HSBC Allowed to Offer Offshore Banking

HSBC Vietnam has won approval from the State Bank of Vietnam to provide post-shipment finance for offshore accounts, becoming the only bank to offer such service, a state media reported.

 

HSBC last week held an offshore banking and trade services for its existing and potential customers to provide detailed information on non-resident/offshore accounts.

 

Vietnam has become member of the WTO, more foreign companies are coming to the country to do business and HSBC wants to assist them to better manage their financial matters, said Huynh Buu Quang, the bank’s head of commercial banking department.

 

Under these non-resident/offshore accounts, customers can transfer funds to overseas without supporting documents and to local companies’ accounts as per their business contracts. With such accounts, information on Documentary of Credit (DC) and transferal of DCs to local companies in the country can also be done.

 

At the workshop, HSBC also discussed other related services, such as deposits, sales collections and remittances. (VNS, SGT)