Hanwha Ocean loses Canada bid, gains global recognition

Hanwha Ocean failed to clinch Canada’s largest-ever naval procurement project, but its head-to-head race with Germany’s Thyssenkrupp Marine Systems showed how far South Korea’s submarine industry has advanced, which may bolster its hand in future global tenders. Canada selected TKMS as the preferred supplier for its Canadian Patrol Submarine Project, a program to acquire as many as 12 diesel-electric submarines worth as much as 60 trillion won ($39.3 billion). The decision dealt a blow to Hanwha

2026-07-07 15:19:41:00

At VinFast’s plant, Vietnam’s global EV ambitions take shape

HAI PHONG, Vietnam — Inside VinFast’s sprawling factory complex in northern Vietnam, sparks fly from robotic welding arms behind safety fences as workers inspect panels and assemble vehicles moving overhead along the line. The scene captures both the industrial ambition and manufacturing drive of a young automaker trying to turn Vietnam’s homegrown electric vehicle brand into a global contender. The Hai Phong factory, about two hours from Hanoi, sits at the center of VinFast’s effort to make its

2026-07-07 12:56:49:00

S. Korea's Hanwha Ocean loses out as Canada picks Germany's TKMS for submarine deal

Canada has selected German shipbuilder Thyssenkrupp Marine Systems as the preferred bidder for its multibillion-dollar submarine project, dealing a major setback to South Korea’s Hanwha Ocean in one of the world’s most closely watched naval procurement contests. Canadian Prime Minister Mark Carney made the announcement Monday (local time) at a naval base in Halifax, Nova Scotia, before traveling to Turkey for a North Atlantic Treaty Organization leaders’ summit, dashing hopes that the Hanwha Oce

2026-07-07 05:55:59:00

At Hanoi expo, K-pop buzz fuels Korea’s consumer goods exports

HANOI, Vietnam — Phuong leaned closer to a mirror at a booth inside Hanoi’s National Convention Center, dabbing a soft pink Korean lipstick onto her lip as K-pop music blared across the exhibition hall. The 23-year-old student had come for a chance to win a ticket to see Winner, the K-pop boy group serving as the ambassador for the Korea Brand and Entertainment Expo. But like many young Vietnamese visitors moving from booth to booth, she was also there to sample what was on offer, from cosmetics

2026-07-05 11:00:00:00

KOTRA chief eyes Hallyu brands as next export engine beyond chips

HANOI, Vietnam — South Korea should broaden its export portfolio beyond semiconductors by expanding sales of cosmetics, food, pharmaceuticals, fashion and other consumer goods, the chief of the Korea Trade-Investment Promotion Agency said, arguing that a more balanced trade structure would make Asia’s fourth-largest economy more resilient to industry cycles. Kang Kyung-sung, president of KOTRA, said at a press conference in Hanoi on Thursday that Korean consumer brands are becoming an increasing

2026-07-03 13:37:16:00

Samsung SDI CEO sees earnings turnaround this year

Samsung SDI CEO Choi Joo-sun said Wednesday that the battery-maker expects to achieve an earnings turnaround this year, as the company seeks to regain momentum through energy storage systems and premium electric vehicle batteries. "Over the past year, we have steadily strengthened the fundamentals of our business with a mindset of 'pessimistic optimism,' laying the groundwork for a renewed leap forward," he said at a ceremony marking the company's 56th anniversary at its headquarters in Yongin,

2026-07-01 12:11:00:00

Canada cools Korea-Germany submarine split talk

As Canada closes in on a decision on one of its largest-ever naval procurement projects, its defense minister has downplayed speculation that Ottawa might split its multibillion-dollar submarine contract between South Korean and German bidders. According to a report by Canadian broadcaster CTV News on Monday, Defense Minister David McGuinty said dividing the order between two rival suppliers would likely raise costs and complicate maintenance and operations. “If you split a fleet of any kind, yo

2026-06-30 15:05:16:00

Inside HD Hyundai Electric’s AI power push

Cheongju, NORTH CHUNGCHEONG PROVINCE -- Stepping inside HD Hyundai Electric’s new power distribution complex in Cheongju, North Chungcheong Province, the future of electricity looks less like a thundering heavy-industry floor than a tightly orchestrated network of robotics arms and autonomous carriers moving across the plant. During a media tour of the Cheongju Power Distribution Campus on Thursday, workers in a control room overlooking operations sat before real-time screens that tracked energy

2026-06-28 14:00:00:00

Hyundai unveils all-new Avante with AI, larger cabin

Hyundai Motor has unveiled a fully redesigned Avante compact sedan, bringing more cabin space and its latest software and artificial intelligence features to one of South Korea’s best-known passenger cars. The eighth-generation Avante made its global debut on Friday at the 2026 Busan Mobility Show at BEXCO in the southeastern port city of Busan. The all-new model arrives six years after the seventh-generation Avante was released in 2020. The most noticeable change comes inside the cabin. The rev

2026-06-26 13:46:32:00

Korea's AI treasure is its factory data: Siemens top executive

South Korea is uniquely positioned in shaping the future of artificial intelligence, owing to its robust manufacturing sectors and the vast amounts of data generated by its factories, according to a top executive at Siemens. “The treasure we are sitting on as industrial countries is industrial data,” Cedrik Neike, member of the managing board at Siemens and CEO of Digital Industries, said in an interview with The Korea Herald on Tuesday in Seoul, referring to manufacturing powerhouses such as Ko

2026-06-24 15:05:11:00