Account > Economy Organization

ACCOUNTS FOR SOCIO-ECONOMIC ORGANIZATIONS

Attention

-         Every socio-economic organisation may open account(s) at Vietcombank. We offer veriable account types in different currencies and durations.

-         Information relating to opening and deposits of  accounts at Vietcombank are kept in strict confidential. Deposit insurance is bought by Vietcombank at the deposit insurance company.

-         Simple and free-of-charge opening procedures. Account management fee is not charged if the balance in your account is not less than the minimum level. Account statements are provided on daily basic. Monthly account statements are provided upon request.

-         Having account at Vietcombank, you can easily use non-cash payment instruments such as checks, payment orders, encashment orders...

-         If you want to withdraw money from your fixed deposit account prior to the maturity date, you are still offered an interest which depends on the duration of time the money have been deposited.

-         In-house account transfer payment service is proceeded through computer network free-of-charge with fast and highly accurate level.

-         Phone payment service is provided when you want to withdraw  cash from your VND demand deposit account in condition that the withdrawing amount reaches the level announced by the Bank.

-         Special services are provided to longstanding reliable customers, who  maintain big balances: Automatic capital management, automatic money transfer, E-Bank....

Introduction

1.    Account holder:

a.    No limitation for opening and using VND account

b.    For opening and using foreign currency account, following conditions are applied:    

   I.      Resident organisation: Account holder must have foreign currency sources from current-account transactions, capital transaction and other foreign currency sources stipulated by Law.

    II.      Non-resident organisation: Account holder is currently operating in Vietnam or overseas, who has foreign currency transferred into Vietnam via banks or cross-border entrance having certification of border custom, and other legal sources in Vietnam.

2.    Account type

a.    demand deposit account

b.    fixed deposit account

c.     cash-cover account

d.    specialised account...

3.    Currency type

a.    VND or foreign currencies (applicable for: USD, GBP,  EUR...)

4.    Deposit/withdrawal

a.    VND account: account holder is entitled to deposit or withdraw cash and use non-cash payment instruments such as payment orders, encashment orders, guarantee checks, transfer checks...

b.    Foreign currency account: Cash, check, transfer

5.    Deposit amount

for foreign currency account : 1,000,000 VND for VND account or foreign currency equivalent to 300 USD for the first deposit. No minimum requirement for the next deposit.

6.    Interest

a.    Demand deposit, specialised or cash-cover accounts: interest is incorporated into principal monthly or on the balance withdrawal date.

b.    Fixed deposit account: interest is paid once at maturity.

c.     Days for counting interest: interest is counted on the number of actual deposit days.

d.    Fixed deposit account: At maturity if you do not withdraw, Vietcombank will:

    I.      transfer all principal and interest into new account having new period upon your request at that moment.

    II.      transfer all principal and interest into Current Account if we receive no notice from you about the maintaining  fixed deposit account.

Special services

With the adoption of advanced technology into management, Vietcombank has experimentally provided some special preferential services to special customers. These are:

1.   “Automatic capital management” under which capital sources from current accounts of company members (affiliated/subsidiaries) held at Vietcombank are centralised and automatically transferred to one central account of parent company. This will be the base for the parent company to transfer capital source from low-interest-rate account to the high-interest-rate account while having maintaining only minimum balance in all members’ accounts to ensure daily payment requirements as agreed between the parent company and Vietcombank.

2.   “Automatic money transfer”: If you have cyclical needs (weekly, monthly...) to transfer a sum from your account to an other account for interest payment, telephone subscription fee payment, debt payment... the automatic money transfer service will answer your requirement. You only need to require once and our system will automatically repeat your requirement cyclically.

3.   “Electronic Banking Service” (E-Bank): Having on-line network and database centralised management, Vietcombank is fully able to provide you with E-bank services. Using this service, you need to have only 1 PC with a modem and you can see the balances in your current, borrowing, cash-cover... accounts and other related information without having to go to the Bank. Moreover, after the State pass the legal base, you can propose to transfer money, open L/Cs while staying at your office...

4.   Other services as agreed between the two sides:

        ....

This is a very appropriate way for Corporations having large capital sources and country-wide network to use their money most efficiently.

Instructions

1.    Account opening:

-         You are provided with charge-free frinted forms. You will have your account promply with your own CIF number (customer information file). Having this CIF number you may require Vietcombank to immediately provide necessary information or you can open new account (i.e. specialised account).

-         If you want to change information in the account, please use the form for information supplement (i.e. telephone number, address...)

2.    Application for Account (The 1^st time)

How to fill the form:

-         Please fill in blank space in the form

Note: This form is only used for the customer yet to have any account at Vietcombank.

