Toyo Engineering Korea has been assigned as Voluntarily Compliant Traders (VCT) for Strategic Material Trade from 2nd Dec. 2008 by Ministry of Knowledge Economy (MKE), _?xml_:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Korea. _?xml_:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
This is the 1st VCT assignment among plant engineering companies in Korea.
The privilege of Voluntarily Compliant Traders (VCT)
Ø VCT can apply “General Comprehensive Export Approval “ for strategic materials.
Ø The evidence documents to get the export approval can have 7days grace period after export.
Ø The administrative penalty can be mitigated if VCT negligently violates the Korean Regulation for strategic material trade.
Aside from above privilege, VCT assignment is ‘Risk Management’ for Toyo Korea and a model to Korean Engineering Companies. It will uplift Toyo Korea’s image as a pioneer for Security Trade Control in Korea.
The previous history for the VCT assignment.
l July 2008 : Establishment STC Manual and Procedure.
l Sep. 2008 : Establishment STC Committee in Toyo Korea.
l Nov. 2008 : Application for VCT to MKE
l Dec. 2008 : VCT Assignment by MKE
