FAQs
What should an economic contract show to be able to issue an L/C?
Why must the customer incur a debt with Sacombank at the time the reimbursing bank makes an payment to the beneficiary?
This obligation is executed according to point b, clause 3, article 25 of Circular 21/2024 of the State Bank of Vietnam, which states: "When the reimbursing bank makes a payment to the beneficiary, the issuing bank must incur a debt to the reimbursing bank, and at the same time, the customer must incur a debt to the issuing bank for the amount the reimbursing bank has paid to the beneficiary according to the commitment under the letter of credit. The banks shall record the debit entry for the customer upon receipt of the notification from the reimbursing bank."
Can the enterprise incur a debt in foreign currency?