Issuance of guarantee
Benefits for the customers
- Backed by VietinBank's reputation to ensure fulfillment of obligations as agreed with the Beneficiary, helping the Beneficiary to meet conditions for underlying transaction
- Guarantees issued by VietinBank is highly reliable, widely accepted, and guarantee authenticity can be verified at: https://www.vietinbank.vn/lcVerify
- Being consulted and select appropriate guarantee method, with consultation and support in handling disputes upon underlying transaction
Features
- VietinBank commits in writing to the Beneficiary to perform financial obligations on behalf of the Guaranteed when the Guaranteed fails to perform or does not fully perform the obligations committed to the Beneficiary.
- VietinBank provides the forms of guarantee as below: Guarantee Letter of Credit, Contract of Guarantee Issue, Standby Letter of Credit
Eligibility conditions
- The guaranteed is granted a credit limit by Vietinbank or is eligible to grant credit limit
- Legal and valid underlying transaction will be deemed as basis for guarantee issuance. The underlying transaction is shown by the underlying contract or equivalent documents.
- The Guaranteed is able to properly and fully perform its obligations as agreed with the Beneficiary.
- The guaranteed has the ability to compensate for all risks and damages to VietinBank upon guaranteed by VietinBank.
- Comply with foreign exchange management regulations, Anti-Money Laundering Law, and regulations of countries.
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