Woori Bank Vietnam to accept tax payments
Woori Bank Vietnam will support customs agencies to collect revenue from the beginning of March, following the General Department of Vietnam Customs (GDVC)` recent announcement.
Under this plan, Woori Bank Vietnam now accepts tax payments and tax guarantees through its branches nationwide.
Woori Bank is the 6th foreign bank and also the 37th bank that signed with GDVC to revenue collect State revenue.
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A representative of the Import-Export Duty Department (under GDVC) signed the Co-ordination Agreement with Woori Bank Vietnam on revenue collection on December 12, 2017. During the pilot implementation, Woori Bank supported the Hanoi and Ho Chi Minh City Customs Departments in revenue collection.
Woori Bank is the 6th foreign bank and also the 37th bank that signed with GDVC to revenue collect State revenue, according to GDVC.
By signing this agreement with Woori Bank, GDVC promotes revenue collection via commercial banks, especially foreign banks, to provide taxpayers and foreign businesses the best convenience and fastest tax payment services, as well as to shorten time and further facilitate the trading activities of domestic and foreign businesses.
The 6 foreign banks out of the 37 banks signing co-ordination agreements with GDVC are ANZ, Bank of Tokyo-Mitsubishi UFJ (BTMU Vietnam), Mizuho Bank, SMBC, Shinhan Vietnam, and Woori Bank.
Established in 1899, Woori Bank is one of Asia's leading investment banks and the largest bank in South Korea. In 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.
Woori Bank previously had transaction offices in Hanoi, 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 the total investment of US$57.66 billion in 2017, according to the General Statistics Office.
With plentiful investment capital, Vietnam is becoming a major production center for many Korean electronics corporations, such as Samsung Electronics and LG Electronics. Other big Korean names investing in Vietnam include Kumho Construction, Posco, Hanjin Logistics, and Kumho Tire, among others.
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