Business - The Korea Times

Chinese brands gain traction in Korean restaurant landscape

Chinese dine-in companies under major brands are expanding their presence in Korea by attracting customers in key tourism areas in Seoul with authentic Chinese flavors. Their inroads align with Chinese milk tea brands that are also expanding their following here, betting on the fame built up in their home country. These signs of an influx of Chinese food and beverage brands demonstrate that Korea is essential to their global market expansion. The most visible growth among Chinese restaurants in Korea is Tanghuo Kungfu Malatang. Following the opening of its first restaurant by a franchisee in Suwon in 2012, the number of its restaurants in Korea — either run by franchisees or directly managed by the company — has surpassed 560 as of the end of March. Tanghuo Kungfu Korea posted 18.3 billion won ($12.1 million) in sales in 2023, a 108 percent year-on-year increase, while operating profit reached 943 million won, up 95 percent. Sales in 2024 surged again to 22.2 billion won, with its operating profit also jumping to 10.5 billion won. The restaurants are now located across Seoul’s maj

Mar 31, 2026By Ko Dong-hwan

Chinese brands gain traction in Korean restaurant landscape

Korea resumes Russian naphtha imports

Korea resumed importing naphtha from Russia through a legal route Monday, four years after Western sanctions halted the Asian country's purchases of the key petrochemical feedstock from the world's largest nation. According to industry officials, LG Chem succeeded that day in bringing in 27,000 tons of Russian naphtha to Korea, which is expected to be used at one of the company’s naphtha cracking centers (NCCs) in Seosan, South Chungcheong Province. The Ministry of Trade, Industry and Resources also reportedly briefed lawmakers from the ruling Democratic Party of Korea about the resumption during a meeting earlier that day. The volume of the recent Russian naphtha imports is considered large enough for LG Chem’s NCC to operate an additional three to four days. Korean NCCs use an average of 4 million tons of naphtha per month to produce raw materials for petrochemical products such as plastic bags, food packaging and cosmetic containers. The war in Iran has disrupted naphtha shipments through the Strait of Hormuz, leaving Korean petrochemical firms and the government struggling to add

Mar 30, 2026By Park Jae-hyuk

PHOTO New ambassador for Chapagetti

Chef Hou Deok-juk poses with Nongshim’s new Chapagetti product in this photo released Monday. Hou, who has 58 years of experience in Chinese cuisine, gained a strong following after appearing on Season 2 of the Netflix hit cooking competition show “Culinary Class Wars.” Nongshim and Hou jointly developed a new recipe for the instant noodle brand based on stir-frying to create a spicy flavor using a sauce made with hot pepper, garlic, vinegar and spicy bean paste. Courtesy of Nongshim

Mar 30, 2026By Ko Dong-hwan

HiteJinro refines nonalcoholic lineup with Terra Zero

Major soju and beer company HiteJinro has strengthened its nonalcoholic lineup for growing “sober-curious” consumers by introducing a new version of its signature beer brand, Terra. According to the company on Monday, Terra Zero preserves the beer’s original malt flavor by using Australian malt extract while avoiding the fermentation process required to produce alcohol. The company described Terra Zero as “real zero” because it contains no alcohol, calories, sugar or additives. Terra Zero follows the launch of Hite Zero 0.00, which targets consumers interested in nonalcoholic beer. The company, however, distinguished the new label from its predecessor. “While Hite Zero 0.00 set a standard for nonalcoholic beers by emphasizing health and functionality, Terra Zero targets consumers looking to enjoy the authentic, distinct flavor of beer. Terra Zero ventures beyond being a beer substitute,” the company said. HiteJinro said it will bolster its leadership in the nonalcoholic beer market with Hite Zero 0.00 — the current market leader — and Terra Zero. “Terra Zero is a strate

Mar 30, 2026By Ko Dong-hwan

HiteJinro refines nonalcoholic lineup with Terra Zero

Swiss airline introduces premium cabin concept on Seoul-Zurich route

Swiss International Air Lines has introduced its new premium cabin concept — SWISS Senses — for the first time in Korea, as part of its efforts to set a new benchmark for long-haul travel connecting Seoul and Zurich, the airline said Monday. The company also introduced the A350 passenger jet for the route. The A350 is the first aircraft in the airline’s fleet that features a completely redesigned cabin. The airline selected Korea as the first market in Asia to showcase the upgraded premium travel concept. A senior executive from the airline emphasized the role of Korea for the airline's market in Asia and hinted at the possibility of expanding its routes connecting Korea and Switzerland. “Strategically, we would like to even grow our capacity between Switzerland and Korea, as the Korean market is very interesting for our customers in Switzerland and all over Europe,” said Heike Birlenbach, chief commercial officer of the airline, during a press conference. Starting from the 2026 summer schedule, the airline plans to operate the A350 on the Seoul-Zurich route. Swiss Internationa

Mar 30, 2026By Lee Min-hyung

Swiss airline introduces premium cabin concept on Seoul-Zurich route

LG Chem woos shareholders with portfolio overhaul plan

LG Chem said Monday it will bolster its electronic materials business in an effort to double revenue from the segment to 2 trillion won ($1.3 billion) by 2030 from the current 1 trillion won. On the same day, CEO Kim Dong-choon of the company made his first treasury share purchase since taking office last November, disclosing that he bought 336 common shares on Wednesday for about 99.7 million won. The announcements came a day before LG Chem’s regular general shareholders’ meeting, where the company will face a proxy battle with Palliser Capital. The British activist hedge fund has called on the Korean chemical maker to boost shareholder value by selling part of its stake in LG Energy Solution (LGES), its battery manufacturing subsidiary. Under its planned business portfolio restructuring, LG Chem aims to preemptively secure material technologies related to semiconductors, electronic devices and next-generation displays, with a stronger focus on higher value-added businesses. Emphasizing that Kim built his career over three decades in LG Chem’s semiconductor, electronics and advanc

