Journalist

Lee Hugh
  • South Korea Seeks to Supply Trains for Ho Chi Minh City Metro Line 2, Expand Vietnam Infrastructure Ties
    South Korea Seeks to Supply Trains for Ho Chi Minh City Metro Line 2, Expand Vietnam Infrastructure Ties South Korea and Vietnam have agreed to broaden cooperation across infrastructure, including railways, roads, ports and smart cities, with discussions ranging from supplying trains for Ho Chi Minh City’s Metro Line 2 to technology transfer, joint smart-city development and participation in social housing projects. Vietnamese outlet Vneconomy reported that Tran Hong Minh, Vietnam’s construction minister, met April 21 in Hanoi with Kim Yun-deok, South Korea’s minister of land, infrastructure and transport. Kim said cooperation has become more urgent amid global instability, including supply-chain and energy-security concerns tied to conflict in the Middle East. He also cited momentum from Communist Party General Secretary To Lam’s visit to South Korea in August last year and more recent rail-cooperation talks involving South Korea’s rail bureau chief and Vietnam’s ambassador to South Korea. ◆ Proposal to supply Metro Line 2 trains; technology transfer and training In rail cooperation, the International Contractors Association of Korea presented specific proposals. The group said South Korea introduced high-speed rail in 2004 based on foreign technology and later developed its own capabilities in construction, operations, maintenance and rolling-stock manufacturing, and now exports high-speed trains to multiple countries. As a first step, the association said it hopes to supply trains for Ho Chi Minh City’s Metro Line 2. It said it also wants deeper cooperation, including workforce training and technology transfer, to help Vietnam build a self-reliant rail industry. Citing a rail memorandum of understanding signed by the two countries in 2025, it formally proposed holding the first Korea-Vietnam Rail Cooperation Conference in June. South Korea also expressed interest in expanding cooperation beyond rail to road transport infrastructure, ports and aviation. On financing, it proposed a mix of official development assistance and public-private partnership models, along with policy support and training programs. ◆ Cooperation to widen to smart cities, social housing and urban challenges Beyond transport, South Korea asked Vietnam’s construction ministry to help create conditions for Korean companies to participate more actively in urban development. It listed smart-city construction, investment in housing development, joint work on urban issues such as waste, environment and energy, and support for capacity building and policy improvements. South Korea also formally proposed establishing a Korea-Vietnam Infrastructure and Technology Cooperation Committee as a standing channel to improve information sharing and coordination. It said institutionalizing cooperation would help build a stable, long-term framework beyond one-off projects. Tran said the meeting would both reinforce past cooperation and open new directions. He said South Korea has been Vietnam’s second-largest bilateral donor supporting transport infrastructure development since 1996, adding that nine projects totaling more than $1 billion in loans have been completed and six projects worth about $600 million are underway. The two countries have also worked together in urban development and housing. South Korea’s land ministry said it cooperated in 2023 by providing training support and sharing experience during Vietnam’s research and development process for its Housing Law and revised Real Estate Business Law, efforts that were assessed as improving the investment environment for domestic and foreign companies. The Korea Land and Housing Corp. is pursuing a new-town development project in the southeastern part of Hung Yen province, and three ODA technical assistance projects are already underway in smart-city and social-housing fields. Tran said he would designate relevant agencies under the construction ministry as coordination points with the South Korean side. He also instructed officials to focus on key tasks, including forming the proposed committee, holding the rail cooperation conference in June, pursuing PPP projects in transport and urban development, and establishing a Korea-Vietnam Smart City Cooperation Center. 2026-04-23 14:07:36
  • KOCHAM Honorary Chairman: Korea’s Technology and Vietnam’s Workforce Are Inseparable
