AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Long-Term Interest Rate Shock from U.S. Disrupts South Korean Economy with Over $1.5 Trillion in Debt
    Long-Term Interest Rate Shock from U.S. Disrupts South Korean Economy with Over $1.5 Trillion in Debt The long-term interest rate shock originating from the United States is putting pressure on South Korea's economy, which is grappling with over 2,000 trillion won in household debt and significant corporate refinancing burdens. As domestic government bond rates soar, corporate and bank bond rates are also rising, with mortgage rates approaching 7% again. Prolonged interest rate increases could not only suppress household consumption and business investment but also exacerbate vulnerabilities in sectors such as small businesses, marginal firms, and real estate project financing.According to the financial sector on August 20, the balance of household credit at the end of the second quarter reached 1,979.8 trillion won, surpassing 2,000 trillion won for the first time. This marks an increase of 25.9 trillion won over three months, the largest rise in nearly four years since the third quarter of 2021. The increase in loans related to housing, as well as other loans such as credit loans, has heightened the sensitivity of households to interest rates.Corporations and real estate project financing (PF) are also facing the burden of high interest rates. According to the Korea Securities Depository, the amount of corporate bonds maturing between September and December is expected to reach 22.3 trillion won. The delinquency rate for PF loans rose to 4.65% at the end of March, an increase of 0.77 percentage points from the previous quarter, with 16.4 trillion won classified as having significant or potential credit risk. If interest rates rise again, households and businesses already burdened with debt, as well as PF projects, will likely feel the impact more acutely.In this context, rising interest rates from the U.S. are pushing domestic financial costs higher. On August 18, the yield on the U.S. 30-year Treasury bond exceeded 5.3%, reaching its highest level in 19 years. This surge is attributed to the U.S. national debt surpassing $40 trillion for the first time, alongside fiscal pressures, increased Treasury supply, and inflation uncertainties.The shock quickly spread to the domestic bond market. The yield on South Korea's 30-year government bonds reached 4.751% on August 18, the highest since their first issuance in 2012. On that morning, the 30-year bond yield was 4.698%, while the 10-year bond yield stood at 4.335%. As government bond yields rise, the rates at which companies can actually secure funding are also increasing.On that day, the yield on AA- rated three-year corporate bonds was 4.505%, up about 1.6 percentage points from the 2.9% range a year earlier. This increase is not solely a reflection of rising government bond yields. The yield on three-year government bonds was 3.816%, resulting in a credit spread of 68.9 basis points (1 basis point = 0.01 percentage points) between the AA- rated three-year corporate bonds and government bonds. This indicates that additional costs are being added due to rising government bond yields and increased corporate credit risk.Companies that issued corporate bonds at interest rates of 2-3% during the low-rate period now face the possibility of refinancing at rates exceeding 4% as their bonds mature. While financially strong companies with sufficient operating profits can withstand this, those with high debt reliance or lower credit ratings may see increased interest costs lead to reduced investment and employment. Companies in worse financial situations may even find it difficult to refinance their corporate bonds.Households are also feeling the impact. The key benchmark rate for fixed-rate mortgage loans, the five-year financial bond yield, rose to 4.3967%, significantly higher than the same period last year. The fixed-rate mortgage rates at the four major banks (KB Kookmin, Shinhan, Hana, and Woori) have climbed to between 5.07% and 6.37%, with the upper end nearing 7%. If the rise in financial bonds continues, the burden on borrowers seeking new loans or having their rates reassessed will increase.With household debt exceeding 2,000 trillion won, even slight movements in interest rates can have a significant impact on the overall economy. Households that must allocate more income to interest payments will reduce consumption, while companies facing increased financial costs will cut back on investment and hiring. Small business owners, who are already relying on debt to cover operating costs amid declining sales, and marginal firms that struggle to cover even interest payments with operating profits are particularly vulnerable to rising interest rates. Additionally, as financial costs increase, the viability of less profitable PF projects may become even more challenging.Kim Dae-jong, a professor at Sejong University’s Business School, stated, "Even a 0.5 to 1 percentage point increase in interest rates could impose hundreds of thousands of won in additional interest burdens on households with large loans. This money will not be used for consumption, which could negatively impact the economy."* This article has been translated by AI. 2026-08-20 17:04:00
