S. Korean company commits to paying $400,000 debt

A Korean company in Ho Chi Minh City has agreed to pay its overdue social insurance debts after negotiating with the city’s Social Insurance Agency at the People’s Court of Phu Nhuan District Thursday.

The Kwang Nam Company, which specialized in sport shoes production, had been with holding the fees paid by its 2,000 laborers – which totaled VND7 billion (US$434,000) – since 1996.

The HCMC Social Insurance Agency, which failed to collect the fees from the company for more than a decade, submitted the case to the District’s People’s Court in January.

During the negotiation session, the company agreed to pay all the insurance debts by September 5.