    KOCHAM Honorary Chairman: Korea’s Technology and Vietnam’s Workforce Are Inseparable President Lee Jae-myung’s official visit to Vietnam, joined by Samsung and other major South Korean conglomerates, is widening the scope of strategic cooperation between the two countries, Vietnamese media reported. Areas under discussion range from high-speed rail and nuclear power to semiconductors and artificial intelligence, as both sides pursue a 2030 goal of $150 billion in bilateral trade. Vietnam’s Tuoi Tre reported that Hong Sun, honorary chairman of the Korean Chamber of Commerce in Vietnam, said at a meeting with South Korean companies held on the occasion of Lee’s visit that the president shared “a new direction” for bilateral cooperation. Hong said Lee set the $150 billion trade target for 2030 and identified infrastructure, nuclear power, energy, critical minerals, supply chains, AI, climate-change response and advanced technology as key areas for cooperation. ◆ “Technology powerhouse plus workforce and investment environment — an inseparable link” Hong said that amid a “complex and unstable” global economic environment, forming an economic alliance is an inevitable trend that can both open new opportunities and strengthen supply-chain security. He said South Korea has strengths in technology and engineering, while Vietnam has strengths in its workforce and investment environment, calling the combination “an inseparable link.” About 10,000 South Korean companies operate in Vietnam across fields from science and innovation to infrastructure and smart cities, the report said. As of last year, South Korea was Vietnam’s largest foreign investor with cumulative investment of $94.5 billion and remained Vietnam’s third-largest trading partner with bilateral trade of about $89.5 billion. Samsung drew particular attention among the accompanying business delegation. Samsung’s Vietnam operations posted $64.9 billion in revenue last year and $57.1 billion in exports, returning to growth from the previous year, the report said. Its cumulative investment has exceeded $24 billion, and it operates six factories and a research and development center, positioning Vietnam as a global strategic production base. Earlier, Na Ki-hong, a vice president and head of Samsung Electronics’ Vietnam Samsung Strategic Cooperation Office, said Samsung will continue stable investment activities based on trust with the Vietnamese government and authorities in Thai Nguyen province. Beyond manufacturing, Samsung runs a supply-chain linkage program for 379 Vietnamese companies to support productivity improvements and has trained hundreds of local experts, contributing to the local industrial ecosystem, the report said. ◆ Taihan Vina to invest 80 billion won in extra-high-voltage cable production Another company highlighted was Taihan Vina, Taihan Cable & Solution’s manufacturing unit in Vietnam, founded in 2005 and described as a leading cable maker in the country. It produces high-voltage and medium- and low-voltage power cables, as well as overhead lines. The company plans to sign a memorandum of understanding to expand cooperation in Vietnam’s power infrastructure and construction sectors. Choi Seung-ho, head of Taihan Vina, said the agreement covers cooperation on power-cable supply, technical consulting and sharing market information. He said the company is reviewing plans for a second plant in northern Vietnam and is building the country’s first 400-kilovolt extra-high-voltage plant. Choi said major national projects in Vietnam — including expanding transmission networks, shifting to renewable energy, restarting nuclear power, building new cities and constructing high-speed rail — are directly tied to the power-cable industry. He said South Korean companies’ high-voltage direct current transmission technology, engineering, procurement and construction capabilities, and project-financing experience complement Vietnam’s needs. He also called for policy support from both governments to ensure fair competition and to cooperate on training technical personnel in South Korea and Vietnam. 2026-04-23 14:06:40
  • Reuters: DeepSeek Seeks First Outside Funding at Valuation Above $20 Billion
    Reuters: DeepSeek Seeks First Outside Funding at Valuation Above $20 Billion Chinese AI startup DeepSeek, which has previously ruled out outside funding, is now seeking its first external capital, according to reports. Reuters reported on April 22 (local time) that Tencent and Alibaba are discussing potential investments in DeepSeek. The Information, citing multiple sources, said DeepSeek is pursuing its first outside funding round based on a valuation above $20 billion. Reuters said the valuation and the amount to be raised could change because talks are ongoing. DeepSeek is an AI startup owned by Chinese hedge fund High-Flyer Capital Management. Reuters reported on April 17 that DeepSeek was in talks with investors to raise at least $300 million, based on a valuation of about $10 billion. At the time, The Information said DeepSeek was seeking outside funding to finance development of reasoning-focused AI and autonomous agents. The rising valuation comes as AI development costs climb. Reuters said the fundraising talks underscore that building and operating advanced AI models requires large amounts of capital as sophisticated reasoning models and agent-based AI spread.* This article has been translated by AI. 2026-04-23 14:05:58
  • South Korean envoy meets Iran foreign minister, stresses importance of ties
