Superior performance of state revenue collection services.

(Baonghean)Along with nearly 100 VIB transaction points nationwide, Vietnam International Bank - Vinh Branch has officially launched a State Budget collection service for corporate customers in Nghe An province: when needing to pay taxes, customers can visit VIB Vinh transaction points to receive tax payment and tax information inquiry services within 5 minutes.

Based on online connectivity with the electronic portals of the General Department of Taxation, the General Department of Customs, and the State Treasury, VIB, in general, and VIB Vinh in particular, with its "State Budget Revenue Collection" product, helps businesses fulfill their tax obligations at the time of transaction at VIB (service launched on July 16, 2012). Notably, businesses are currently exempt from 100% of tax payment transfer fees at VIB, valid until October 16, 2012, and enjoy many other preferential policies such as import/export tax payment guarantees, free consultation on tax policies and tax payment procedures, etc.



Customers conducting transactions at VIB Vinh branch.

In line with the Government's major policy on cashless payments in the public sector, and with the General Department of Taxation, the General Department of Customs, and the State Treasury being selected as trusted partners for state budget revenue collection, Vietnam International Bank (VIB) has actively coordinated with the State Treasury and the General Department of Taxation to implement a solution for state budget revenue collection through VIB. VIB has become a leading commercial bank in effectively implementing state budget revenue collection services for both domestic and import/export taxes. As of July 31, 2012, after 6 months of pilot implementation and 1.5 months of nationwide rollout, this service has attracted significant interest from nearly 1,000 corporate clients, with total state budget revenue collected through VIB exceeding VND 25,000 billion. The state budget revenue collection service, with its strict control process, has ensured accuracy, speed, and efficient processing of business operations and information exchange with the State Treasury, the General Department of Taxation, and the General Department of Customs, without any incidents occurring.

In Nghe An province, despite only being launched at the end of July 2012, the service has already generated nearly 100 billion VND in state budget revenue, making it one of the areas with a relatively high number and value of transactions within the VIB system. Businesses in the area also highly appreciate this service from VIB, as it helps them resolve many difficulties in paying taxes and fees as required.

Speaking with us, Mr. Ngo Xuan Binh – Director of VIB Vinh Business Center emphasized: “With the implementation of the state budget collection service, VIB aims to bring many benefits to businesses (taxpayers) and contribute to the Government's policy of electronically collecting state budget revenue. The biggest advantage of the product is that businesses receive confirmation of fulfilling their tax obligations quickly, helping them affirm their brand reputation and expedite customs clearance. In addition, it reduces the cost of tax payment on behalf of others, saving time and human resources to focus on business development and optimize tax payment cash flow. VIB Vinh is committed to ensuring the best in terms of personnel, facilities, and technology to serve businesses quickly, accurately, and promptly in fulfilling their tax obligations.”

In the coming period, VIB Vinh will coordinate with the Nghe An Tax Department, the Vinh City Tax Offices, and the district and town Tax Offices to widely disseminate the contents of this product to the business community. In addition, to support businesses, we provide comprehensive solution packages in which VIB has advantages, such as import/export tax payment guarantees, foreign exchange trading, and tax payment overdrafts for businesses. With these solutions, VIB Vinh believes it will attract more attention from businesses…”

Although only recently launched, VIB's tax collection service through banks has demonstrated outstanding strengths in diversifying tax payment methods. This product is suitable for businesses with or without accounts at VIB. In the future, along with providing solutions for businesses, VIB will continue to offer this service to individual business owners and individuals. VIB is also developing other payment channels to maximize support for the needs of businesses and individuals in paying state budget taxes, such as Internet banking, ATM, and Mobile banking.

PV