Chung Ju-yung facts for kids

Quick facts for kids Chung Ju-yung
정주영
Chung during an interview at Panmunjom in October 1998.
Born	(1915-11-25)November 25, 1915 Tsūsen, Kōgen-dō, Japanese Korea (today Tongchon, Kangwon Province, North Korea)
Died	March 21, 2001(2001-03-21) (aged 85) Songpa District, Seoul, South Korea
Nationality	South Korean
Occupation	Businessman
Known for	Founder and honorary chairman of Hyundai
Spouse(s)	Byun Joong-seok
Children	11 (8 sons and 3 daughters)
Korean name
Hangul	정주영
Hanja	鄭周永
Revised Romanization	Jeong Ju-yeong
McCune–Reischauer	Chŏng Chuyŏng
Art name
Hangul	아산
Hanja	峨山
Revised Romanization	Asan
McCune–Reischauer	Asan

Chung Ju-yung (born November 25, 1915 – died March 21, 2001) was a famous South Korean businessman. He founded the Hyundai companies, which became one of the biggest business groups in South Korea. Chung grew up as the oldest son of a poor farmer. He later became the richest person in South Korea.

Chung played a huge part in making Korea's economy grow very fast. He built Hyundai Heavy Industries into the world's largest shipbuilder. He also made Hyundai Motor Group the biggest car maker in Korea and the third largest globally. After the Korean War, he helped rebuild South Korea's roads and buildings. For example, he built the Gyeongbu Expressway in 1970. This highway connected the capital city, Seoul, to the port city of Busan.

Chung's businesses succeeded during tough times. These included Japanese colonial rule and the difficult period after the Korean War. He believed that people succeed when they use their strong spirits. He said, "Conviction creates unbeatable efforts. This is the key to true miracles. A person's potential is limitless."

Life Story

Early Life

Chung Ju-yung was born in Tongchon, a village in what is now North Korea. He came from a large, poor family of farmers and was the oldest of seven children. As a boy, Chung wanted to be a school teacher. But his family's poverty meant he could not get a college education. Still, he went to a local school run by his grandfather when he wasn't working on the farm.

Chung showed a talent for business early on. He would sell wood in town. The busy town and the newspapers he read made him dream of a different life. He soon grew tired of his family's poverty.

First Escape Attempt

When he was sixteen, Chung and a friend tried to leave their farm life. They went to the city of Chongjin to find work. After a long, hard walk, they reached the town of Kowon. There, they worked as construction workers. They worked many hours for little pay. But Chung liked earning his own money. After two months, Chung's father found them and brought them home.

Second Escape Attempt

Chung's first journey made him realize he liked civil engineering. It also gave him a sense of achievement. Back home, he planned another escape. This time, he aimed for Seoul. In April 1933, Chung and two friends left. But one friend was caught early. Then, a stranger tricked Chung and his other friend, taking all their money. The journey ended when Chung's father found them at his grandfather's house.

Third Escape Attempt

Chung stayed in his village for a year, helping on the farm. Then, he tried to escape poverty again. He sold one of his father's cows to buy a train ticket to Seoul. Once in Seoul, Chung joined a bookkeeping school. He hoped to become an accountant. Things went well for two months. But his father found him again and took him back home after a small argument.

Rice Merchant

In 1933, at age 18, Chung made his fourth escape attempt. He left at night with a friend. Once in Seoul, he took any job he could find. He worked as a laborer at Incheon Harbor. He also worked as a construction worker and a handyman at a syrup factory.

After almost a year at the syrup factory, Chung got a job as a deliveryman at the Bokheung Rice Store in Seoul. This job offered him a chance to grow. He became very good at it and decided to stay full-time. Customers liked him, and the owner was so impressed that he let Chung manage the store's accounting. This experience helped him greatly develop his business skills.

In 1937, the rice store owner became sick and gave the store to Chung. At 22, Chung owned the store and renamed it Kyungil Rice Store. The store grew and made good money. But in 1939, Japan, during its war efforts, started a strict rice-rationing system. This forced Korean businesses like Chung's out of the rice trade.

Creation of Hyundai

A-do Service Garage

Chung went back to his village after his rice business closed. He stayed there until 1940. Then, he decided to try again in Seoul. He knew the Japanese government limited what Koreans could do in business. So, he chose the automobile repair business. Chung bought a garage from a friend. He started the A-do Service Garage with a 3,000 won loan. In three years, his employees grew from 20 to 70, and he earned good money. In 1943, the Japanese government forced his garage to join a steel plant for the war effort. Even though his businesses were shut down, Chung returned home with 50,000 yen in savings.

