The Vietnam Bank for Industry and Trade (Vietinbank) will be entrusted to collect taxes, fees and other charges for the State relating to import-export activities.

The assignment is part of an agreement signed in Hanoi on July 27 with the State Treasury and the General Department of Vietnam Customs.

The Chairman of Vietinbank’s Board of Directors, Pham Huy Hung, said that this is expected to create better conditions for enterprises to make tax payments quicker, speed up customs clearance times and help to raise the efficiency of the State budget’s management.

It will also hasten the modernisation of these sectors, as well as implement the government’s goal to introduce non-cash payments across the board, he said.

In 2009, Vietinbank will conduct import-export tax collections in the northern port city of Hai Phong , then extend this to other localities such as Quang Ninh, Vinh Phuc, Khanh Hoa, Vung Tau and Ho Chi Minh City.

The bank plans to carry out import-export tax collections across the country by 2010.

Beforehand, Vietinbank, the State Treasury and the General Department of Vietnam Customs had been fairly successful in collecting domestic taxes at the bank’s branches.

As one of Vietnam’s leading commercial banks, with 150 branches and 800 transaction offices in 56 cities and provinces, Vietinbank has been regarded as one of the country’s key banks, providing a diverse range of modern and high-quality banking products and services./.