Booyoung Group Joins Pilot Operation of 'Payment Linked System' for Win-Win Cooperation with SMEs

Minister Lee Young of the Ministry of SMEs and Startups (first from the left), Choi Yang-hwan, CEO of Booyoung Group (second from the left), and Yoon Soo-hyun, Vice Chairman of the Fair Trade Commission (fourth from the left), are posing for a commemorative photo at the 'Voluntary Promotion Agreement Ceremony for the Payment Price Linkage System' held on the 14th at the KT Umyeon Research Center in Umyeon-dong, Seoul.
[Photo by Booyoung Group]

[Asia Economy Reporter Noh Kyung-jo] Booyoung Group announced on the 14th that it has joined the 'Government-Consignment Companies Delivery Payment Linkage Voluntary Promotion Agreement.' The purpose is to help alleviate the management difficulties of small and medium-sized enterprises by reflecting the increase in raw material prices in delivery payments.

A total of 335 companies participated in this agreement, including 41 large corporations such as Samsung Electronics, Hyundai Motor Company, KT, and SK Innovation, and 294 consignment companies. They autonomously conclude delivery payment linkage agreements using the special delivery payment linkage agreement prepared by the Ministry of SMEs and Startups.

Until now, the pilot operation of the delivery payment linkage system has been centered on large corporations. Some raw material price fluctuations were reflected in delivery payments on a monthly or quarterly basis according to a predetermined method. However, this time, it was standardized with special agreements or subcontract payment linkage contracts to make it practically usable on site.

A Booyoung Group official said, "Through this agreement, we expect to establish a stable construction material supply chain in response to external environmental changes and enable win-win cooperation and mutual growth between large and small and medium-sized enterprises."

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