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MINISTRY OF TRANSPORTVIETNAM MARITIME UNIVERSITYDEPARTMENT: FOREIGN TRADEDISERTATIONINTERNATIONAL PAYMENTTEACHER: LUONG THI KIM OANHSTUDENT: VŨ HOÀI NAM - 75949VŨ XUÂN TIẾN - 76037CLASS: KTN58CLGROUP: 12 -NHAIPHONG – 2020TABLE OF CONTENTS ABBREVIATION INTRODUCTION CHAP 1: APPLICATION FOR LETTER OF C...

Description

MINISTRY OF TRANSPORT VIETNAM MARITIME UNIVERSITY DEPARTMENT: FOREIGN TRADE

DISERTATION INTERNATIONAL PAYMENT TEACHER:

LUONG THI KIM OANH

STUDENT:

VŨ HOÀI NAM - 75949 VŨ XUÂN TIẾN - 76037

CLASS:

KTN58CL

GROUP:

12-N01

HAIPHONG – 2020

TABLE OF CONTENTS ABBREVIATION ..................................................................................................................................... 1 INTRODUCTION ..................................................................................................................................... 2 CHAP 1: APPLICATION FOR LETTER OF CREDIT ISSUANCE ....................................................... 3 1.1. Fundamental theory on documentary credit ................................................................................... 3 1.1.1. Documentary credit definition ................................................................................................ 3 1.1.2. Parties to a Documentary credit ............................................................................................. 3 1.1.3. Documentary credit procedure ............................................................................................... 5 1.2. Procedure to open a letter of credit ................................................................................................. 7 1.2.1. Conditions for opening letter of credit ................................................................................... 7 1.2.2. Procedure to open a letter of credit ........................................................................................ 7 1.3. Filling in the application for letter of credit insuarance ................................................................ 10 1.3.1. Explain how to write an application for L/C opening with a specific contract. ................. 15 CHAPTER 2: PREPARATION THE DOCUMENT PACKAGE AS LETTER OF CREDIT REQUEST ................................................................................................................................................................. 16 2.1. Introduction to documents used in documentary credit ................................................................ 16 2.1.1. Overview of documents used in documentary credit ........................................................... 16 2.1.2. Bill of exchange .................................................................................................................... 16 2.1.3. Commercial Invoice .............................................................................................................. 17 2.1.4. Bill of lading .......................................................................................................................... 17 2.1.5. Insurance Documents ........................................................................................................... 18 2.1.6. Certificate of Origin .............................................................................................................. 18 2.1.7. Packing list ............................................................................................................................ 19 2.1.8. Other Documents (if any) ..................................................................................................... 19 2.2. Standart for insuarance and examination of documents under UCP 600 iand ISBP 745 ............. 19 2.2.1. UCP 600 ................................................................................................................................ 19 2.2.2. ISBP 745................................................................................................................................ 25 2.3. Preparing the documents package base on the given LC .............................................................. 27 2.3.1. Bill of lading (B/L) ................................................................................................................ 27 2.3.2. Bill of exchange (B/E) .......................................................................................................... 28 2.3.3. Commercial Invoice .............................................................................................................. 29 2.3.4. Certificate of origin ............................................................................................................... 30 2.3.5. Packing list ............................................................................................................................ 31 2.3.6. Certificate of analysis ........................................................................................................... 32 2.3.7. Insurance documents ............................................................................................................ 34 2.3.8. Sale Contract ......................................................................................................................... 36 CONCLUSION ........................................................................................................................................ 39

ABBREVIATION No.

Abbreviation

Meaning

1

L/C

Letter of credit

2

DC

Documentary credit

3

ICC

International Camber of Commerce

4

UCP

The Uniform Customs and Practice for Documentary Credits

5

ISBP

International Standard Banking Practice for the Examination of Documents under Documentary Credits

6

B/L

Bill of lading

7

C/O

Certificate of origin

8

GSP

Generalized Systems of Prefrences

9

CEPT

Common Effective Preferential Tariff

10

ASEAN

11

EB

Eximbank

12

Dap

Delivery at Place

13

B/E

Bill of exchange

Association of Southeast Asian Nations

1

INTRODUCTION After integrating into the international economy, Vietnam has achieved certain achievements. To achieve this result, we cannot deny the great contributions of foreign trade - the bridge connecting the Vietnamese economy and the world economy. The opening up of international trade and investment relations increasingly widely requires the continuous development of relations of international payment, currency and banking services. In international trading activities today, there are many payment methods such as money transfer, collection request, opening a debit book, entrustment of collection, guarantee of letters, credit and documents. However, only the voucher credit payment method guarantees the highest benefit of both parties. Payment by this method will strictly bind the seller and the buyer responsibility. Therefore, the international payment course project has detailed details on the documentary credit method, providing useful knowledge for students. The project of international payment subject consists of two parts: Chap 1: Application for letter of credit issuance Chap 2: Preparation the document package as L/C request

