Toyo Engineering Korea, Voluntarily Compliant Traders (VCT) Assignment for Security Trade ControlDec. 8, 2008
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), Korea.
This is the 1st VCT assignment among plant engineering companies in Korea.
The privilege of Voluntarily Compliant Traders (VCT)
- VCT can apply “General Comprehensive Export Approval “ for strategic materials.
- The evidence documents to get the export approval can have 7days grace period after export.
- 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.
- July 2008 : Establishment STC Manual and Procedure.
- Sep. 2008 : Establishment STC Committee in Toyo Korea.
- Nov. 2008 : Application for VCT to MKE
- Dec. 2008 : VCT Assignment by MKE
