Nguyen Hong Dien, Vietnam’s minister of industry and trade, on Tuesday urged South Korea to invest in clean energy and mineral resource development, in a step toward strengthening the two countries’ bilateral ties. “In a few weeks, Vietnamese government will approve the country’s long-term eight master plans centering on renewable energy. We hope South Korean companies invest in mineral resource development here, that is essential to the energy industry,” the mini

Industry Dec. 7, 2022

Vietnam’s Planning and Investment Minister Nguyen Chi Dung on Monday renewed the Southeast Asian country's commitment to bolstering business ties with South Korea in a range of areas from construction to medical care. “Despite the struggling global economy and dim outlook for next year, Vietnam is one of the best countries for investment, mostly driven by a stable political and economic environment, rapid growth rate and resilient workforce,” said the minister during a lunche

Foreign Affairs Dec. 6, 2022

A wind of change may be blowing at the nation’s male-dominant corporate culture, with more women getting promoted to take top seats amid year-end reshuffles. LG Group last week tapped two female CEOs to lead its key affiliates – Lee Jung-ae for its retail arm LG Household & Health and Park Ae-ri for its advertising unit G II R. It was the first time not just for LG, South Korea’s fourth-largest conglomerate, but for one of the nation’s top five chaebol groups, to appo

Consumer Nov. 27, 2022

With coronavirus pandemic reaching its endemic phase, South Korea’s food delivery platforms may be losing their growth momentum. But Thailand is fast rising as a market filled with new business opportunities for e-commerce startups. Located in the heart of Southeast Asia, the country’s food delivery market is thriving with a surge in smartphone users and one of the leading players is Line Man Wongnai, the popular food delivery platform operated under Line Corp. “The fact th

Industry Nov. 27, 2022

South Korea’s imports of kimchi, a staple of almost every meal, reached an all-time high last month, with soaring ingredient costs driving up prices of domestically made kimchi amid inflation fears. In October, kimchi shipments from overseas surged by 50.9 percent compared to a year earlier to $17.02 million, according to data from the Korea Customs Service. The figure showed a 16.2 percent increase from the previous month. It is the first time monthly imports surpassed the $17 million m

Consumer Nov. 16, 2022

Kwon Hyuck-bin, founder of South Korea’s gaming giant Smilegate and the nation's fifth richest person in terms of asset value, is going through an expensive divorce, according to legal sources Tuesday. Kwon’s wife was recently ruled in favor of her claim banning her husband from selling company shares until the divorce is finalized. Kwon controls 100 percent shares of Smilegate that is best known for its popular shooting game “Crossfire.” If the court orders Kwon t

Technology Nov. 15, 2022

APR, operator of Korean street fashion brand Nerdy and dermocosmetics brand Medicube, said Tuesday it posted record-high sales in the third quarter this year. The company’s sales surged on-year by 306 percent to 95 billion won ($72 million) while its net income jumped 81 percent to 12 billion won from July to September. Accumulated sales and income through the third quarter were 269 billion won and 18 billion won, respectively, surpassing last year’s performance. The company attrib

Consumer Nov. 15, 2022

JEJU -- Fun fact: Tangerines produced in South Korea’s resort island of Jeju, well-known for these sweet and sour fruits, actually originated from Japan. As time passed, most of the tangerines have been modified for cultivation within Korea, but their histories can still be traced back to Japan. In a move to promote authentic Korean food and reduce dependency on foreign fruits, Jeju is striving to produce its homegrown tangerines, according to an executive from a state-run agricultural a

Industry Nov. 14, 2022

With the upcoming milk price hike slated for this week, South Korean consumers are likely to see a series of price increase in bread, butter and dairy products -- everyday low-cost items -- worsening the already soaring inflation. Seoul Dairy Cooperative, the largest supplier of milk and dairy products here, recently announced it will increase the price of milk and dairy products around 6 percent starting Thursday. A 1-liter carton of the company’s milk will be at least 2,800 won ($2.10) i

Consumer Nov. 13, 2022

South Korean e-commerce giant Coupang Inc. turned a profit in the third quarter this year – a first after years of losing money since the launch of its ultrafast Rocket Delivery service in 2014. The company logged $90.7 million in net income during the July-September period in a dramatic turnaround from last year’s net loss of $324 million, Coupang founder and CEO Kim Bom said in a conference call early Thursday. Its revenue increased 10 percent to $5.1 billion during the same period

Consumer Nov. 10, 2022

SEOGWIPO, Jeju Island -- Researchers and government officials from South Korea and Africa gathered on Wednesday in a bid to discuss cooperative measures aiming to boost sustainable development of agriculture in the second-largest continent based on innovative technology. “Although Africa is one of the regions that show great growth potential for agriculture industry, more than 23.5 million people suffer from food crisis -- those who are forced to skip one or two meals in a day -- due to cl

Industry Nov. 9, 2022

SEOGWIPO, Jeju -- South Korea’s first-ever expo on automotive and self-operating agriculture machinery kicked off Tuesday on Jeju Island, addressing commitment for sustainable agriculture powered by innovative technology. “The country’s agriculture industry is facing great challenges, including climate change and a shrinking agricultural population along with aging farmers. These have become struggles for the agriculture industry here,” said the expo’s committ

Industry Nov. 8, 2022

The Ministry of SMEs and Startups said Friday that it will expand its funding for venture capitals’ investment in startups to a total of 8 trillion won ($5.6 billion) by 2026 to spur startups’ growth. “Battered by inflation, high interest rates and a strong US dollar, investments into Korean startups are slowing down,” said SMEs and Startups Minister Lee Young. “The country needs a more dynamic ecosystem to boost the startup industry led by the private sector and su

Industry Nov. 4, 2022

South Korean tobacco company KT&G said Friday it plans to buy back 350 billion won ($245.1 million) of its own shares in a bid to boost shareholder returns. The firm is also considering increasing dividends per share by more than 200 won compared to last year. It is the second share buyback since last year when the company bought back 350 billion won of its shares and paid dividends of some 576 billion won to shareholders. In November 2021, the company announced it would carry out a shareh

Consumer Nov. 4, 2022

The Ministry of SMEs and Startups said Thursday it plans to inject more than 2 trillion won ($1.4 billion) of investment comprised of state and private fund to incubate around 1,000 advanced technology-based startups for the next five years. Categorized as the “deep-tech” sector, the ministry selected 10 industries of growth including system semiconductors, biologics and health care, future mobility, next generation nuclear power plants and quantum technology. It is the largest su

Industry Nov. 3, 2022