Payment policy

1. Payment Currency

All transactions and contract payments are made in United States Dollars (USD), unless otherwise agreed in writing between the two parties.

2. Payment Method

VHQ prioritizes the application of safe, transparent and secure payment methods. internationally recognized for export transactions:

• Telegraphic Transfer (T/T – Telegraphic Transfer): Payment via bank is the default method for orders.
• Letter of Credit (L/C – Letter of Credit): Recommended method, especially for large orders or new partners, to ensure safety for both parties. L/C should usually be an Irrevocable L/C and L/C at Sight (Sight L/C), unless otherwise agreed.

3. Payment Terms

Specific payment terms will be negotiated and specified in detail in the official Sales Contract, but VHQ's standard practice is usually applied as follows:

A. Payment by Electronic Transfer (T/T)

• 1st Installment – Deposit: 30% of total price The Contract value is paid immediately after signing the Contract. This amount is used to prepare raw materials, production and packaging.
• 2nd Installment - Final Payment: The remaining 70% of the total Contract value is paid after the Seller presents a complete set of shipping documents (e.g., Original Bill of Lading - B/L) via bank or email, depending on the agreement.

B. Payment by Letter of Credit (L/C)

• The Letter of Credit must be opened by a reputable bank and accepted by VHQ.
• The L/C must clearly state the payment terms of At Sight after the Seller presents all documents as stipulated in the L/C.

4. Payment Process

1. Contract Confirmation: The two parties sign an official Sales Contract, including terms of price, quantity, destination port, and payment terms.
2. Deposit Payment (T/T applicable): The buyer transfers the deposit according to regulations.
3. Production & Shipping: VHQ conducts production, quality control, and arrange transportation.
4. Presentation of Documents: VHQ presents the set of transport documents.
5. Completed Payment: The Buyer makes the remaining payment (70% T/T) or the Buyer's Bank pays (L/C) after receiving the documents.

5. Additional Costs

• Bank Fees: Money transfer fees and other costs Bank fees related to payment from the Buyer's side will be borne by the Buyer. Bank fees for receiving money in Vietnam will be borne by VHQ, unless otherwise agreed (according to applicable INCOTERMS).
• Late payment penalty: If the Buyer is late in payment beyond the time limit specified in the Contract, VHQ has the right to apply a late payment penalty according to the provisions of the Contract.