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International payment activities in banking system have currently played a more and more important role in the external economy affair. With the help of international payment tools, economic and commercial relationships among international business partners have been enhanced across the world, expanded export import credit as large volume of international transaction has made significantly every single second time.
TABLE OF CONTENTS 2 PREFACE International payment activities in banking system have currently played a more and more important role in the external economy affair. With the help of international payment tools, economic and commercial relationships among international business partners have been enhanced across the world, expanded export import credit as large volume of international transaction has made significantly every single second time. Acknowledging this major role of international payment methods, Military Commercial Joint – Stock Bank, which is the leading commercial bank in Vietnam has made a strong focus on its international settlement department to help the foreign trade transactions completed as quickly and smoothly as possible. Therefore, writer decided to choose Military Commercial Bank as the place for internship. After a five – week time as an intern in the back office of Military Bank - Dien Bien Phu Branch, the writer got to know the real working environment and have a general idea of procedures in the banking service. The purpose of this report is to explain what the intern did and learnt during internship period (July 1 st , 2013 till July 31 th , 2013). The structure of this report is designed in three parts: Part 1: Overview of Military Commercial Bank and Dien Bien Phu Branch Part 2: Analysis of difficulties at the branch from observation Part 3: Comment and conclusion In this paper, the writer would like to send great thanks to Vice Professor Dr. Trinh Thi Thu Huong – vice president of Faculty of Economics and International Business, who has given enthusiastic instruction for the writer; to Ms. Huyen, Mrs. Thu and Ms. Lien who directly instructed the writer for their gracious help of creating opportunities and good conditions for the writer to take part in several activities during this time. 3 LIST OF ABBREVIATION Abbreviation Meaning L/C Letter of Credit MB Military Commercial Joint - Stock Bank T/T Telegraphic Transfer LIST OF TABLES AND DIAGRAM Table 1.1 Fundamental information of Military Commercial Bank…………….p. 08 Table 1.2 MB’s business performance 2010 - 2011 (VND billion)…………… p.10 Diagram 1.1 Organizational structure of MB Dien Bien Phu branch p.11 4 INTERNSHIP DIARY Date Tasks Week 1 (July, 1 st – July, 5 th ) Letter of Credit 1 - Learnt about Dien Bien Phu Branch’s organizational structure and working environment. - Learnt how to scan B/W or color, use photocopy machine - Read 4 sales contracts and 4 applications and required documents for opening L/C 2 - Observed Ms.Thư checked customers’ account balance and made a minute of hand-over documents for customers. - Presented 1 documents to be signed by the Head of Credit Support Department 3 - Observed Ms. Thư amended telegram of L/C to be opened and updated received document database ( which date and time, customer’s code, currency) - Double - checked L/C document preparation of customers - Presented 3 documents to be signed by the Head of Credit Support Department. 4 - To be given permission of having a day off 5 - Observed Ms. Thư corrected application for irrevocable L/C for customers, updated request of L/C payment and entered the transaction into accounts. Week 2 ( July, 8 th – July, 12 th ) Telegraphic transfer 8 - Double – checked to see whether all important information in telegram paper and notification of money transfer are exactly matched. - Arranged documents (telegram, application for money transfer, money transferring statement) - Photocopy documents 9 - Double - checked documents upon 2 criteria: accuracy (including red stamp and authentic signature) and adequacy. - Observed Ms. Lien checked customer’s account balance - Presented telegraphic transfer application to be signed initially by the Head of Credit Support Department. 10 - Scanned black and white payment orders for storage in database - Arranged documents - Double – checked to see whether all important information in telegram paper and notification of money transfer are exactly matched. 11 - Presented telegraphic transfer applications to be signed initially by the Head of Credit Support Department. 5 - Observed Ms. Lien checking customer’s account balance and updating collected documents database - Classified documents 12 - To be given permission of having a day off Week 3 ( July, 15 th – July, 19 th ) Credit 15 - Observed Ms. Thu making a request paper of removing mortgage of land use right and property connected to land transference - Observed Ms. Thu received documents for checking accuracy then double – checked them. 16 - Scan documents for storage - Photocopy documents 17 - Observed Ms. Thu making a request paper of removing mortgage of land use right and property connected to land transference - Photocopy papers. 