  • Copper Prices Surge Amid Growing Demand and Supply Constraints
    Copper Prices Surge Amid Growing Demand and Supply Constraints For investors finding gold prices prohibitive, copper is worth considering. With increasing demand driven by investments in artificial intelligence (AI) data centers and power grids, coupled with supply constraints, copper prices have reached record highs. However, even among copper exchange-traded funds (ETFs), returns can vary significantly based on the underlying assets, necessitating careful evaluation.According to the Ministry of Trade, Industry and Energy, on August 17, the London Metal Exchange (LME) spot price for copper hit $14,850 per ton. This marks an 18.13% increase since the beginning of the year and is the highest price on record.The potential for further increases in copper prices is high. Demand is rising due to the expansion of AI data centers and power grids, while production cannot be ramped up significantly in the short term. Additionally, production disruptions are exacerbating supply constraints. Ok Ji-hwa, a researcher at Samsung Securities, stated, "Copper producers are facing declining grades at aging mines and are struggling to initiate new projects and increase output. Despite investments amounting to billions of dollars, the slow pace of production increases raises concerns that new demand will not be met by supply."How can investors engage in copper investments? A straightforward option for individual investors is through ETFs. The domestic market offers copper investment ETFs such as 'TIGER Physical Copper' and 'KODEX Copper Futures (H)'. 'TIGER Physical Copper' invests in the spot price of copper, structured to invest in warehouse receipts for copper stored in government warehouses, allowing investment in the spot price without rollover costs associated with futures contracts. In contrast, 'KODEX Copper Futures (H)' is based on copper futures traded in the United States.Returns vary by product. From July 14 to August 14, 'KODEX Copper Futures (H)' rose by 3.07%, while 'TIGER Physical Copper' fell by 0.51%. This discrepancy arises because the two products track different copper prices. 'KODEX Copper Futures (H)' follows the price of copper futures traded in the U.S., while 'TIGER Physical Copper' reflects the LME spot price. Recently, speculation about potential tariffs on refined copper imports into the U.S. has led to increased demand for futures as investors seek to secure copper before tariffs are implemented, widening the price gap between spot and futures.If one expects the spot price of copper to rise in the medium to long term and wants to avoid costs associated with futures rollovers, a physical ETF is a good choice. Conversely, if one anticipates price strength in futures due to U.S. copper supply and tariff policies, a futures ETF may be a viable option.* This article has been translated by AI. 2026-08-20 17:04:00
  • Global Container Shipping Rates Surge 2.5 Times Amid Middle East Crisis
    Global Container Shipping Rates Surge 2.5 Times Amid Middle East Crisis The prolonged crisis in the Middle East has caused global container shipping rates to soar more than 2.5 times in six months, creating a mixed impact on domestic companies. While shipping firms are poised to benefit from higher rates, export manufacturers are facing increased logistics costs that pressure their profitability.According to the shipping industry on August 20, the Shanghai Containerized Freight Index (SCFI), which reflects global container shipping trends, reached a record high of 3355.24 as of August 14. This marks a significant increase from 1333 points at the end of February, prior to the outbreak of conflict in the Middle East.Shipping rates on Middle Eastern routes have hit all-time highs due to the impact of the conflict between the U.S. and Iran. The cost for one TEU (20-foot standard container) rose by $164 from the previous week to $5422. This is the first time this year that rates on Middle Eastern routes have surpassed $5000.Additionally, rates for shipments to the Americas have also increased, with the cost for one FEU (12-meter container) reaching $9568, up $278 from the previous week, and $6714 for the U.S. West Coast, an increase of $230.The surge in shipping rates is attributed to escalating geopolitical tensions in the Middle East, which have intensified recently. Rising international oil prices are also contributing to increased fuel costs for vessels, further pressuring shipping rates. The market anticipates that the prolonged crisis in the Middle East will delay the normalization of shipping