    South Korean envoy meets Iran foreign minister, stresses importance of ties Jeong Byeong-ha, a special envoy of South Korea’s foreign minister, met with Iranian Foreign Minister Seyed Abbas Araghchi in Tehran, Iran’s Foreign Ministry said. According to the ministry, the meeting took place on the afternoon of April 22 local time. Jeong conveyed greetings from South Korean Foreign Minister Cho Hyun and said it was very important to strengthen South Korea-Iran relations. He also welcomed the ceasefire and said he hoped diplomatic efforts would bring a complete end to the war and help establish peace and stability in the region. Iran’s INSA news agency quoted Araghchi as saying Iran, as a coastal state of the Strait of Hormuz, had taken steps under international and domestic law to protect its national security and interests against what he called aggression and threats by the United States and Israel. He said responsibility for any consequences lay with the aggressors. Araghchi also stressed the importance of strengthening ties with South Korea and said Iran was ready to actively pursue cooperation, INSA reported. Jeong left for Iran on April 10 to discuss safety for South Korean ships and citizens stranded in the Strait of Hormuz, as well as energy cooperation. * This article has been translated by AI. 2026-04-23 14:05:28
  • South Korea Proposes Tax Breaks for National Growth Fund, Including 40% Deduction
    South Korea Proposes Tax Breaks for National Growth Fund, Including 40% Deduction The government is moving to spell out tax support for a public-participation “National Growth Fund,” offering up to a 40% income deduction and a separate 9% low tax rate on eligible investments. The Ministry of Economy and Finance said on the 23rd it will issue a legislative notice for amendments to subordinate regulations, including the Enforcement Decree of the Restriction of Special Taxation Act, to introduce a tax preference for the fund. The notice period runs from April 24 to May 15. The ministry said the revisions are expected to be promulgated and take effect in May after the notice process and a Cabinet meeting. Under the proposal, tax benefits would apply when a resident age 19 or older — or age 15 or older with earned income — invests through a dedicated account in the National Growth Fund for at least three years. Eligible investments would receive an income deduction of up to 40% and be subject to separate taxation at about 9%. The fund is designed as a publicly offered fund-of-funds with private-fund features that restrict redemptions. It would invest in stocks, equity stakes and bonds of companies in advanced strategic industries and related firms. At least 60% of total assets must be invested in those areas, and the allocation must be met within 30 months. Investments would be made through a dedicated account. Contributions could be withdrawn early, and the contribution limit would be restored after a withdrawal. Workers age 15 or older would have to submit documents proving earned income, such as an income amount certificate. If an investor redeems or transfers the investment before completing the mandatory three-year holding period, the tax benefits would be clawed back. Exceptions would be allowed for unavoidable reasons such as retirement, business closure or illness. The ministry also said it will issue a legislative notice the same day for amendments to the Enforcement Decree of the Income Tax Act to require submission of documentation for the National Growth Fund income deduction. Under the change, related savings products would be added to the list of items required to submit deduction-supporting data to the National Tax Service. * This article has been translated by AI. 2026-04-23 14:04:45
  • Kyobo heir Shin Joong-hyun moves to SBI Savings Bank, faces leadership test
    Kyobo heir Shin Joong-hyun moves to SBI Savings Bank, faces leadership test Kyobo Life Insurance’s third-generation owner family member, Shin Joong-hyun, has moved from Kyobo Lifeplanet to SBI Savings Bank, putting his management credentials under closer scrutiny as the group pursues a shift toward a financial holding company structure. According to the financial industry on Wednesday, Kyobo Lifeplanet has posted a cumulative net loss of 219.2 billion won from its 2013 launch through last year, after piling up annual losses of more than 10 billion won. Kyobo Life Chairman Shin Chang-jae in 2020 gave his second son, Shin Joong-hyun, the key task of leading Lifeplanet’s digital business. While the unit’s weak results cannot be attributed solely to Shin, critics note that Lifeplanet sells policies only through online channels without agents, making digital strategy central to performance. From product planning and marketing to conversion-rate management, user experience design and data-driven risk management, the business runs on a digital platform, leaving the executive overseeing it difficult to separate from accountability. Growth indicators also weakened. Lifeplanet’s new policy sales totaled 1.4086 trillion won last year, down 9.7% from 1.5606 