9 1,886,892.0 2,081,574.0 37,954.2 43,837.1 58,712.3 96,154.3 68,144.6 26,118.3 74,580.2 29,013.9 (34,011.7) (3,320.8) 39,882.5 77,856.2 66,983.2 29,561.3 11,107.0 528.2 2,250.9 745.1 127.2 28.7 40,410.7 80,107.1 67,728.3 29,688.5 11,078.3 - 1,119.9 11,378.3 8,225.9 511.8 (7.06) (7.06) (28.3) - (511.8) and services Gross profit from sales and services Profit from financial activities Net profit from business activities Other profits Total profit before taxes Current corporation income tax Deferred corporation income tax Profit after 40,417.7 78,987.7 56,321.8 21,462.6 11,078.3 taxes FOREIGN TRADE UNIVERSITY SOCIALIST REPUBLIC OF VIETNAM Faculty of Economics Independence – Freedom – Happiness and International Business -*** -*** - MID-TERM INTERNSHIP ASSESSMENT Student’s full name : Student ID : Class : Major : Internship at : Mentor : Position : Telephone number : COMMENTS Hanoi, August 1st 2014 Signature ... payment by L/C in importing contracts of GENERALEXIM I: 3.2.1 The advantages and achievement of payment by L/C in importing contracts of GENERALEXIM I: Since the payment method by L/C in importing contracts. .. 1: Introduction of Vietnam National General Export-Import Joint Stock Company No I (GENERALEXIM I) Part 2: Mid-term Internship Diary Part 3: The procedure of payment by letter of credit in importing. .. OF VIETNAM NATIONAL GENERAL EXPORTIMPORT JOINT STOCK COMPANY NO I 3.1 The current situation of payment method by Letter of Credit (L/C) of Vietnam National General Joint Stock Company No I: International