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CHAP 1: APPLICATION FOR LETTER OF CREDIT ISSUANCE 1.1. Fundamental theory on documentary credit 1.1.1. Documentary credit definition Documentary credit is an agreement in which a bank (which opens letters of credit) at the request of a customer (Letter of Credit) will pay a certain amount of money to a third person. (Beneficiary of letter of credit) or accepts a bill of exchange drawn by a third party within such amount when he presents to the paying bank a set of payment documents in accordance with the provisions set forth in the letter of credit. A letter of commercial credit (Letter Credit) or L/C is a legal document in which the bank opening an L/ commits to pay the seller if they present a set of payment documents in accordance with the L/C. L/C is formed on the basis of a sales contract. After the bank has opened the L/C, the L/C is completely independent from the sale and purchase contract. Governing legal documents are Uniform Customs And Practice For Documentary Credit UCP 400, UCP 500, UCP 600. 1.1.2. Parties to a Documentary credit There are four main parties to a basic documentary letter of credits transaction: a) Applicant (Buyer/ Importer) Is the Buyer and importer of goods and services. +) Obligation: - Write a written request to open L/C in the form with the basis of a contract between the exporter and the importer. - Submit the required documents from the bank. - Pay fees, open escrow L/C. - Receive goods, check the documents presented by the bank, if it matches with the L/C, pay and opposite. +) Benefit: - To be committed by the bank to act on his behalf to pay the exporter. - To be got credit from the bank in case the deposit is less than 100%. - Bank stood out to check the documents presented by the exporter. b) Beneficiary (Exporter/ Seller) 3

Is the seller, exporter or the third person designated by the first beneficiary. +) Obligation: - Checking the L/C before delivery, if there is any problem in the contents of the L/C, it must be corrected and delivered according to the L/C. no delivery without or reasonable L/C. - Preparing and presenting documents to the opening bank via the advising bank, the documents must be in accordance with the L/C and entrust the collection bank. +) Benefit: - Be committed by the bank to pay (paid by the bank and accepted to pay depending on the type of L/C). - May require the bank to amend the letter of credit through the importer. c) Issuing bank (Opening bank) Is the bank representing for the importer, the bank that provides credit to the exporter. +) Obligation: - Banks are responsible for opening letters of credit at the request of the importer. - After opening the letter of credit, the original must be sent to the exporter through the notification bank. - Receive and check the documents presented by the exporter, depending on the test results that the bank will accept to pay. If the voucher is consistent with the L/C then money will be paid and opposite. +) Benefit: - After paying for the exporter, the bank will present the L/C to claim the importer, if the importer pays the payment, the document will be handed over to the importer. On the contrary, the bank has full rights to handle this shipment. d) Advising bank (Correspondent bank) Is the bank in the beneficiary country person. +) Obligation: - There is no obligation to translate the original L/C but only receive and deliver the original L/C to the beneficiary person (the exporter); - Be obliged to check the authenticity of L/C before transferring; - Receive documents from the exporter to the open bank. 4

- When the bank opens pay (accept) or refuse, the advising bank will transfer the money or notify the exporter. - In case the bank is authorized to open, the advising bank can check the L/C and pay the exporter. +) Benefit: - The bank will be charged fees, exempt from liability in case of force majeure In addition to the above 4 objects, the voucher credit payment method may also have banks such as confirmation banks if it is a confirmation letter of credit; being the acquiring bank if the bank opening letters of credit does not directly pay but appoints another bank to pay the exporter; negotiating bank; transfer bank. 1.1.3. Documentary credit procedure Issuing bank

2 6

Advising bank

7

1

8

Applicant (Importer)

3

9

5

Thông báo

Beneficiary 4

(Exporter)

1. The starting point of the letter of credit process is the agreement upon the sales terms between the exporter and the importer. Then they sign a sales contract. It is important to stress here that letters of credit are not a sales contract. Actually, letters of credit are independent structures from the sale or other contract on which they may be based. Therefore, it should be kept in mindthat a good sales contract protects the party, which behaves in goodwill against various kinds of risks. 2. After the sales contract has been signed, the importer (applicant) applies for its bank to issue a letter of credit. The letter of credit application must be in accordance with the terms of the sales agreement. 5

3. If the importer and its bank reach an agreement together on the working conditions the importer’s bank (issuing bank) issues its letter of credit. In case the issuing bank and the exporter (beneficiary) are located at different countries, the issuing bank may use another bank’s services (advising bank) to advise the credit to the beneficiary. 4. The advising bank advises the letter of credit to the beneficiary without any undertaking to honor or negotiate. The advising bank has two responsibility against to the beneficiary. Advising bank’s first responsibility is satisfy itself as to the apparent authenticity of the credit and its second responsibility is to make sure that the advice accuarately reflects the terms and conditions of the credit received. 5. The beneficiary should check the conditions of the credit as soon as it is received from the advising bank. If some disparities have been detected beneficiary should inform the applicant about these points and demand an amendment. If letter of credit conditions seem resonable to the beneficiary then beneficiary starts producing the goods in order to make the shipment on or before the latest shipment date stated in the L/C. The beneficiary ships the order according to the terms and conditions stated in the credit. 6. When the goods are loaded, the exporter collects the documents, which are requested by the credit and forwards them to the advising bank. The advising bank post the documents to the issuing bank on behalf of the beneficiary. 7. The issuing bank checks the documents according to the terms and conditions of the credit. In addition, the governing rules, which are mostly latest version of the UCP are taken into account. If the documents are found complying after the examination the issuing bank honors the payment claim. The issuing bank makes payment for the beneficiary via advising bank. 8. The documents transmit to the applicant. The applicant uses these documents to clear the goods from the customs. 9.The applicant also makes the payment paralley for the issuing bank.