18 - Double-check financial confirmation reports 19 - To be given permission of having a day off Week 4 ( July, 22 th – July, 26 th ) 22 - Observed Ms. Thu made a minute of hand-over documents for customers and updated collected document database - Presented documents to be signed by the Head of Credit Support Department 23 - To be given permission of having a day off 24 - Double - checked customers’ applications for L/C - Scanned notification - Arranged payment L/C applications and photocopy documents. 25 - Observed Ms. Thư amended telegram of L/C to be opened and updated received document - Double - checked L/C document preparation for customers - Presented 3 documents to be signed by the Head of Credit Support Department. 26 - Double – checked to see whether all important information in telegram paper and notification of money transfer are exactly matched. - Arranged and photocopy documents (telegram, application for money transfer, money transferring statement) Week 5 ( July, 29 th - July, 31 th ) 29 - Scanned black and white payment orders for storage in database - Arranged documents (telegram, application for money transfer, money transferring statement) 30 - Arranged documents 6 - Arranged payment L/C applications. 31 - Presented telegraphic transfer applications to be signed initially by the Head of Credit Support Department. - Double – checked to see whether all information in telegram paper and notification of money transfer are exactly matched. I - INTRODUCTION OF MB – DIEN BIEN PHU BRANCH 1.1 Introduction of Military Commercial Bank 1.1.1 Fundamental information Table 1.1 Fundamental information of Military Commercial Bank Bank’s name Ngân hàng Thương mại cổ phần Quân Đội Bank’s name in English Military Commercial Joint- Stock Bank Name abbreviation MB Logo Chartered capital VND 10,000,000,000,000 (Ten thousand billion Vietnam Dong) Headquarters No. 21 Cat Linh Street, Ba Dinh District, Hanoi Telephone (84 - 4) 4 6277 7222 Email info@mbbank.com.vn Fax (84 - 4) 4 6266 1080 Website www.mbbank.com.vn (Source: www.mbbank.com.vn) Business registration certificate No.: 0100283873 by Hanoi Agency for Planning and Investment. Initial issuance: September 30, 1994. 7 The 27th amendment: December 31, 2010. License No.0054/NH-GP issued on September 14, 1994 in conjunction with Decision 194/QĐ - NH5 on September 14, 1994 by the State Bank of Vietnam. 1.1.2 History and development Initially established to provide various financial services for military corporations, MB was founded on November 4, 1994 under Business Registration Certificate No.0100283873 issued on September 30, 1994 by Hanoi Department for Planning and Investment and Banking License No.0054/NH-GP issue on September 14, 1994 by the State Bank of Vietnam. Over the last 19 years, MB has continued to grow rapidly and aimed to become a holding corporation, with MB (one of Vietnam’s top commercial joint stock banks) as the parent company, and five subsidiaries, demonstrating themselves as widely recognized brand name in the financial services (including banking, insurance and securities) and the real estate service in Vietnam. With its broad variety of service and product offerings, MB has experienced robust growth, expanding its operations into new branches of the service that reach beyond its traditional market. During the last six years, MB has consistently been rated in the “A” category by the State Bank of Vietnam, the most prestigious category for banks according to SBV’s ranking. From a mere VND 20 billion of chartered capital at establishment, mainly contributed by the founding shareholders and 25 employees, today MB’s chartered capital has increased by 500 times to VND 10,000 billion. MB now has tens of thousands of shareholders and over 4,000 employees and staff members (the figure is over 4,620 if taking into account those from all of MB’s subsidiaries). MB has proved to have solid financial capacity and a vigorous competitive position. The bank’s total assets have witnessed rapid growth, reaching VND 175,610 billion as of June 30, 2012. Today, MB is one of the top domestic commercial joint stock banks in terms of both total assets and chartered capital. 8 1.1.3 Business performance in recent years Table 1.2 MB’s business performance from 2010 to 2011 (VND billion) 2010 2011 2012 Total assets 109,623 138,831 175,610 Capital mobilizing from economic organizations and individuals 65,741 89,581 117,747 Total outstanding loans 48,797 59,045 74,479 Profit before tax 2,288 2,625 3,090 (Source: MB’s financial statement 2010 -2012) 1.2 Overview of Dien Bien Phu Branch In June 2005, the MB’s headquarter office moved from 28A Dien Bien Phu St. to 21 Lieu Giai St. Since then, Military Bank’s Dien Bien Phu branch was turned into class I branch, formerly the Bank's Head Office. MB’s Dien Bien Phu branch acts as an independent accounting unit and operates to enhance development and reputation of the Military Commercial Joint – Stock bank. MB’s Dien Bien Phu Branch is the largest branch which has 4 transactional offices located in Ly Nam De St., Nguyen Bieu St., Giang Vo St., and Hoang Cau St. It has been under control of Military Commercial Joint- Stock Bank. 1.2.1 Main business activities Engage in commercial banking activities in accordance with regulations issued by the Governor of the State Bank of Vietnam; Engage in provision of derivatives products in accordance with legal regulations; 9 Act as an agent for insurance and other related services in accordance with legal regulations; Engage in trading bonds and other valuable papers in accordance with legal regulations and For business activities that are subject to special licensing, the Bank only engages in these businesses when it meets conditions as specified by legal regulations. 