Reguarantee
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 in underlying transactions;
- Choosing VietinBank as a reguarantee bank will help to enhance reputation of the issuing Bank of the counter Guarantee, making it easier to access and meet requirements of the Guaranteed;
- It’s convenient for the Beneficiary to claim guarantee at a familiar bank and resolve disputes in Vietnamese and under Vietnamese law.
Features
- VietinBank issues guarantees based on the counter-guarantee commitment of another bank. Accordingly, VietinBank commits to the the Beneficiary in written documents to perform financial obligations on behalf of the Guaranteed if the Guaranteed fail to perform or does not fully perform its obligations as committed. VietinBank provides such forms of reguarantee as: Letter of guarantee, Contract of Guarantee, Standby Letter of Credit.
Eligibility conditions
- The bank issuing counter-guarantee must be granted a credit limit by VietinBank.
- The bank issuing counter-guarantee can properly and fully perform risk compensation obligations for VietinBank.
- The term of reguarantee is shorter than the validity term of the counter-guarantee, but longer than the term to perform obligations specified in underlying transaction.
- Comply with foreign exchange management regulations, Anti-Money Laundering Law, and regulations of countries.
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