The Kunming area of China (Yunnan) Pilot Free Trade Zone successfully launched the first Vietnamese dong market procurement trade settlement business in China, with the amount of 1.032 billion Vietnamese dong, marking a new breakthrough in the new business form of financial service trade.
It is reported that this business is the Kunming Free Trade Zone Sub branch, a branch under the jurisdiction of Yunnan Kunming Branch of Agricultural Bank of China, relying on the advantages of non major monetary capital clearing channels established by the Pan Asian Business Center of Agricultural Bank of China, which cleared Vietnamese dong funds from the Pan Asian Business Center Hekou Branch to Kunming Free Trade Zone Sub branch, and Kunming Free Trade Zone Sub branch handled the Vietnamese dong collection and settlement business, which finally realized the successful implementation of this business.
As one of the new forms of trade, market procurement trade is an important strategic measure for the country to promote the innovative development of foreign trade and cultivate new forms and models of foreign trade. Market procurement trade refers to a trade mode in which qualified operators purchase commodities with a single customs declaration value of less than US $150000 (including US $150000) in the market agglomeration area recognized by the national competent commerce department, and go through the customs clearance formalities for export commodities at the procurement place.
In recent years, the CPC Central Committee and the State Council have vigorously promoted the development of new trade formats. With the introduction of a number of national policies, it has stimulated the vitality of small export commodity market players and promoted the development of market procurement trade.
In September 2020, the procurement trade pilot of Kunming Junfa · New Luosiwan International Trade City Market was officially approved, becoming one of the fifth batch of national market procurement trade pilot projects. In order to further improve the facilitation of the procurement trade pilot in Kunming market and meet the diversified financial needs of market participants in the procurement trade market, the Kunming Free Trade Zone Sub branch of Agricultural Bank of China strengthened its communication with the Kunming Free Trade Zone Management Committee, commerce, foreign exchange management and other departments.
"It's so convenient. I didn't expect that the market procurement trade could handle the collection of Vietnamese dong. The efficiency is still so high. The service of ABC is so considerate!" The person in charge of the import and export company said that the enterprise mainly exports vegetables, and the trading countries are mainly Vietnam, Laos, Thailand and other Southeast Asian countries. With the continuous expansion of trade, the demand for small currency collection of enterprises is growing, and the Pan Asian Business Center of Agricultural Bank of China is just able to meet the demand for multi currency settlement of enterprises.
It is understood that the Pan Asian Business Center of Agricultural Bank of China can not only handle the collection and settlement of foreign exchange in Vietnamese dong, but also provide enterprises with services such as the exchange, remittance, settlement and sale of foreign exchange in small currencies in Laos Kip, Thai baht and other surrounding countries.
This business is just a microcosm of the innovation of the local and foreign currency integrated financial services of the Agricultural Bank of China. In the next step, the Bank will continue to provide high-quality, convenient and efficient settlement services for customers. Kunming Branch of Agricultural Bank of China will continue to focus on the positioning of "planting a strong customer base, highlighting the characteristics of leading, and creating innovative business cards", combine the provincial, municipal and district development planning and the actual situation of market procurement trade development, strengthen coordination and docking, innovate working methods, and provide all-round services to support the development of market procurement trade.