capacity, leading to sustained high rates for the foreseeable future.The strong rates are a boon for domestic container shipping companies, particularly HMM, which relies heavily on its container business for revenue. HMM has reported a more than 50% increase in operating profit in the second quarter of this year, driven by rising shipping rates. The company expects a record performance in the third quarter, bolstered by high rates and increased cargo volumes ahead of the year-end and New Year consumption season.In contrast, export manufacturers are in a state of emergency. The rise in shipping rates directly translates to increased costs for transporting products overseas. Export companies, which are sensitive to external factors such as raw material prices and exchange rates, are facing heightened cost pressures as logistics expenses rise.A recent survey by the Korea International Trade Association of 219 domestic export manufacturers found that 83.1% identified 'rising shipping rates' as their biggest logistical challenge. The burden is expected to be particularly heavy for sectors like petrochemicals and food and agricultural products, where logistics costs constitute a significant portion of product prices.One industry insider noted, "For export volumes already contracted, it is difficult to adjust selling prices in response to rising shipping rates, meaning companies must absorb the increased costs. Especially when rates spike in a short period, the burden on exporters inevitably grows."* This article has been translated by AI. 2026-08-20 17:04:00
  • Busan National University Achieves Total Synthesis of Complex Natural Products
    Busan National University Achieves Total Synthesis of Complex Natural Products Researchers at Busan National University have successfully controlled the positional selectivity of the 'aryne reaction,' known for its high reactivity, to achieve the total synthesis of complex natural products derived from the polyphenol resveratrol found in grapes and wine.On August 20, the university announced that a research team led by Professor Yoon Hwa-young from the Department of Pharmacy has successfully synthesized laetevirenol A and isoampelopsin D, both natural products derived from resveratrol.Total synthesis refers to the complete creation of complex natural products starting from basic precursor materials through a series of chemical reactions.The aryne reaction is an organic chemistry process that generates a highly reactive intermediate between two adjacent carbons in an aromatic ring, forming new bonds. Its high reactivity has made it challenging to control the formation of bonds at desired locations.Natural products derived from resveratrol have attracted attention due to their diverse structures and potential medicinal applications, but their complex structures have made it difficult to synthesize them in desired forms or obtain various derivatives. Laetevirenol A, in particular, is noted for its complex structure as a resveratrol dimer with a phenanthrene skeleton formed by three bent benzene rings, making it a challenging natural product to synthesize.The research team compared the reactivity of aryne with various substituents and confirmed that using specific halogen-substituted aryne allows for the preferential formation of products at desired positions. Based on this, they constructed the phenanthrene skeleton and completed the total synthesis of laetevirenol A in nine steps from commercially available starting materials. For isoampelopsin D, they controlled the positional selectivity of the aryne-ene reaction to synthesize the target structure.The study was conducted with Professor Yoon Hwa-young as the corresponding author and Nguyen Huong as the first author, with contributions from Professor Lee Seok-woo of Chungnam National University, Professor Kim Yeon-jun of Pukyong National University, and Professor Jeong Gi-woong of Busan National University.The research teams from Chungnam National University and Pukyong National University conducted computational chemical analyses to investigate the reasons behind the controlled positional selectivity. They found that the reaction pathways and the stability of transition states vary depending on the substituents introduced to the aryne, and these differences influence the positional selectivity of the final products.The distortion energy of molecular structures and intermolecular interactions occurring at the transition state were identified as key variables. Evaluation of Antioxidant Activity of Derivatives: "It's Too Early for Material Discussions"Professor Jeong Gi-woong's team at Busan National University evaluated the biological activity of the derivatives obtained during the total synthesis process and found that most of the synthesized derivatives exhibited significant antioxidant activity, with some showing higher activity than the natural product itself.However, the research team clarified that the core achievement