International Payment in Vietcombank Hanoi

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  • Topic: Bank, Credit card, Money
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  • Published : October 2, 2011
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Nowadays, the International Payment activity in the banking service plays a more and more important role in the external economics affair. It provides a useful tool for connecting external economics affairs, economic and commercial relationship among the countries all over the world. The International Payment activity is one of the important activities of the banks and relates to many other kind of banking services.

Vietcombank in general and Vietcombank Hanoi in particular have now been in the top banks of Vietnam on this activity. It is a good chance for the writer to have a 5-week internship at Vietcombank Hanoi which is an exciting and valuable experience about reinsurance and business environment to the writer. This report can be considered as a summary of the writer’s knowledge about International Payment activity after the internship. With this report, the writer aimed to provide readers with records of the internship, import – export payment process operated in Vietcombank Hanoi. There are two main parts in this report, including:

Chapter 1: Overview of Vietcombank Hanoi

Chapter 2: International Payment activity in Vietcombank Hanoi.

In this paper, the writer would like to send great thanks to Ms. Tran Hong Ngan – lecturer of Faculty of Economics and International Business, who has instructed the writer during the time of writing this report; and Ms. Nguyen Thi Ngoc Thuy who directly instructed the writer during the internship, and many thanks to the Director and the entire staff of Vietcombank Hanoi for their gracious helps and creating opportunities and good conditions for the writer to take part in several business activities during this time.

Chapter I:

Overview of Vietcombank Hanoi (VCN Hanoi)

1. History and development

In 1984, to prepare for the renewal process of the whole economy, Hanoi Committee’s general meeting adopted a resolution of establishing a bank for its external economic relation. As a result, the Bank for Foreign Trade of Vietnam – Hanoi Branch – Vietcombank Hanoi was found in 01/03/1985 to serve external economic affairs and export-import lending for the capital.

With 20 years of establishment and development, Vietcombank Hanoi has created its firm position in external economic affairs of Hanoi, providing services such as international payments, international banks, financial activities: money transfer, account, savings… in Hanoi. Apart from the head office at 344 Ba Trieu street/ 78 Nguyen Du street, Vietcombank Hanoi has currently opened 10 transaction offices and 1 counter at Noi Bai International airport. It is also equipped with modern information technology system, providing hyper automated services: VCB ONLINE, e-banking, ATM Connect 24, is a member of SWIFT – the global paying system which now connect 1400 banks at 85 countries and territories all over the world, guarantee good services to clients.

Beside the achievements in the financial activities like above, Vietcombank Hanoi has also actively participated in many cultural – social – political events of Hanoi such as APEC Summit Meeting, International meeting on external economics affairs, supporting for natural disaster victims, blood donation, Gameshow Black box program…

With such achievements, Vietcombank was ranked National Corporate type I and was the top branch among the Bank for Foreign Trade system. In 2004, Vietcombank Hanoi had the honor to receive the Second-Class Labour Medal presented by the President of Socialist Republic of Vietnam.

2. Achievements

2.1. Services

The Bank for Foreign Trade of Vietnam system in general and Vietcombank Hanoi in particular cover a wide range of activities including:

- Payments & Savings

- Credit: Lending & Bank guarantee

- International payments: import – export payments, documentary discounting, electric money transfer.

- Card services

- Others: Money...
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