trillion won a year earlier. Among 22 life insurers, only Chubb Life Insurance Korea, which focuses on dental coverage, recorded a smaller amount at 312.9 billion won. As of the end of last year, Lifeplanet’s cumulative in-force policies stood at 7.7347 trillion won, just 0.3% of the combined total of 2,308 trillion won for the 22 companies. Against that backdrop, Kyobo Life has faced criticism for injecting billions of won into what some described as a bottomless pit. Industry watchers say early losses can be unavoidable for digital insurance, but more than a decade of accumulated losses and a recent trend of widening deficits are hard to dismiss as routine growing pains. An official in the life insurance industry said, “Internet insurance can be seen as an investment for the future, but with losses expanding, management will need to make important decisions.” Shin moved to SBI Savings Bank without closing out a turnaround at Lifeplanet. He will remain at Lifeplanet as an adviser and lead the synergy team under a newly created management strategy division at SBI Savings Bank. A plan to appoint him as one of the bank’s co-CEOs was reportedly considered, but he ultimately took a team leader-level role. SBI Savings Bank is seen as a key pillar in Kyobo Life’s strategy to broaden its portfolio and transition to a financial holding company, combining lending-based businesses with digital finance capabilities to complement insurance-heavy earnings. Some in the industry interpret Shin’s placement in another major post as also reflecting succession considerations. A business group official said, “Kyobo Life will use SBI Savings Bank as a foothold to lay out its plan for a transition to a financial holding company,” adding that moving an owner’s child who did not deliver results at a previous affiliate to a core unit appears to go beyond management training and take succession into account." 2026-04-23 14:04:03
  • LG Electronics CEO Ryu Jae-cheol vows push into global robot actuator market
    LG Electronics CEO Ryu Jae-cheol vows push into global robot actuator market Ryu Jae-cheol, CEO of LG Electronics, said the company will accelerate efforts to secure an early lead in the actuator market, a key component that functions as a robot’s joints. In a social media post on the 23rd, Ryu said, “This year, we plan to complete the buildout of a mass-production system for actuators and apply them directly to the intelligent home robot ‘LG Cloi.’” He added, “Next year, we will supply key components to global partners and move in earnest into external markets,” and said LG aims to expand “to the industrial high-torque segment by 2030” to position the company as a “global total actuator solution provider.” Ryu previously stressed at last month’s regular shareholders meeting that LG would move fully into actuator design and production. At the time, he said the company would establish a mass-production system within the year based on “Axiom,” the actuator brand introduced at CES 2026 in January. LG’s robot business is one of the CEO’s four key priorities, along with AI data center (AIDC) cooling solutions, smart factories and AI home initiatives. LG has designed and produced motors in-house since 1962 and has infrastructure to manufacture 45 million motors a year across seven production sites in five countries. Ryu said that scale allows LG to offer durability, reliability and price competitiveness that rivals find difficult to copy. He said the company has internalized both design and production of motors and drivers and is continuing to strengthen in-house capabilities in reducers.* This article has been translated by AI. 2026-04-23 14:03:15
  • Shinhan Financial Q1 Net Profit Rises 9% to 1.62 Trillion Won on Strong Non-Interest Income
    Shinhan Financial Q1 Net Profit Rises 9% to 1.62 Trillion Won on Strong Non-Interest Income Shinhan Financial Group posted another record quarterly result, reporting first-quarter net profit of more than 1.6 trillion won as strong brokerage performance and a sharp rise in non-interest income lifted earnings. In a regulatory filing Thursday, Shinhan Financial said first-quarter net profit rose 9.0% from a year earlier to 1.6226 trillion won. Operating profit increased as net interest income stayed solid and non-interest income, led by securities, improved markedly. Net interest income rose 5.9% to 3.0241 trillion won. The group’s net interest margin, a key profitability gauge, increased 3 basis points to 1.93%. Non-interest income climbed 26.5% to 1.1882 trillion won as fee income, gains related to securities and insurance income all grew. Non-operating income added 66.9 billion won, up 276.5 billion won from the previous quarter as one-off costs such as bank penalties and contributions to the New Leap Fund fell away. Loan-loss provisions increased 17.5% from a year earlier, reflecting higher credit costs tied to expanded sales and write-offs at the bank. Shinhan said its credit cost ratio was 0.46%, within its plan for the year. As of the end of March, the