To remove barriers in foreign currency access for paying foreign sellers of importing companies, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has launched the product of Usance Payable at Sight Letter of Credit - UPAS L/C. This is an effective financial solution for all import enterprises, which helps reduce cash-flow pressure on foreign currencies, save time and costs, and enhance business performance.
Advantages of UPAS L/C include the possibility for import enterprises to immediately pay exporters while still enjoying a deferred payment of up to 180 days. This advantage will help enterprises enhance liquidity, improve cash flows, and maintain and expand relationships with foreign partners.
A further premium feature of the UPAS L/C service is that beside the fees related to the opening of conventional L/C, enterprises need to merely pay an additional fee of accepting UPAS L/C bills, which is much lower than the costs otherwise incurred to get a loan in VND for paying an L/C at sight.
Additionally, enterprises will receive maximum supports in quick document processing time thanks to our simplified and convenient procedures and a worldwide network of correspondent banks. Currently, Techcombank has signed cooperation agreements with 11 reputable banks to provide UPAS L/C to enterprises (Deutsche Bank, Citibank, JPMorgan, Standard Chartered, ING Bank, and BTMU, among others).
With the motto of accompanying enterprises’ development, particularly given the current difficult economic context, Techcombank often offers ​​flexible, convenient, and above all, practical financial solutions to help enterprise grow their business as well as to expand the market.