The article deals with the concept of corporate culture and methods of its formation in the Republic of Korea. This country has been the object of growing international interest among scholars and practitioners due to its remarkable economic achievement in the last few decades.The traditional business culture of Korea is analyzed in terms of its transformation due to rapidly changing socio-economic conditions. The paper looks into the current situation affected by COVID-19 crisis. This research has been carried out within the grant agreement “Establishment of the Center for Korean Studies at Irkutsk State University” with the support of the Korea International Exchange Foundation (KF-2021).