1.2.2 Organizational structure By the end of July, 2013, the total number of employees in MB’s Dien Bien Phu Branch has reached 150. Its organizational structure is depicted as the following table: Diagram 1.1 Organizational structure of MB Dien Bien Phu branch Director of Branch 10 (Source https://www.mbbank.com.vn/gioithieu/Pages/default.aspx) 2 - ANALYSIS OF DIFFCULITIES AT THE BRANCH FROM OBSERVATION Vice - DirectorVice - Director Enterprise Customer Relation Department Individual Customer Relation Department Administration & Human Resources Accounting Department Enterprise Credit International Payment [...]...11 2.1 Current situation The first difficulty at the branch is that they have separated locations of two departments At Dien Bien Phu Branch, there have been two teams are working and co-operating simultaneously One team is called “Customer Relation Department”, which is the front office deals with all individual and enterprise customers, is at the branch, 28A Dien Bien Phu St.; and the other is... report - Confidentiality of data was another important barrier that was faced during the conduct of this internship Every organization has their own secrecy that is not revealed to others, especially in banking service - Sufficient books, publications and figures were not available If these limitations were not been there, the report would have been added more value - Despite of the fact that the reporter... at the branch during internship is computer’s operating rate is noticeably slow It is the fact that when processing more than 5 files, computer is possibly over – loaded then frozen up at that moment Furthermore, it often appears a window displaying expired date of anti-virus software which is likely to distract the staff’s full concentration on work Sometimes, the rate of internet connection is rather... with this difficulty, let’s say a staff has been receiving a application then checking customers’ accounts All is proper After getting the Head’s initial signature in the back office at 38 Dien Bien Phu St., staff from back office is required to get immediately vice – director’s signature whose office is currently at 28A Dien Bien Phu St So, it takes lots of his time and effort to walk here and there... –date information causing the fact that customers will not be informed fully about its the latest banking services Therefore, to attract more additional customers or maintain loyal customers then the bank could not help introducing latest services directly by telesales or giving gifts, possibly leading to more expenses incurred and time - consuming for the bank More importantly, it is undeniable that... leading to improve educational and training’s quality 17 3.3 Conclusion It was a fantastic opportunity for the writer to do internship program in a leading commercial organization like Military Commercial Joint Stock Bank Though practical exposure in MB’s Dien Bien Phu branch lasts for just five weeks, it provides the reporter a wide range of scope to observe the faction of bank through the pleasant... at No 21 Cat Linh Street for a year, it’s official website has not been updated this information and neither does the list of branch network all over a whole country Furthermore, the official website has not updated representative telephone number of each department This is probably a common mistake of majority of commercial banks in Vietnam 2.2 Consequences The problem of having two separated locations... appropriate career path - Once the connection between the university and enterprises are fairly strong, the university should provide enterprises about the update of educational program information so that enterprises are able to organize internship chances which are appropriate with the university’s program content Furthermore, the enterprises should give constructive feedback on changes in FTU’s educational... Understand more about banking procedures, especially international payment field Learn how to support customers in the way they would be satisfied the most 3.1.2 Limitations - As the officers are very busy with their daily work, they could provide very little time Limitation of internship period was one of the most important factors that shortened the report Due to time limitation many aspects could... signature so that persons who are in charge can give approval to documents and applications online Installing copyright anti –virus software, upgrade RAM, main board and chip Public relation and customer service departments are required to keep the information of latest MB’s services or changes in services up – to – date Upgrading to stable internet connection to facilitate document upload rate . Organizational structure of MB Dien Bien Phu branch p.11 4 INTERNSHIP DIARY Date Tasks Week 1 (July, 1 st – July, 5 th ) Letter of Credit 1 - Learnt about Dien Bien Phu Branch s organizational. Dien Bien Phu Branch In June 2005, the MB’s headquarter office moved from 28A Dien Bien Phu St. to 21 Lieu Giai St. Since then, Military Bank s Dien Bien Phu branch was turned into class I branch, . Department Enterprise Credit International Payment 11 2.1 Current situation The first difficulty at the branch is that they have separated locations of two departments. At Dien Bien Phu Branch, there have