Mar 30, 2026By Park Jae-hyuk

LG Chem woos shareholders with portfolio overhaul plan

Korean chip giants step up China investments to combat AI memory shortage

HONG KONG — Samsung Electronics and SK hynix are stepping up investments in their wafer fabs in China, racing to boost supply amid high market demand for artificial intelligence (AI) computing, according to industry analysts. The move underscores China’s continued role in semiconductor production despite U.S. restrictions. Last year, Samsung Electronics invested 465.4 billion won ($308.8 million) in its chip plant in Xi'an, Shaanxi province, a 67.5 percent increase from a year earlier, according to its annual report filed March 10 with the Financial Supervisory Service. SK hynix also ramped up spending, investing 581.1 billion won in its chip plant in Wuxi, Jiangsu province, up 102 percent year on year, and 440.6 billion won in its Dalian facility in Liaoning province, a 52 percent increase from 2024, according to its March 17 annual report. “As building new plants typically takes three to five years, optimizing operations at existing production bases in China enables a much faster supply response,” said Lee Byung-chul, a visiting research fellow at the Sejong Institute and a fo

Mar 30, 2026By Lee Yeon-woo

Korean chip giants step up China investments to combat AI memory shortage

Chaevi to build EV charging network in Canada

Korean fast-charging infrastructure operator Chaevi has signed a supply agreement with Foreseeson Technology, a clean energy and electric vehicle (EV) infrastructure company based in Richmond, British Columbia. Under the deal, the two companies are expected to build ultra-fast EV charging networks and develop energy storage systems and operations software in Canada. The deal was signed on March 27 at Chaevi's Gangnam-Seocho Center in Seoul. A Chaevi official said the company will supply its 400-kilowatt ultra-fast chargers, while Foreseeson Technology, a Canadian firm specializing in EV charging, electronics manufacturing and IT security distribution, will manage site acquisition, installation, operations and carbon credit revenue. The two companies said they plan to roll out the infrastructure first in British Columbia, with plans to expand across Canada. The partnership is based on a no-upfront-cost model, in which Foreseeson directly invests in, installs and operates the charging equipment and energy storage systems at host sites. Revenue from charging fees and carbon credits is then sh

Mar 30, 2026By Jhoo Dong-chan

Chaevi to build EV charging network in Canada

Celltrion joins energy-saving push as oil prices climb

Celltrion said Monday it will join the government’s push to conserve energy, a move aimed at addressing Middle East instability and a surge in global oil prices. The biopharmaceutical company outlined a seven-point plan for employees to follow in their daily routines, including a voluntary alternate-day driving program based on license plate numbers, tighter heating and cooling standards, standby power cutoffs, expanded use of electronic reporting, stair-use campaigns, solar panel installations and replacing clean room lighting with LED units. Under the vehicle restriction program, employees with license plates ending in designated numbers will voluntarily refrain from driving on corresponding days of the month. Vehicles belonging to pregnant employees, persons with disabilities as well as zero-emission vehicles — including electric and hydrogen-powered cars — are exempt. Celltrion said it will require employees to shut down computers and monitors when leaving for the day and install timer-equipped smart plugs on high-standby-power devices such as water and air purifiers. Designate

Mar 30, 2026By Jhoo Dong-chan

Celltrion joins energy-saving push as oil prices climb

LS Cable achieves record 2025 earnings as global power demand surges

LS Cable & System reported record sales and operating profit last year, buoyed by surging global demand for power grid infrastructure and a swelling order backlog, the Korean cable maker said Monday. Annual sales increased 12.2 percent year-on-year to 7.58 trillion won ($5.2 billion), while operating profit rose 1.9 percent to 279.8 billion won, the company said, with both figures marking record highs. The results were led by expanding demand for extra-high-voltage and submarine cables, along with stronger contributions from subsidiaries including LS Eco Energy, the company added. Order backlog stood at about 7.63 trillion won as of end-December 2025, up 22 percent from a year earlier and the highest on record. The company said the record backlog underscores the stability of its medium- to long-term growth trajectory. LS Eco Energy, the company’s Vietnam-based cable subsidiary, saw sales rise 10.5 percent to 960.1 billion won and operating profit jump 49.2 percent to 66.8 billion won from 2024, the company said. The results marked a second straight year of double-digit growth and recor

Mar 30, 2026By Jhoo Dong-chan

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Companies

Chinese brands gain traction in Korean restaurant landscape

Korea resumes Russian naphtha imports

PHOTO New ambassador for Chapagetti

HiteJinro refines nonalcoholic lineup with Terra Zero

Swiss airline introduces premium cabin concept on Seoul-Zurich route

LG Chem woos shareholders with portfolio overhaul plan

Korean chip giants step up China investments to combat AI memory shortage

Chaevi to build EV charging network in Canada

Celltrion joins energy-saving push as oil prices climb

LS Cable achieves record 2025 earnings as global power demand surges

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