Shin Jeong-hoon: "More than Half of Large Corporations Have Not Adopted the 'Win-Win Payment System'"

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Despite additional points in the win-win growth index evaluation, it has been revealed that less than 50% of large corporations have adopted the win-win payment system.

According to data submitted by the Ministry of SMEs and Startups to National Assembly Industry, Trade, Energy, SMEs and Startups Committee member Shin Jeong-hoon (Democratic Party of Korea, Jeonnam Naju-Hwasun) on the 6th, among 181 companies subject to the 2017 win-win growth index evaluation, 100 companies (55.2%) did not adopt the win-win payment system; in 2018, out of 189 companies, 101 (53.4%) did not; and in 2019, out of 193 companies, 103 (53.4%) did not. More than half of the companies subject to evaluation did not adopt the win-win payment system.

In particular, Naver, SK General Chemical, Hyundai Engineering, and Yuhan-Kimberly received the highest grade in the win-win growth index evaluation for three consecutive years but were found not to have adopted the win-win payment system.

Meanwhile, the win-win payment system is a system where partner companies are guaranteed cash payment on the payment date, and before the payment date, the purchasing company (large corporation, etc.) can cash out accounts receivable paid on credit through the bank using the large corporation’s credit. The system mandates that the first-tier subcontractor, who receives payment from the large corporation through the win-win payment system, must also pay the second- and third-tier companies in the same manner. This system is being implemented and is evaluated as a key mechanism to lead fairness throughout the subcontracting transaction process.

Assemblyman Shin Jeong-hoon said, “Although the number of companies subject to the win-win growth index evaluation increases every year, the number of large corporations adopting the win-win payment system remains less than half, showing no progress,” and added, “Since win-win payment is a highly effective system in subcontracting transactions between large and small-medium enterprises, large corporations subject to the win-win growth index evaluation should actively adopt and revitalize it.”

This content was produced with the assistance of AI translation services.