Another South Korean agricultural firm has license revoked

Quang Nam Province authorities said last week they revoked the investment license of a South Korean agricultural processing company due to its ineffective business operations and non-compliance with local regulations.

Established in 2007, the US$1.5-million International Agriculture Product Korea Vietnam Company in Dien Quang Commune in the central province deals mainly in peanut processing.

The company had also signed a contract with the local Dien Quang General Trading and Services Cooperative to plant about 80 hectares of peanuts and to sell chilies imported from Korea.

However, after the firm’s operations became unprofitable and it had failed to comply with its local legal obligations, the provincial People’s Committee decided to revoke its license.

Quang Nam Province authorities revoked another South Korean company’s investment license last December, six months after the director allegedly absconded owing almost $100,000 to local chili farmers.

Hua Xuyen Quynh

thanh nien

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