HANOI, Vietnam -- Behind the explosive economic growth of Vietnam, which achieved a 5 percent growth of real gross domestic product annually for two decades -- 1.7 times faster than the global average -- lies its dependence on foreign government aid for development and direct capital investment projects. As Hanoi looks to set the stage for full-fledged modernization nationwide, there is a growing need for Southeast Asia's fourth-largest economy to be independent, in part through promoting h

Industry Dec. 18, 2022

HANOI, Vietnam -- Sing-alongs at a mini concert of a legendary singer, a surprise appearance of Vietnam's national hero, eye-catching choreography, and festivities: these were the moments that captured the hearts of some 1,000 people at the Korea-Vietnam Economic Cooperation Forum 2022 held at the InterContinental Hanoi Landmark72 Friday. The event, designed to celebrate the 30 years of economic ties between South Korea and Vietnam, also hosted performances on its sidelines to mark the cu

Industry Dec. 18, 2022

A key suspect of a high-profile land corruption scandal in South Korea was sent to hospital Thursday after he stabbed himself with a knife in an apparent suicide attempt. The suspect Kim Man-bae was in stable condition, but was hospitalized in an intensive care unit of Ajou University Hospital in Suwon, Gyeonggi Province, due to injuries in his neck and chest. Kim was found by his attorney inside his private car on Wednesday. Kim, a former journalist, is one of the shareholders in asset manageme

Social Affairs Dec. 15, 2022

Herald Corp., publisher of The Korea Herald and Herald Business, will co-host a forum on Friday to shed light on how the elevated bilateral relationship engenders new opportunities between the provinces of South Korea and Vietnam. Also coming into focus are the higher standards of living in Vietnam in tandem with the nation's fast economic growth, a burgeoning manufacturing hub in the fourth-largest economy in Southeast Asia, Korea's evolving food technologies that are coming to Vietnam, as well

Industry Dec. 14, 2022

Administrative and financial support to over 7 million ethnic Koreans living outside South Korea has largely remained insufficient, despite their contributions to the growth of Korea's export-driven economy, claimed a supermarket boss who runs over 130 stores in Vietnam. "Businesses run by ethnic Koreans overseas have been at the forefront of the Korean economy," said Ko Sang-goo, president of the Vietnam-based K-Market supermarket chain operator K&K Global Trading Co., in a r

Consumer Dec. 14, 2022

President Yoon Suk-yeol on Thursday approved the Cabinet's request to issue another order mandating striking truckers to return to work, sticking to his hard-line stance against unionized workers, amid his favorability rating hitting a five-month high. The decision was made during an extraordinary Cabinet meeting where ministers agreed to impose legal means to push an end to the strikes. Supply disruptions across the nation have ground factories to a halt, hindering exports of goods from So

Social Affairs Dec. 8, 2022

South Korea's pandemic response authorities proposed on Wednesday to lift the nationwide indoor mask mandate as early as January next year, with plans for policy talks and forums beginning this month. "As long as conditions (regarding the gravity of coronavirus) are met, (the eased mask rules) will come into effect at least in January, or March at the latest," Peck Kyong-ran, commissioner of the Korea Disease Control and Prevention Agency, said in a briefing in Seoul Wednesday. Pe

Social Affairs Dec. 7, 2022

A return-to-work order for cargo truckers dedicated to carrying steel and oil was not on the table during a Cabinet meeting held Tuesday, as the striking truckers appear to be losing steam, and as cement supply across the country returns to a normal level. At the Cabinet meeting, Prime Minister Han Duck-soo reiterated the administration's stance that the government will "not compromise with unlawful acts and take stern action against any violations by law and principle." But the orders

Social Affairs Dec. 6, 2022

South Korea is looking to map out plans by 2023 to build the second presidential office in the administrative city of Sejong, the office of Prime Minister Han Duck-soo announced Tuesday. This is part of the Yoon Suk-yeol administration's policy road map to elevate Sejong, a city that is 120 kilometers south of Seoul, to the nation's de facto administrative capital. Currently, Yoon's office is located in Yongsan-gu, center of Seoul. The government also pledged to set up measures an

Social Affairs Dec. 6, 2022

Amid growing calls to revise the indoor mask mandate, South Korea's top adviser to the Yoon Suk-yeol administration for the handling of the pandemic played down easing the mandate, citing lingering safety concerns. Jung Ki-suck, a medical pundit who chairs the Special Response Center of the Central Disaster and Safety Countermeasure Headquarters, said Monday at a briefing in Seoul that the premature decision to ease indoor mask rules could exacerbate the chance of infection for those at higher r

Social Affairs Dec. 5, 2022

  A US citizen has been nabbed by the police in Romania for vandalizing multiple subway cars in at least six South Korean cities, the police said Monday. The Incheon Nonhyun Police Station has issued a request to the Romanian authorities for an extradition of the unnamed 26-year-old American detained in Romania to Korea. Police have been trying to track down the other suspect, a 27-year-old Italian. The two allegedly graffitied the exterior of stationary subway cars inside subway yards acro

Social Affairs Dec. 5, 2022

Following former national security adviser Suh Hoon’s arrest on Saturday for allegedly covering up North Korea's killing of a South Korean official in the West Sea, clashes between ruling and opposition parties are intensifying, with eyes on whether the investigation will target former President Moon Jae-in. The prosecution issued an arrest warrant Saturday at around 4:55 a.m. against former national security adviser and spy agency chief Suh after more than 10 hours of questioning, ci

Social Affairs Dec. 4, 2022

Seoul subway operations returned at full capacity early Thursday morning after a late-night agreement by management to withdraw a staff downsizing plan ended the strike. Some parts of Line Nos. 1, 3 and 4, however, might not run at full capacity due to separate work-to-rule action by labor unions of Korail, another subway system operator in Greater Seoul. Workers on Line Nos. 1 through 8 went on strike over revived plans to reduce staff by not replacing retiring workers. The subway operator had

Social Affairs Dec. 1, 2022

The government will seek to revise the act on serious industrial accidents that holds business management criminally liable for deadly workplace accidents by shifting its focus from punishment to prevention. The move comes amid persistent opposition to the law from the business circles. They say the law, officially called the Serious Accidents Punishment Act, is vague in its application and opens up the possibility of abuse of power by investigative authorities. The Ministry of Labor said it wou

Social Affairs Nov. 30, 2022

Over the last three decades Korea and Vietnam have been major trade partners, played critical roles in one another's industrial supply chain and provided cultural inspiration to each other. To this day, there are countless Korean corporations searching for business and investment opportunities in Vietnam, and seeking to adapt to the shifting dynamics caused by Vietnam's exponential growth and modernization, as well as demographic and behavioral changes. These agenda will be on the tabl

Industry Nov. 30, 2022