Articles by Shim Woo-hyun
Shim Woo-hyun
ws@heraldcorp.com-
New council aims to boost Korean liquor exports
The National Tax Service announced Tuesday that it has launched the K-Liquor Promotion Council to boost exports of alcoholic beverages produced by small and mid-sized firms. "Imports of alcoholic beverages have increased during the COVID-19 pandemic, but exports of locally produced alcoholic beverages have had difficulties in entering the foreign markets,” the National Tax Service explained the background behind the launch of the council. According to the NTS data, imports of alcoholi
Consumer April 11, 2023
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Orion Holdings signs contract to export water product to China
Orion Holdings, the holding company of snack maker Orion Group, announced Monday that it had signed a contract with Chinese partners to export its mineral water product, Jeju Yongamsoo. With its partnerships with Qingdao Yongping Market Management and Qingdao Guoxin Culture and Sports Industry, Orion Holdings aims to increase its sales of the water product in China. "Orion expects the company's production and sales of its water product to significantly increase on the latest signing wi
Consumer April 10, 2023
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[KH Explains] Zero-sugar drinks reshape beverage market
When a 30-year-old Seoulite surnamed Choi drops by the convenience store before hitting the gym, he makes sure that he chooses a sugar-free soft drink from the cooler. “I have been drinking sugar-free soft drinks instead of regular ones, because I find it more helpful for my workouts,” he said. Choi is one of many young health-conscious consumers whose choices reflect the clear winner in the beverage market -- sugar-free beverages. Sugar-free and low-calorie soft drinks are enjoying
Consumer April 10, 2023
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Yoon 'pleased' to deliver 'historic address' at joint session of US Congress
President Yoon Suk Yeol said Wednesday he is "pleased" to be invited to address a joint session of the US Congress during his state visit to Washington later this month as the two allies mark the 70th anniversary of their establishment. Yoon is scheduled to hold a summit with US President Joe Biden in Washington, D.C., on April 26.
Foreign Affairs April 5, 2023
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Tax cut takes edge off vet bills
Medical expenses for pets are expected to go down as the South Korean government is looking to get rid of the value-added tax-imposed pet care services. According to the Ministry of Economy and Finance on Wednesday, the government has recently started an internal review process to scrap the existing VAT on some pet care services. Under the current decree relating to animal healthcare, 10 percent VAT is charged on pet care services here. Some veterinary care services, such as vaccinations, neuter
Industry April 5, 2023
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Korea aims to become 7th nation to host Olympics, World Cup, World Expo
South Korea could become the seventh country to host the three major international events, the Olympic Games, the World Cup and the World Expo, if it succeeds in its bid to host the World Expo in Busan in 2030. Currently, France, the US, Canada, Germany, Italy and Japan are the only six countries that have hosted all three international events. In terms of the World Expo, South Korea would become the 12th country to host the global event. Previously, the World Expo was held in 11 countries, incl
Industry April 4, 2023
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Liquor shipments down amid cost of living pressures
Shipments of alcoholic beverages in South Korea have decreased over recent years amid inflationary pressures and changes in attitudes to alcohol consumption during the COVID-19 pandemic, government data showed Friday. According to Korea Agro-Fisheries & Food Trade Corporation data, the combined shipments of liquor products in 2021 came to 3 million kiloliters, down 3.5 percent on-year. The figure in 2014 came to 3.8 million kl. Between 2019 and 2021, during the COVID-19 pandemic, shipments o
Consumer April 3, 2023
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[Weekender] Foreign tourists flock back to Myeong-dong
Foreign travelers are returning to Myeong-dong after over three years of economic decline due to the COVID-19 pandemic, with the central Seoul shopping district seeing signs of recovery. “Between last winter and now, I have been able to see a lot more foreigners in the Myeong-dong area, particularly on the main street. From morning until midnight, foreigners continue to flow into the area," a 27-year-old part-time worker surnamed Kim told The Korea Herald in Myeong-dong, Seoul, Tuesda
Consumer April 1, 2023
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Baedal Minjok charges highest transaction fees to vendors
South Korea's food delivery app Baedal Minjok, or Baemin, has been charging the highest fees to its vendors among the country's top nine e-commerce platforms, according to government data released on Friday. The Financial Supervisory Service, the country's financial regulator, unveiled commission rates of nine online e-commerce platform operators that generate transaction volumes exceeding 100 billion won ($77 million) a month. In terms of transactions made by credit card, Baemin,
Consumer March 31, 2023
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Celltrion chairman hints at aggressive M&As this year
Celltrion's founder and returned chairman Seo Jung-jin said the company will be able to secure some 5 trillion won ($3.8 billion) for mergers and acquisitions of pharmaceutical and biotechnology firms, through which the company aims to boost its new drug development capability. The company also plans to build its fourth manufacturing plant in the US, according to the chairman. "After the first half this year, the number of M&A candidates will come down to around 10, and the company w
Technology March 29, 2023
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GoldenBlue blames Carlsberg for canceling sales contract ‘unilaterally’
GoldenBlue, a South Korean whiskey maker and distributor of imported liquor products, said Tuesday that Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsberg beer in Korea earlier this month. The company said it will stop selling Carlsberg beer products from Friday, labeling the unilateral notice “tyrannous.” According to the Korean firm, it had distributed Carlsberg beer products under a three-year contract between 2018 and 2021, but si
Consumer March 28, 2023
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LG Chem to invest W10tr by 2025
LG Chem, a leading South Korean chemical company, announced Tuesday that the company will invest 10 trillion won ($7.7 billion) in its three business categories of batteries, drugs and sustainable energy solutions. With the investment, LG Chem aims to post 30 trillion won in annual sales by 2030, the company added. “There are many challenges ahead. Economic uncertainty remains high, regulations for carbon emissions are elevated, and the renewable energy sector has become increasingly compe
Technology March 28, 2023
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Taking Korea-Indonesia ties to next level
More than 300 high-level government officials and business representatives from South Korea and Indonesia gathered for a forum in Seoul, Friday, to explore ways to enhance business partnerships between the two countries and take their bilateral ties to the next level. In commemoration of the 50th anniversary of diplomatic relations between Korea and Indonesia, Herald Corp., publisher of The Korea Herald and Herald Business, co-hosted the forum, titled “Business Forum on 50 Years of Indones
Industry March 24, 2023
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Indonesia seeks Korean support for upgrading healthcare system
Indonesia’s health minister on Friday vowed to support South Korean companies for their business expansion in the burgeoning healthcare market of the Southeast Asian country at a forum held in Seoul celebrating the 50th anniversary of bilateral ties between the two countries. “The Indonesian government is trying to improve the country’s healthcare sector, in which South Korea’s cooperation is very important,” said Minister Budi Gunadi Sadikin during a business sessi
Technology March 24, 2023
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Busan to build new rail system for World Expo
Busan will build a high-speed rail system that will connect Busan’s key districts with Gadeok New Airport, which is also set to open years ahead of schedule in a bid to attract the 2030 World Expo to the port city of Busan. Busan Mayor Park Heong-joon revealed the plan to build the BuTX railway during a media briefing held at the Busan city government office, Thursday. BuTX is a hydrogen-fueled high-speed transportation infrastructure that will run 47.9 kilometers between Gadeok New Airpor
Industry March 23, 2023
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