-         Normal information is filled as usual. For new information, please fill as follows:

o       Customer Information File (CIF): Please write your CIF number given by the Bank in the Application for Account (The 1^st time)

o       Currency type: Please mark in the box next to the currency name. If the currency type you want to open the account for is not USD, please mark in the box “others”

o       Information retention: If you want to keep information in our system even after closing all your accounts, please mark in the next box the number of years (from 1 to 8) you want the information to be kept.

o       Hold Mail (Y/N): If you want to pick up documents at bank, please mark “Y” in the next box. If you want the documents to be sent to your address, please mark “N”.

o       Alternative address (if different from the above): Please write the address for sending your documents and statements if this address is different to that given in the Application for Account or in your CIF.

o       The Decision of Appointment of Chief Accountant: In the case your organisation does not have Chief Accountant, you can replace the decision by the Decision of Appointment of the person in charge of the organisation’s accounting.

3.    Documents required:

-         3 Applications for Account (provided upon request)

-         Notarized photocopies of documents proving the legal status:

(1)            01 Decision of Establishment of the enterprise, unit, organisation, association...

In case of Projects: the decision on setting up Project Management Committee must be enclosed)

(2)            01 Business License.

In case of Projects: The Decree signed by the two Governments or the approval of the authorised level are needed.

For non-business organisations: documents describing functions, duties and scope of activities are needed.

(3)            01 Decision of Appointment of Account Holder signed by authorised level.

For public unions such as Ho Chi Minh Communist Youth Union, Women Coalition Association... the decision may be replaced by the proposal of the congress minute of that organisation.

(4)            01 Decision of Appointment of Chief Accountant or Director of Accounting Department or Accountant of the organisation.

For foreign company operating outside Vietnam: If the company’s management is not account holder, apart from (1), (2) and (3), the following documents are needed:

- an authorisation letter for another person to be a holder of the account at Vietcombank. The number of persons authorised to sign in Authorised Signature Application Form must not excess 2 persons.

- A letter requesting a certification of using or not using of the company’s stamp in the documents transacted with banks with 01 or 02 signatures. (documents proving legal status must be translated into Vietnamese and certified by the State Notary Office)

- A letter introducing the transacting staff’s name, passport, ID number.

- Banking officers will guide you more details (if you wish to know)

4.    How to use your foreign currency account

1.1.        Credits:

Resident organisation having foreign currency account at our Bank is entitled to receive foreign currency from following sources:

- remittance from overseas.

- domestic transfers.

- domestic transfers resulting from issuance of commercial papers in foreign currency and their interests.

- domestic transfers resulting from buying foreign currency from credit institutions that are allowed to conduct forex activities.

- cash deposits (for resident organisation allowed by State Bank to collect foreign currency through exporting commodities and services)

- cash deposits (cross-bordered, having certification of border custom.)

- others in forms of account transfers or cash deposit having license by the Governor of the State Bank.

1.2.        Debits: Resident organisation having foreign currency account at Vietcombank is entitled to pay foreign currency from the account for the following purposes:

-         Payment for imported commodities and services (including related costs arisen.)

-         Payment for commodities and services to individuals and organisations who are allowed to collect foreign currency.

-         Payment for foreign currency loans (principal, interest and fees and other related costs arisen) borrowed from domestic banks and and foreign loans in accordance with the current regulations.

-         Sale of foreign currency to credit institutions who are allowed to do forex business.

-         Investment in securities and commercial papers issued in foreign currency in compliance with regulations of Law and payment for those’s principal and interest.

-         Exchange into other foreign currency payment instruments: checks, payment cards and others; exchange into other foreign currencies as regulated by the bank who is allowed to do forex business.

-         Capital contribution for implementing investment projects as regulated by the Law on Foreign Investment in Vietnam.

-         Transfer foreign currency (of foreign investor) to outside Vietnam as regulated in the Law on Foreign Investment in Vietnam and other related regulations.

- Withdrawal of cash, account transfers to pay for organisation’s staff who are sent abroad, to pay for salary, bonus and other allowances to non-residents and foreign residents working for the organisation.

5.   Fees and interest

4.1.        Fees: See 1,2,3 (excluding “minimum balance for personal   account” (item b), Vietcombank terms and conditions

4.2.        Interest rate:

4.2.1.            VND account: (current interest rate structure)

4.2.2.            Foreign currency account: (current interest rate structure)

6.   Contacts

For more information, please contact:

- Accounting Department – Vietcombank Operations Center

Address: 198 Tran Quang Khai Str., Hoan Kiem Dist., Hanoi.

Tel: (84-4) 824 8281 - 825 0343

And other Vietcombank’s branches.