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1.2. Procedure to open a letter of credit 1.2.1. Conditions for opening letter of credit Writing the L/C opening request to send to the bank is an important stage of the documentary credit method because only on the basis of this paper does the bank have a basis to open a letter of credit for the beneficiary exporter. and then the exporter delivers the goods. Legally, the request for opening L/C is a civil contract, so the content of the document must be complete, accurate, clear, strict, avoiding mistakes that cause misunderstanding and confusion of interests. and obligations of the parties involved. According to the regulations of the Bank for Foreign Trade of Vietnam, the applicant for L/C opening in our country must: - Write the application form for the import credit opening according to the printed form of the bank. Then fill in the required content. - Directors of units applying for L/C opening must sign the request for opening. If the mandate must comply with the current authorization regulations in our country. - The units applying for L/C opening must sign the request for opening. If the authorization must follow the current authorization regulations in our country. - The units applying for L/C opening must make 2 paper requests for opening credit, together with this paper, the importer must have 2 payment orders: 1 to pay interest on fee for opening L/C ,1 for deposit. L/C issue. - If the bank agrees to open an L/C for the L/C applicant, the bank manager must sign the last left corner of the L/C application form and specify the number of the opened L/C, date of opening. The L/C is on the side of the bank's signature. Thus, this request for opening import credit has become a two-party civil contract, specifically it is seen as a special form of contract between the L/C applicant and the bank. 1.2.2. Procedure to open a letter of credit Step 1: Preparing documents to open a letter of credit: - For L/C at sight: • Import license (if the goods will be managed by license) • Import quota (if the goods will be managed by quota) • Import contract (copy) - For L/C deferred: • Import license (if any) or import quota 7

• Sales project to payment import • Application for guarantees and commitments to repay (in the form of the Bank)

Step 2: Application for opening a letter of credit: After preparing the full set of documents to apply for opening L/C, the importer carries this full set of documents to the bank for opening L/C. In this bank, the staff will give the application form for opening L/C to the importer (including at sight form and deferred form). According to the sales contract of their own and the exporter, the importer will fill in the application for letter of credit. Notice when appying for the letter of credit: • The basis of filled in the application for L/C is sales contract. However, the importer can add some content which take the benefit for the importer. • On the application for L/C must be signed by director and chief accountant of the importer. If entrusted importing, application for L/C must be fully 4 signture: the signature of the director and chief accountant of entrusted importer and the signature of director and chief accountant of the entrusted company. • In order to avoid to fix LC many times which is time-consumming and costly, the importer can fax the L / C application to the exporter for preview and consultation. • The importer should review to the original L / C and request an amendment (if necessary) to protect their rights. Step 3: Depositing to open L/C: Depositing to open L/C is considered a deposit that the importer uses to commit to paying all the money which the bank has already been in charge of paying the exporter. The importer can deposit by cash, company assets or real property,… Now, The bank depends on payment reputation of the enterprise, the relationship between enterprise and bank, the balance of exchange in the enterprise's account, the indebtedness, the feasibility in the project of imported goods of the 8

importer....to determine the deposit rate. Normally, the importer has 3 cases to deposit: • Depositing 100% • Depositing under 100% • Exemption to deposit The method of depositing: • For the first opening L/C, the company must deposit at least 30% • For the next opening: ➢ If the balance of the customer's deposit account is larger than the deposit, the bank will deduct from the deposit account and transfer to the escrow account. The importing department will directly make the money order to open L/C and then transfer it to the Accounting Department for execution. ➢ If the balance of the customer's deposit account is smaller than the deposit, the depositing of company will be solved by 2 ways: ✓ Buying foreign currency to deposit ✓ Borrowing foreign currency to deposit Step 4: Issuing the Pre-L/C: After the depositing was be done, the bank will issue the Pre- L/C to the importer. The importer will consider carefully the articles and conditions that coincide or not with the previous application L/C. In case of any error, immediately, the importer must notify to the bank for editting. In case, there is nothing wrong, but the importer wants to edit the L/C, so the importer has to do application for correction of LC with the law. Step 5: Payment opening L/C fee Finally, after the all steps have been completed, the importer must pay the opening L/C fee to the bank. The opening L/C fee depends on how the importer fulfills the deposit as well as if the im...