Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) said it has signed a deal with the Vietnamese Mint to supply 244 tons of banknote papers.
In the bidding battle with global banknote issuers, including France, Indonesia, Switzerland and Sweden, KOMSCO was able to win the contract in four years in the Vietnamese market due to the fact that it proactively responded to customers’ demands, such as price and quality.
The 1.3 billion won (US$1.07 million) deal was the first one received in the overseas business division this year. This year, KOMSCO is targeting to report 500 billion won (US$410.85 million) in sales.
KOMSCO has been exporting various items, such as bank notes, coins, banking papers, security papers and electronic voting cards, to 40 countries, including Bangladesh, Japan, China, the Philippines, Papua New Guinea, Kyrgyzstan and Peru, since it first exported them to Thailand in 1970. It exported currency papers to Thailand, the Philippines, Indonesia and Vietnam.
KOMSCO CEO Kim Hwa-dong said, “The company has won the deal in the face of fierce competition with other global banknote issuers, reestablishing a foothold in the Vietnamese market. KOMSCO will diversify export items in the future from banknote papers, security papers and ID products to various security products with the latest security features, which have been accumulated in the past 65 years.