Hanwha Group Participates as Partner Company in Ministry of SMEs and Startups' Payment Linked System for Suppliers

Exterior view of Hanwha Building in Janggyo-dong, Jung-gu, Seoul. Photo by Hanwha

Hanwha Group announced on the 27th that it will participate in the Small and Medium Venture Business Department's Supplier Payment Linkage Program.

The Supplier Payment Linkage System, set to be implemented on October 4, adjusts the payment for supplies when the price of major raw materials supplied by the consignor company to the consignee company fluctuates by more than 10%. Since raw material price changes cannot be predicted at the time of contract signing, the system aims to reflect the changed prices in the supply payment to ease the burden on small and medium-sized partners.

Major affiliates such as Hanwha, Hanwha Aerospace, Hanwha Systems, and Hanwha Solutions will jointly participate in this program. They will autonomously agree on items such as raw materials eligible for linkage and conduct a pilot operation, with plans to expand the scope of operation in consultation with partner companies in the future.

Hanwha Group stated, "We will continue to operate differentiated win-win growth programs based on the management philosophy of 'Together, Far'. "

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