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Payment by cheque in Vietnam Despite big efforts, payment by cheque in Vietnam remain far (1) the desired level. Statistics show that payments (2) cheque account for only 2% (3).. the total non-cash payment volume. This method of payment is mainly (4) .. for business to business payment, while individuals do (5) use it despite its convenience and other advantages. Vu Huy Toan, Deputy Director General of the HoChiMinh city branch of the State Bank (6) . Vietnam, attributed the low percentage of cheque payment to the current regulations. He said that businesses and individuals are not compelled, they are just encouraged to use cheques (7) payment. Order for payment is the main non-cash method of payment nowadays, accouting for 75% of the total non-cash payment (8).. The biggest problem with this payment method is that (9).. requires involved parties to sign trading contracts, and the time neede to make payment is longer. Mr Toan acknowledged that the current complicated mechanism of payment (10) not encourage people and businesses to payments by cheque. (11) case the buyer and the seller have account in different banks, the payment must be undertaken via The State Banks clearing system, which always takes much time, because there (12).. only two times of making clearing payment a day: at 10 am and 3 pm. Moreover, cheque verification is still undertaken manually. However, Mr Toan said he believed (13).. the current situation will (14) improved once SBV enacts the decree on cheque payment and draws up the project on clearing payment centres (15). big cities. Mr Toan also stressed the need to get peo[le into the habit of using cheque as their main payment method. II. Read the following passage Regulations of the supply and use of cheques Relevant parties may agree on the application of this Degree for cheques, which are not issued in Vietnam but are in use within Vietnam. Cheques may be issued in foreign currencies if the payer is allowed to pay in foreign currencies and the payee is allowed to collect payment in foreign currencies. However, cheques issued in foreign currencies must contain the name of the payee and are not transferable, except to institutions providing payment services. The front of a cheque must contain all of the following: - The word cheque is printed at the top of the cheque. - Serial number of the cheque - Name of the payee - Amount in word and figures, if there is a difference between the amount in words and the amount in figures, the smaller amount is paid - Name of the payer - Place of payment - Date of drawing - Signature and name of drawer The cheque will not be valid if one of the above eements is missing, except that If the place of payment is left blank, the cheque can be paid at the address of the payer or, if that address is not specified, at the head office of the payer, if

the cheque is paid through a cheque clearing centre, payment van be made at that centre. If the name of the payee is left blank, the cheque will be paid to the holder of the cheque. The cheque must be printed in Vietnamese. If another language is also printed on the cheque, it must be smaller and not bolder than the Vietnamese language The drawer or the transferor may prevent the payment to the beneficiary in cash by adding the words account payee only on the cheque. A cheque , which does not contain the name of the beneficiary or has the words payable to the bearer, can be transferred without being endorsed. Cheques need presenting for payment within 30 days from the drawing date, except in some special cases, they can be extended to a maximum period of 6 months. The beneficiary can authorize a payment service institution to collect the money on his behalf by signing an authorization agreement with that institution. If the beneficiary loses a cheque, the beneficiary must inform the payment about the lost cheque and cancel the payment of such a cheque. # True or false? correct the false statements 1. If the cheque is issued in a foreign country, the holder may agree to follow this Decree for cheques. 2. Cheques issued by Vietnamese banks must be issued in Vietnamese only. 3. The cheque issued in foreign currencies can be transferred to other payees. 4. If the amount in words is not the same as the amount in figures, the cheque is refused to pay by the bank. 5. If the payees name is not filled in on the cheque, it is used as a Bearer cheque in England. 6. The payees bank can collect the money on behalf of the payee if he is allowed by the drawer. # Answer the following questions 1. What does the payee have to do if he loses the cheque? 2. How long is usually allowed for a cheque to be paid? 3. What will happen if the cheque is marked account payee only? 4. If the cheque is printed in 2 languages, these 2 languages are printed the same size. 5. Where can the cheque is paid if the place of payment isnt filled in # Find the words which have the same or opposite meanings as the following 1. organization 2. amount in numbers 3. holder 4. minimum .. 5. permission . III. word formation 1. Your money is safe from . when it is paid into a bank account (lose) 2. The . cant go out without . (pay) 3. The .. bank will make . on behalf of this customer (payee) 4. If you want to do it, you have to show me the letter of (authorize) 5. Vietnamese banks keep much cash in (circulate)