of this study lies not in proving the efficacy of new substances but in the advancement of synthetic techniques for creating complex compounds.Professor Yoon Hwa-young stated, "The antioxidant data is an additional result confirming the potential for various derivatives during the synthesis process," adding, "The main academic significance of this paper is establishing methodologies for controlling challenging chemical reactions."He emphasized that the essence of the research is to lay the groundwork for freely creating these derivatives rather than focusing solely on the antioxidant effects of specific substances.Professor Yoon further highlighted, "This research successfully applied the established positional selectivity of the highly reactive aryne in the total synthesis of complex natural products, and I expect that the methodologies developed will serve as a crucial foundation for future synthesis research of various natural products and derivatives using aryne, as well as exploring new medicinal applications."This research, supported by the Ministry of Science and ICT's research and development project, was published in the online edition of the Journal of the American Chemical Society (JACS) on August 4.* This article has been translated by AI. 2026-08-20 17:00:20
  • Why Young Adults Still Need Subscription Accounts Despite Low Chances
    Why Young Adults Still Need Subscription Accounts Despite Low Chances More young adults in their 20s and 30s are canceling their subscription accounts, believing their chances of winning a housing lottery are slim due to low scores. However, experts emphasize the importance of maintaining these accounts for long-term benefits, considering special supply options, subscription periods, and tax deductions.According to the Korea Real Estate Agency, as of July, there were 25,773,825 subscription account holders, a decrease of 60,209 from June and 410,282 from the beginning of the year. This decline indicates that many believe their chances of winning are low, even if they have an account. Nevertheless, experts argue that maintaining a subscription account is crucial for preparing for opportunities that match individual conditions, such as special supply.One of the main reasons to keep a subscription account is that winning a lottery is not solely determined by competition scores for general supply. Various special supply programs exist for newlyweds, first-time buyers, families with newborns, young adults, families with multiple children, and those caring for elderly parents. Depending on one’s life stage and circumstances, these programs can provide valuable opportunities. Notably, eligibility for special supply often hinges more on factors like housing status, marital and childbirth status, and income and assets than on competition scores.The subscription period is another reason to establish an account early. The eligibility for a subscription account is calculated from the initial registration date, making it advantageous to maintain the account for a longer duration.Additionally, subscribing to new housing offers the advantage of securing time to gather funds compared to purchasing existing homes. Unlike existing properties, new housing can take considerable time from the announcement of recruitment to actual move-in. Payments can be divided into down payments, interim payments, and final payments, aiding in long-term financial planning.Experts advise that the most important aspect of the subscription process is understanding one’s eligibility rather than merely focusing on winning. The type of supply and priority are determined by legal criteria, so it is essential to verify income, housing status, residence area, and subscription account duration in advance.Seojin Hyung, a professor at Kwangwoon University’s Department of Real Estate Law, noted, “Interest in subscriptions among those in their 20s and 30s has waned due to rising prices and low winning probabilities. However, there are cases where homes subject to price cap regulations are offered at lower prices than regular apartments. For those who find it challenging to secure a home immediately, it is necessary to consistently maintain a subscription account and prepare for long-term opportunities.”* This article has been translated by AI. 2026-08-20 16:56:20
  • Chip equipment maker rides surprise rally in tandem with Modernas triple-digit surge
