VCN- The representative of Import-Export Duty Department (under the General Department of Vietnam Customs (GDVC)) said that on 12 th December 2017, the GDVC signed the Coordination Agreement on revenue collection with Woori Bank. This is the 6th foreign bank and also the 37th bank that signed with the GDVC on the coordination on revenue collection.
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In the first pilot implementation, Woori Bank will support the GDVC in revenue collection in Ha Noi Customs Department and Ho Chi Minh City.
Established in 1899, Woori Bank is one of Asia’s leading investment banks and the largest bank in South Korea. Since July 2016, Woori Bank officially established a 100% foreign-owned bank in Vietnam. Woori Bank will promote its retail business with the goal of becoming the leading foreign credit bank in Vietnam market.
Previously, Woori Bank had transaction offices in Ha Noi, and Ho Chi Minh City. Since 2016, the bank expanded its business network in Vietnam by opening more transaction offices in Bac Ninh, Hai Phong, Binh Duong and Dong Nai.
Currently, South Korea is the largest investor in Vietnam. With plentiful investment capital, Vietnam is becoming a major production center for many Korean electronics corporations such as, Samsung Electronics, LG Electronics and some other big Korean companies that are investing in Vietnam including, Kumho Construction, Posco, Hanjin Logistics, Kumho Tire, etc.
By signing this agreement with Woori Bank, the GDVC has promoted revenue collection via commercial banks, especially foreign banks to provide taxpayers and foreign businesses the best convenience and fastest tax payment services, and to shorten time and further facilitate trade of domestic and foreign businesses.
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The 6 foreign banks out of 37 banks that have signed the coordination agreements with GDVC are: ANZ, the Bank of of Tokyo-Mitsubishi UFJ (BTMU Vietnam), Mizuho Bank, SMBC, Shinhan Vietnam and Woori Bank. Woori Bank, which is the second Korean bank followed by Shinhan Vietnam has signed the coordination agreement on revenue collection with the GDVC.
By Thu Trang/Ngoc Loan