Hyundai

In 1946, after Korea was freed from Japanese control, Chung started Hyundai and Hyundai Civil Industries. He expected a lot of rebuilding and industry growth after the war. Chung won big government contracts. He became responsible for building much of South Korea's transport system. This included the Soyang Dam in 1967 and the Gyeongbu Expressway in 1970. He also built the world's largest shipyard in Ulsan and the Kori Nuclear Power Plant. Chung also got contracts from the United States Forces Korea to build facilities for their soldiers. This was because his younger brother spoke English and was friends with U.S. Army engineers.

During the North Korean invasion in 1950, Chung left his construction projects. He fled with his younger brother to Busan for safety. His son, Chung Mong-joon, was born there. Chung kept building his company by taking any work he could get from the United Nations Command and the Korean Ministry of Transportation. When Seoul was taken back by U.N. forces, Chung restarted his company. He continued to get more work from the Americans.

From then on, Chung kept growing and adding new types of businesses to Hyundai. It became one of South Korea's biggest chaebol (large business groups). He had no experience in shipbuilding, but he created the Ulsan shipyard, the world's largest. The first ship was finished in three years, faster than expected. This was because Chung built the shipyard and the ship at the same time. He also introduced the Hyundai Pony car in 1975 and the Hyundai Excel in 1986, using European experts.

Later Years

From the 1980s, the Hyundai Group was divided into many separate companies. Chung had a very successful career. In Seosan, he completed a big land reclamation project. He used an old oil tanker to block water, which was a very clever idea. In 1998, he led 1,001 cows through the Korean Demilitarized Zone into North Korea. He said this was to repay 1,000 times over for a cow he sold to buy his train ticket when he first left his father's farm. Chung was the first regular person to cross the Korean DMZ since Korea was divided. He also suggested the Geumgangsan sightseeing trips. He founded Hyundai Heavy Steel Company, which developed a new way to build ships without a dry dock.

Chung was also known for his kindness and giving back to society. In 1977, he started the Asan Foundation. This foundation's work was similar to big foundations like Ford or Rockefeller. It focused on four main areas: medical help, social welfare, research, and scholarships. Through this foundation, he built nine hospitals across South Korea. He also built Ulsan Medical College and funded the Asan Life Sciences Research Institute.

In 1982, Chung received the Golden Plate Award from the American Academy of Achievement.

Political Activities

Chung is praised for helping South Korea win the bid to host the 1988 Summer Olympics. This success showed the world what his generation had achieved. It also made the people of Seoul very proud. In 1992, the International Olympic Committee gave Chung an IOC Medallion. This was for his help in using sports to improve understanding between countries.

Chung ran for president of South Korea in the 1992 South Korean presidential election. However, he did not win.

Chung also worked to improve relations between North and South Korea. In 1998, at age 82, he worked with the South Korean government to give economic help to the North. President Kim Dae-jung wanted to donate $100 million to help North Korea's economy. But he couldn't find a legal way to send the money. He asked Chung for help. Chung was already planning a big project with the North. Kim convinced Chung to increase his investment by $100 million using secret loans from a government bank. The historic 2000 inter-Korean summit happened. Chung traveled across the border with his motorcade of 1,001 "unification cows" as a gift to the North Korean people.

Death

Chung died at age 85 from natural causes at his home in Seoul. He was buried following Buddhist and Confucian traditions. His wife, Byun Joong-seok, passed away in 2008 at age 88. She was buried in a family graveyard in Hanam with her husband and their son.

Legacy

Chung Ju-yung is one of the most recognized and admired business people in Korean history. His influence is still strong in modern Korean society and industry. Many business events that focus on new ideas are named after him. Much of Hyundai's success today is due to Chung's vision and determination. The current leaders of Hyundai aim to continue these ideals.

Family

Chung Ju-yung had five brothers and one sister. He had eight sons and one daughter with his wife.

Brothers

• Chung In-yung (1920–2006): Founded the Halla Group.
• Chung Soon-Yung (1925–2015): Formed the Sungwoo Business Group.
• Chung Se-yung (1928–2005): Founder of Hyundai Motor.
• Chung Shin-yung (1931–1962): His son, Chung Mong-hyuk, ran Hyundai Oilbank.
• Chung Sang-yung (1936–2021): Founder of the KCC Chemical group.

Children

• Chung Mong-koo (1938–): Head of the Hyundai Kia Automotive Group.
• Chung Mong-kun (1942–): Chairman of the Hyundai Department Store Group.
• Chung Kyung-hee (1944–): Chung Ju-yung's only daughter with his wife.
• Chung Mong-hun (1948–2003): Former chairman of the Hyundai Group.
• Chung Mong-joon (1951–): Politician and owner of Hyundai Heavy Industries. He is also a vice-chairman of FIFA.
• Chung Mong-yoon (1955–): Chairman of Hyundai Marine & Fire Insurance.
• Chung Mong-il (1959–): Former chairman of Hyundai Merchant Bank.

See also

In Spanish: Chung Ju-yung para niños