    Chip equipment maker rides surprise rally in tandem with Moderna's triple-digit surge SEOUL, August 20 (AJP) - Shares of semiconductor equipment maker N2TECH hit their daily limit on Thursday as investors rushed into related South Korean stocks following Moderna's positive results from a late-stage cancer vaccine clinical trial. N2TECH's shares closed at 1,925 won on the junior KOSDAQ, up 29.98 percent from the previous session. The stock opened at 1,831 won and fell as low as 1,646 won before rebounding to the daily limit. The rally came after U.S. biotech firm Moderna and pharmaceutical giant Merck said their personalized mRNA cancer treatment showed positive results in a Phase 3 trial, marking a major step toward potential regulatory approval. The treatment was tested in patients with melanoma, a serious form of skin cancer. It is tailored to mutations in each patient's tumor and uses mRNA to give the immune system instructions to recognize and attack cancer cells. Shares of Moderna soared 176.97 percent in New York on Wednesday following the announcement, sparking a broader rally among South Korean stocks that investors associate with Moderna or mRNA technology. Somagen also closed at its daily limit of 3,750 won, up 29.98 percent, while ST Pharm jumped 11.68 percent to 110,900 won. N2TECH mainly makes equipment for semiconductor production. However, investors have viewed the company as a Moderna-related stock because it previously sought to distribute Moderna's COVID-19 vaccines in South Korea. Thursday's surge reflects growing investor interest in mRNA technology after the successful trial raised hopes that the technology used in COVID-19 vaccines could play a broader role in cancer treatment, although N2TECH is not directly involved in developing Moderna's cancer vaccine. AJP Takeaways • N2TECH shares closed at the daily limit of 1,925 won on Aug. 20, 2026, up 29.98 percent on the KOSDAQ. • The rally followed positive Phase 3 results for a personalized mRNA cancer treatment developed by Moderna and Merck for patients with melanoma. • Somagen also rose 29.98 percent to its daily limit on Aug. 20, while ST Pharm gained 11.68 percent. • N2TECH mainly makes semiconductor production equipment and is not directly involved in the cancer vaccine program, but investors have linked it to Moderna because of its past efforts to distribute the company's COVID-19 vaccines in South Korea. 2026-08-20 16:53:46
  • Physical AI Enters Daily Life as Chinas Unitree Surges on IPO
    Physical AI Enters Daily Life as China's Unitree Surges on IPO Physical AI, which allows artificial intelligence to interact directly with the physical world, is becoming increasingly integrated into daily life. At the world's largest robotics festival in Beijing, numerous robots ready for deployment in hotels, logistics, and security were unveiled. In South Korea, LG CNS is introducing security robots at the Tower Palace in Gangnam, expanding the role of robots into residential spaces.According to the IT industry on August 20, Chinese company Unitree, which went public on the Shanghai Stock Exchange's STAR Market on August 19, saw its stock price soar 629% on its first day, reaching 1,100 yuan from an initial offering price of 150.8 yuan. The company's market value peaked at 445 billion yuan (approximately $92 billion) during trading and closed at 341.8 billion yuan (about $71 billion). Unitree is the first humanoid robot company to list on the mainland Chinese stock market, with an IPO subscription rate of 8,000 to 1.The surge in interest in the robotics industry, driven by the entry of physical AI into everyday applications, is seen as a key factor behind Unitree's successful IPO. The company plans to invest the 6.1 billion yuan (around $1.3 billion) raised from the listing into new product development and AI training model research to further enhance its technological edge.Domestic analysts believe that Unitree's IPO success will improve investor sentiment towards local robotics stocks, such as Rainbow Robotics and Doosan Robotics.The '2026 World Robot Conference (WRC)', which opened on the same day as Unitree's IPO in Beijing's Economic and Technological Development Zone, showcases this trend. Themed 'Coexistence of Humans and Machines, Integration of Production and Demand', the conference runs until August 23 and features over 300 participating companies, nearly doubling the number from two years ago (169 companies), with more than 3,000 exhibits.The exhibition area, covering approximately 50,000 square meters, is divided into four sections: Smart Innovation Hall, Smart Integration Hall, Smart Manufacturing Hall, and Smart Experience Hall, featuring leading Chinese humanoid companies such as Unitree, Ubtech, Galaxy General, and Fourier.Among the exhibits, 'working robots' captured the attention of visitors. A security robot dressed in a blue uniform and police-style hat attracted crowds, while a robot from Shenzhen-based AstriBot demonstrated its ability to organize bags with its claw-like hands. iFlytek, known for its translation AI, showcased a robot capable of navigating uneven surfaces and inspecting luggage while seated, proving its potential for deployment in delivery and logistics centers.In a pre-conference event, a hotel robot technology competition demonstrated robots organizing water bottles and making beds, showcasing advancements in delicate tasks previously considered challenging for robots.In South Korea, the application of physical AI in daily life is also beginning. On