Vietnamese, Chinese banks ink cross-border payment deal
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[January 12, 2006]

Vietnamese, Chinese banks ink cross-border payment deal

(Thai Press Reports Via Thomson Dialog NewsEdge)Section: Regional News - The Vietnam Technological and Commercial Joint-stock Bank (Techcombank) and the Bank of China (BOC) signed an agreement on cross-border payment cooperation in Hanoion Jan. 11.



Under the agreement, each bank will open its current account to the other side, and they will cooperate in banking services such as telegraphic transfer, commercial documents, payment orders, letters of credit and payment guaranties.

The Techcombank's branch in Lao Cai province and the Hekou BOC branch in Yunnan province are entrusted to implement the agreement, which is expected to facilitate cross-border payment between the two countries' businesses and reduce the circulation of cash in the border areas.



Two-way trade between Vietnam and China has increased sharply in recent years, with around 5-6 billion USD in turnover annually. - VNA

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