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No, no it's not. Colonization is the replacement of an existing population, that if left alone, would've sustained itself. No external power (as in foreign govermment) is forcing South Koreans to have fewer kids. This is more like moving into a once thriving boom town. Sure, some people are still there, and they have a right to live there. South Korea is being colonized in the same way that the Turkish are colonizing Germany, in that, they're really not. If birth rates go down for the US, then the only way to keep stuff like social security going would be bringing in foreign workers. Right now, that's mainly used for the jobs that white people don't really want. The Hispanic population in the US is extremely large, about 20% of Americans. Is this colonialism? No, it is not. Not just because it's also the land of their ancestors (well, a lot of it is at least), but because they aren't restricting any other residents of the country in any manner. It's like moving into an abandoned house, not breaking into a house, killing the owner, and taking it.
From what I can gather from South Koreans on the internet talking about the matter, there is a direct relationship between their country's capitulation to western hyper-capitalist expectations over the last 50+ years, and this phenomenon. And it wasn't like the US was hands-off when it came to picking winners in the Korean War; to a large extent, South Korea is the way it is because of US, do you think that's a relatively safe oversimplification to work from?