South Korean steel giant POSCO's subsidiary POSCO-Vietnam has started the operation of POSCO's first global e-procurement system outside South Korea.
According to a statement, the new system will enable POSCO-Vietnam to share and process all the information related to bidding, signing contracts, ordering and supplying on a real-time basis. The electric bidding process in the system is expected to make the entire purchasing process more transparent and efficient, as the use of electronic data will minimize human involvement in all the related procedures.
The new system will be used at POSCO's other overseas production centers including POSCO-Mexico, POSCO-VST and Zhangjiagang Pohang Stainless Steel in order to lay a cornerstone for the steelmaker's integrated global purchase order system.