BIDV Exempts Exporters from Certain Fees

The Bank for Investment and Development of Vietnam (BIDV) has extended support to exporters by scrapping certain fees, including the fee of issuing letters of credit (L/C) and the international payment fee.

 

Hoang Long Ha, deputy director of Gia Dinh Branch of BIDV, said his bank just collects interest sums on loans given to exporters, but canceled other fees that enterprises used to pay to the bank.

 

Ha was also referring to the two above-mentioned fees at a seminar held in HCM City on June 17 by the Vietnam Chamber of Commerce and Industry (VCCI).

 

Under current practices at other commercial banks, export enterprises must pay US$15-US$20 for each L/C opened by foreign partners and issued to exporters by local banks. Any changes of the L/C during the process due to changes in the delivery of goods, ports, or the contract value also results in new fees to be borne by local exporters.

 

After delivering goods to foreign partners, exporters usually have to pay an international payment fee of US$10-US$100 to the settlement bank.

 

“We canceled all of those fees when exporters make payments at BIDV,” Ha said. (Saigon Economic Times)