VOV.VN - Full compliance with obligations under letters of credit (L/Cs) is essential to safeguard the credibility of the financial system and help contain risks, as any deviation can erode trust and affect the broader trade and investment environment.

While the Russia-Ukraine conflict has left negative impacts related to transport, inflation and international payments on import and export activities, it could also create opportunities for businesses which adopted timely adaptation measures, experts have said.

Deputy Prime Minister Truong Hoa Binh has assigned the State Bank of Vietnam (SBV) to devise measures to control illegal financial transactions and tax evasion via illicit international payment gateways.

For its almost 100 percent success rate in straight-through processing, the Ho Chi Minh City Development Joint Stock Commercial Bank has received the MT202 and MT103 STP awards for international payment services from J.P. Morgan Chase Bank.

The State Bank of Vietnam is drafting a circular regarding cashless payments which might allow domestic commercial banks and domestic intermediary payment companies to co-operate with foreign intermediary payment companies to provide international payment services.