Letter of credit


1.   Documents required for L/C issuance

Original L/C application form (SAIGONBANK forms);
Sales contract or equivalent;
Copy of certificate of export-import business registration code (for new corporate customers/initial transaction);
Copy of business registration license (for new corporate customers/initial transaction);
Original and one copy of the registration for overseas loan / repayment confirmed and issued by the State Bank of Vietnam (for usance L/C over one year);
Related documents for guarantee appraisal procedure as per SAIGONBANK’s requirements.

2.   Conditions for L/C opening

Collateral assets required (for L/C).

3.   Conditions and documents required for L/C amendment

Original application form for L/C amendment.
Additional deposits (applied only for increase of L/C amount).

4.   Conditions and documents required for shipping guarantee

Full deposit for arriving shipment/invoice amount (L/C at sight)
Original application form for shipping guarantee (SAIGONBANK form);
Copies of invoice and bill of lading.

5.   Settlement of import L/Cs

Upon receipt of full set of documents, SAIGONBANK will check them and notify the customer of the status of documents. Customers then must fulfill the following procedures in order to receive the related goods.
For L/Cs at sight:
To pay full invoice amount needed for settlement (by depositing, purchasing or borrowing the needed amount in foreign currency);
To waive the discrepancy (if any);
To receive full set of documents.
For usance L/Cs:
To accept to pay on maturity date;
To waive the discrepancy (if any);
To receive full set of documents.


Export L/Cs

1.   Advising L/C or L/C amendment

 Upon receipt of L/Cs or amendments issued by foreign banks, SAIGONBANK shall check their authenticity and immediately advise customers. They can be released directly to customers at the bank or sent by post.

2.   Transfer of L/C

SAIGONBANK can transfer an export L/C if it is transferable and SAIGONBANK is nominated as the transferring bank.
Documents required for transferring L/C:
Original application form for transferring the subject L/C (SAIGONBANK forms);
Original L/C and all original subsequent amendments (if any).

3.   Payment claim procedures for an export L/C

 Customers present:
Full set of documents;
Original L/C and original subsequent amendments (if any);
Original written request for negotiating/settlement of export L/C documents (SAIGONBANK forms).
Upon receipt of the request, SAIGONBANK shall:
Check the compliance of the documents;
Advise and help customers correct discrepancies of documents (if any);
Send the documents and claim payment as per L/C terms and conditions;
Follow up and credit customers’ accounts at SAIGONBANK upon receipt of proceeds from foreign banks.

4.   Negotiating export L/C documents

 Saigon Bank can negotiate up to 95% of document amount in foreign currencies at competitive discount rates.

5.   Export financing

SAIGONBANK applies preferential policy of export financing to our customers provided that:
L/Cs advised through SAIGONBANK; and
Customers undertake to present documents and sell foreign currency drawn under L/C to SAIGONBANK.


Should you need any further information or support, kindly contact:
Trade Finance Department: 84-28-39143183 (Ext: 140 or 133 or 245)