GUARANTEE

Based on customer’s request, Vietcombank issues a written commitment to a third party designated by the customer (the guarantee’s beneficiary) on execute financial responsibility for the customer when the customer doesn’t execute or execute correctly the responsibility committed to the guarantee’s beneficiary. The customer has to accept the credit and return to the Bank the amount paid on their behalf. 

Types of guarantees that can be issued:

  • Borrowing guarantee
  • Payment guarantee/ Standby Letter of Credit
  • Bid Bond
  • Performance Bond
  • Product quality guarantee
  • Advance payment guarantee (Guarantee for Reimbursing advanced payment, guarantee for Reimbursing deposit or deposit guarantee)
  • Guarantee for retained amount (Work quality guarantee/ Warranty guarantee/ Maintenance guarantee)
  • Counter guarantee
  • Confirmation of guarantee
  • Guarantee for studying overseas
  • Other types of guarantee not forbidden by law and suitable to international practice.

Customers

Companies that need to be guaranteed

Benefits

  • Customers will gain trust of partners when being guaranteed by a leading bank of Vietnam with long-term credibility all over the world.
  • With many types of guarantee, customers can meet any requirements for guarantee of the third party.
  • Highly-skilled and experienced specialists at Vietcombank are always willing to consult customers on procedures, types of guarantee and forms of guarantee that are suitable to the need and capability of the customers, enabling the customers to have the best guarantee option.
  • Competitive guarantee fees
  • Simple, fast and convenient procedures

To use

Customers have to meet the following conditions:

  • Have full civil law capability and civil behavior capability
  • The purpose to request for Vietcombank’s guarantee is legal
  • Have the financial capability, and technical capability if necessary, to perform the duty requesting for guarantee
  • In case customers are foreign organizations, customers also have to conform the regulations on foreign exchange control of Vietnam.
  • In case the guarantee transaction involves credit risk, the customer also needs to meet the conditions required for borrowing.

Based on each case, Vietcombank may or may not apply measures for ensuring responsibility of the customer to the guaranteed. Customers can choose one of the following ensuring types:

  • Cash deposit
  • Vietcombank’s saving book
  • Debit customer’s account at Vietcombank
  • Collateral
  • Guarantee of a third party
  • Credit
  • Other ensuring methods stipulated by law

Fees

Current Fee Schedule of Vietcombank (See here)

Forms

Application for maintenance guarantee
Application for counter guarantee
Application for performance BondApplication for advance payment guarantee
Application for bid  BondApplication for payment guarantee
Customer’s information form

Contacts

To have more information, please contact one of our specialists for detailed consulting and instruction on products. (See here)