the same day, LG CNS signed a memorandum of understanding with Tower PMC, a residential facility management company, to establish a 'security robot solution service' and will introduce quadrupedal security robots at the Tower Palace in Gangnam.The two companies will conduct technology verification over the next two months, aiming for actual operations in the fourth quarter. The robots will autonomously patrol common areas and underground parking lots, learning the layout and emergency data such as falls and fires based on LG CNS's robotic transformation platform, Physical Works. If a fire risk is detected, such as high heat at an electric vehicle charging station, the robot will immediately alert the management office.LG CNS and Tower PMC plan to introduce security robots to other locations in the future, including Hannam The Hill, Acro Seoul Forest, and Raemian One Bailey. They also aim to establish a collaborative system between different types of robots, where security robots can request cleaning robots to handle discovered trash.* This article has been translated by AI. 2026-08-20 16:48:00
  • Typhoon Sau-del Strengthens as It Approaches Korea
    Typhoon Sau-del Strengthens as It Approaches Korea Typhoon Sau-del, the 18th typhoon of the season, is rapidly intensifying as it moves through warm tropical waters.According to major meteorological agencies, including the Korea Meteorological Administration and the Japan Meteorological Agency (JMA), Typhoon Sau-del is currently moving northwest at about 20 km/h southeast of Guam. Although it is currently classified as a small typhoon with wind speeds of 20 m/s, it is expected to develop into a powerful typhoon with a central pressure of 935 hPa and maximum wind speeds of 49 m/s (176 km/h) as it passes through waters with temperatures above 29 degrees Celsius.Forecast models from meteorological agencies in Korea, Japan, and China show significant differences regarding the typhoon's future path.The Korea Meteorological Administration is closely monitoring the situation and has set its official forecast path to extend until the typhoon reaches the waters southeast of Okinawa early next week. The agency has stated that due to the high variability in the typhoon's intensity and movement speed, it is too early to determine whether it will directly impact the Korean Peninsula. However, the edge of the North Pacific High Pressure system, which previously helped block the typhoon, is showing signs of weakening and shifting, raising the possibility that a path for the typhoon could open toward the southern or western waters of the Korean Peninsula.The Japan Meteorological Agency has heightened its alert, predicting a high likelihood of direct impact on Okinawa and the Sakishima Islands. Based on analyses from the U.S. Global Forecast System (GFS) and other numerical models, they are considering scenarios where the typhoon could change direction northeast after passing Okinawa, potentially striking the Japanese mainland near Hamamatsu or crossing the western waters of Japan. In such cases, the eastern and southern coasts of the Korean Peninsula could also experience indirect effects, including strong winds and high waves.Conversely, the China Meteorological Administration (CMA) and the European Centre for Medium-Range Weather Forecasts (ECMWF) models suggest that the typhoon may shift slightly westward during its northward movement, potentially making landfall along the coast near Shanghai or Ningbo. Even if the typhoon weakens to a tropical depression upon reaching the Chinese coast, a significant influx of tropical moisture could lead to heavy rainfall across the Korean Peninsula, particularly in the western and central regions.Regardless of its path, Typhoon Sau-del is expected to significantly influence the weather patterns over the Korean Peninsula in the coming days.The most notable impact will likely be the continuation of extreme heat, persisting even after the solar term known as 'Chuseok.' The combination of hot, humid air from the typhoon's front and southern winds from the North Pacific High Pressure system is expected to raise daytime temperatures to around 33 degrees Celsius across most regions, with tropical nights continuing.Additionally, preparations for localized heavy rain are urgent. The strong moisture being pushed up by the typhoon is expected to collide with cooler air over the Korean Peninsula, leading to extreme atmospheric instability. As a result, there is a high likelihood of sudden downpours accompanied by gusty winds and thunderstorms, with rainfall rates exceeding 30-50 mm per hour in various inland areas. Coastal areas may also experience sporadic waves and swells that could breach breakwaters and coastal roads, necessitating heightened safety measures for vacationers and facility management. 2026-08-20 16:48:00
  • Corruption in Overseas Employment for Workers Heading to South Korea Uncovered in Vietnam Trial
