HYUNDAI WIA obtained AA ratings for the ‘Authorized Economic Operator (AEO)’ certification from the Korea Customs Service.

On August 29th, HYUNDAI WIA announced that the company received AA rating certification in the ‘ 3rd Excellent Import-Export Safety Management Company Certification Awards Ceremony of 2024,’ held in Busan Main Customs located in Busan Metropolitan City. HYUNDAI WIA earned AA ratings for both the import and export sectors. Since its earlier certification in December 2022, which was a year and eight months ago, HYUNDAI WIA has achieved an AEO credit rating raise from A to AA. Regular rating examination takes place every five years, which is the validity period of the certification.  

AEO certification is an international authorization system in which the Korea Customs Service approves excellent companies that comply with the safety management standards of the World Customs Organization (WCO) for import and export. Evaluation criteria including △ internal control system, △ compliance with the law, △ financial soundness, △ safety management and △ social contribution will be reviewed comprehensively. AEO-certified companies will not only secure global export competitiveness but also benefit from customs investigation exemption, reduced fines, quick customs clearance with less paperwork, and reduced import-export inspection rates.

HYUNDAI WIA was well-recognized for maintaining a high rating in the ‘compliance’ sector for AEO certification evaluation. The compliance sector comprehensively evaluates accuracy in import-export and refunds, the degree of customs examination cooperation, and matters of violation The highest achievable score is 99, and HYUNDAI WIA maintained a score of 99 from the third quarter of 2023 until the second quarter of 2024. In fact, HYUNDAI WIA operates a dedicated organization and conducts systematic work for import-export safety management.

HYUNDAI WIA’s efforts to help suppliers obtain AEO certification also had a positive impact on the ‘social contribution index.’ Since last year, HYUNDAI WIA has been supporting expenses and providing consultations for suppliers to obtain AEO certification. With the help of HYUNDAI WIA from last year, a total of 6 suppliers are undergoing the AEO certification process. Among those companies, CALS and Samsung Industrial successfully obtained A ratings. Consequently, HYUNDAI WIA was able to meet partner certification criteria for providing support to the suppliers, which is an essential requirement to upgrade the credit rating to AAA.

HYUNDAI WIA aims to obtain AAA ratings in the coming 2028 by continuously strengthening import and export management. "We are delighted to receive recognition for our import and export management process. We are committed to maintaining the safety of our import and export procedures and to assisting our suppliers in enhancing their export competitiveness, both externally and internally," said an official from HYUNDAI WIA.