group’s preliminary BIS capital ratio was 15.72% and its common equity Tier 1 ratio was 13.19%, maintaining stable capital levels. By unit, Shinhan Bank posted first-quarter net profit of 1.1571 trillion won, up 2.6% from a year earlier. Non-interest income fell due to weaker securities-related results amid greater market volatility, but solid net interest income supported operating profit. Shinhan Card’s net profit fell 14.9% to 115.4 billion won after recognizing costs for a voluntary retirement program. Shinhan Investment Corp. reported net profit of 288.4 billion won, up 167.4%, as a stronger stock market boosted trading value. Shinhan Life posted 103.1 billion won in net profit, down 37.6%, hit by weaker insurance profit due to a wider gap between expected and actual claims and lower financial profit amid rising market rates. Separately, Shinhan Financial said its board approved a new corporate value plan, dubbed “Shinhan Value-Up 2.0.” The plan centers on managing an appropriate CET1 ratio while introducing a new shareholder return target that links return on equity and growth, with the payout ratio rising as growth increases. The group also said it will pursue tax-free dividends for the next three years and aim to raise dividends per share by at least 10% annually, using remaining resources for share buybacks and cancellations to add consistency and flexibility to shareholder returns. For the first quarter, Shinhan resolved a dividend of 740 won per share and said it is proceeding with a planned 700 billion won share buyback program scheduled to run through July.* This article has been translated by AI. 2026-04-23 14:01:42
  • Dalba Global Shares Rise Nearly 8% on Buyback Plan and Strong Q1 Outlook
    Dalba Global Shares Rise Nearly 8% on Buyback Plan and Strong Q1 Outlook Dalba Global shares climbed in intraday trading on April 23, buoyed by expectations that a planned share buyback and cancellation will boost shareholder value and by forecasts of strong first-quarter results. According to the Korea Exchange, Dalba Global was trading at 230,000 won as of 1:47 p.m., up 17,000 won, or 7.98%, from the previous session. The company said the previous day it will acquire about 20 billion won worth of its own shares through a trust contract to enhance shareholder value and fund stock compensation for employees. Investor expectations for first-quarter earnings also supported the stock. In a recent report, Shinyoung Securities analyst Lee Gyo-seok said sales in North America and Europe are expected to rise 200% from a year earlier, driving results. He forecast domestic sales would increase 15% year over year to 57.7 billion won, citing a more diversified channel mix including Olive Young, home shopping and Naver Smart Store. Lee said the company has continued double-digit domestic growth even as competition has intensified and growth has slowed for other major indie brands, adding that expanded sales of multi balm and double cream products, which are less affected by seasonality, could further improve performance. Shinyoung expects first-quarter revenue to rise 46% from a year earlier to 166.4 billion won and operating profit to increase 29% to 38.8 billion won, for an operating margin of 23.3%. The brokerage raised its target price to 240,000 won from 200,000 won.* This article has been translated by AI. 2026-04-23 14:00:54
  • Iran Releases Video of Ship Seizure in Strait of Hormuz, Masked Troops Board by Ladder
    Iran Releases Video of Ship Seizure in Strait of Hormuz, Masked Troops Board by Ladder As tensions rose after a second round of cease-fire talks between the United States and Iran collapsed, Iran released video showing its forces detaining ships in the Strait of Hormuz, stepping up a public messaging campaign. ABC News reported on the 22nd (local time) that Iranian state television aired footage showing Iranian forces approaching and taking control of a commercial vessel. The video shows masked troops carrying rifles speeding toward a ship in fast boats, then climbing a ladder to board the deck. In a statement, Iran’s Islamic Revolutionary Guard Corps said it had secured two vessels in the Strait of Hormuz and moved them into Iranian territorial waters. The IRGC claimed the Panama-flagged MSC Francesca and the Liberia-flagged Epaminondas tried to leave the strait without Iran’s permission. It said it plans to inspect the ships’ cargo and related documents. The IRGC said it would “continuously monitor” any actions that obstruct Iran’s enforcement of laws governing passage through the “strategic waterway” or run counter to safe navigation, and would take “firm and legal measures” against violations. The detentions came after U.S. President Donald Trump unilaterally declared an extension of a “two-week truce” with Iran, one day before it was set to expire. Iran has continued shows of force in the Strait of Hormuz in response to the United States’ stance that it will maintain a maritime blockade.* This article has been translated by AI. 2026-04-23 14:00:20