    Corruption in Overseas Employment for Workers Heading to South Korea Uncovered in Vietnam Trial The trial regarding corruption in Vietnam's overseas employment permits has brought the process of sending workers to South Korea into focus. Allegations have emerged in court that dispatch companies charged workers excessive fees, managing these funds off the books, which are linked to bribery involving bureaucrats overseeing overseas employment permits and the E7 visa process for South Korea.On August 19, local media including VnExpress reported that the Hanoi People's Court conducted hearings for 28 defendants charged in connection with the Ministry of Labor, Invalids and Social Affairs and related companies. Prosecutors allege that Nguyen Ba Hoan, former Deputy Minister of Labor, Invalids and Social Affairs, and Tong Hai Nam, former Director of the Overseas Labor Management Department, received over 300 billion dong (approximately $16 million) in bribes by intentionally complicating the overseas employment dispatch approval process.Hoan acknowledged in court on August 18 that he received money but claimed that all procedures were conducted according to regulations. He stated that two overseas manpower dispatch companies requested expedited reviews related to the E7 visa process for South Korea and that he received money from company representatives as a token of appreciation. However, he maintained that all subsequent paperwork was processed according to the rules.Hoan admitted that the 57 billion dong he received in three instances from the companies was wrong and constituted bribery. However, he defended the 100 billion dong he received during holidays and celebrations, arguing that other officials also receive gifts from nearby companies, calling it a cultural practice.The issue of excessive fees charged to workers during the dispatch process is also a major point of contention in this case. The Vietnamese overseas employment agency, Sona, dispatched 1,576 workers abroad from 2021 to 2024, with 482 heading to South Korea.Prosecutors allege that Sona's Chairman Nguyen Duc Nam and General Director Nguyen Thi Quyen Nga instructed that each worker be charged between $1,900 and $5,500 above the national standard. Investigations revealed that the company only reported the official fees listed in contracts to the accounting department, while the excess amounts were managed separately. The off-the-books funds identified by prosecutors amount to 292 billion dong, resulting in a tax loss of over 24 billion dong. Prosecutors believe this money was used for external activity expenses, overseas intermediary fees, and domestic collaborator costs.A similar scheme was identified at another overseas manpower dispatch company, Incub3, which sent 293 workers to South Korea from 2022 to 2024. Prosecutors allege that representative Nguyen Van Dinh received between $500 and $1,000 more per worker than the national standard, failing to account for these amounts in financial records and tax filings. The off-the-books funds at Incub3 exceed 60 billion dong, with a tax loss estimated at 4.32 billion dong.Company representatives acknowledged the separate management of excess fees but claimed that some did not personally benefit from the funds. Investigators did not pursue criminal charges against the companies for providing bribes, considering the coercive aspects, but applied charges for violations of accounting regulations regarding off-the-books funds and tax evasion.Hoan asserted that additional procedures related to the E7 visa for South Korea were handled by Nam and that he was unaware of the specific details. He cited the unique nature of the South Korean market as a factor in the additional procedures. He noted that in the past, six Vietnamese companies sent 794 workers to South Korea without registration, resulting in their return, prompting the Overseas Labor Management Department to establish additional approval processes to manage dispatch numbers in accordance with South Korea's quotas.* This article has been translated by AI. 2026-08-20 16:44:00
  • National Assembly Passes Bill to Shorten Fast-Track Review Period
    National Assembly Passes Bill to Shorten Fast-Track Review Period 패스트트랙(신속처리안건) 심사 기간을 최장 330일에서 90일로 줄이는 내용의 국회법 개정안이 20일 국회 본회의를 통과했다.국회는 이날 본회의를 열어 국회법 개정안을 재석 234인 중 찬성 153인, 반대 81인으로 가결했다. 개정안에는 패스트트랙 법안의 심사 기한을 상임위원회 180일에서 60일로, 법제사법위원회 90일에서 30일로 줄이는 내용이 담겼다. 본회의에 부의된 뒤에도 최장 60일을 기다리도록 한 규정을 없애고 부의 후 처음 열리는 본회의에 상정되도록 했다. 해당 법안은 지난달 31일 여당 주도로 본회의에 상정돼 국민의힘이 필리버스터(무제한 토론)로 맞섰지만, 7월 임시국회 회기가 끝나면서 자동 종료됐다. 이에 따라 8월 임시국회 첫 본회의에 다시 상정돼 표결 처리됐다.국회는 이날 특별감찰관 후보자 3명에 대한 추천안도 의결했다. 특별감찰관 후보자는 최길수·강지식·최용훈 변호사로, 각각 더불어민주당과 국민의힘, 대한변호사협회가 추천했다. 특별감찰관은 대통령 친인척과 측근 등의 비리를 감시하는 차관급 정무직 공무원이다. 이재명 대통령은 국회의 후보자 추천서를 받은 날부터 3일 이내에 이들 중 1명을 특별감찰관으로 지명해야 한다. 이후 국회 인사청문회를 거쳐 대통령이 임명한다.2016년 9월 이석수 초대 특별감찰관이 사임한 뒤 문재인·윤석열 정부에서 후임이 임명되지 않아 약 10년간 공석이었다. 민주당은 9월 초 인사청문회를 열 방침이다. * This article has been translated by AI. 2026-08-20 16:40:10