New trade credit insurance launched

Wednesday, Jun 17, 2015 16:51

Companies' representatives sign memorandum of understanding. — VNS Photo Thu Ngan

HCM CITY (Biz Hub) — A new product called "trade credit insurance – structured trade finance" jointly developed by Bao Minh Insurance Corporation, Export-Import Commercial Joint Stock Bank and Coface Services Viet Nam Company Ltd was launched on Wednesday in HCM City.

According to a memorandum of understanding the three have signed, from Wednesday will offer customers, including importers and exporters, the new insurance product to protect their account receivables.

Bao Minh will sell original trade credit insurance and take care problems related to the insurance. France's Coface is the re-insurer and also responsible for assessing credit risks as designing programmes to manage risks.

Eximbank is a partner.

The new product is highly appreciated since global integration has seen trade activities skyrocket with many new payment methods.

It helps customers as well as banks avoid risks that could occur. — VNS

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