Hyundai Motor Group’s logistics arm Hyundai Glovis is widening its overseas presence by opening its first Southeast Asian office in Vietnam.
Hyundai Glovis Vietnam, which was launched on July 25, will serve as a bridgehead for the company to expand its business in the region, the firm said.
The company will focus on transporting automotive and nonautomotive products such as food, cold chain products, textile and clothing. It will also supply auto parts to a local factory which has an annual output capacity of 80,000 vehicles.
The company said it would open an office in Ho Chi Minh in the first half of next year, so it can have a two-track logistics business, by controlling automotive-related logistics from Hanoi office and nonautomotive logistics managed at Ho Chi Minh.
The company said with the growing cold chain market globally, which is expected to reach a market size of $293 billion by 2023, it will strive to establish a system in Vietnam, as it is important due to the country’s topical weather.
With the additional office in Vietnam, Hyundai Glovis currently operates 71 overseas offices. Earlier this year, it opened offices in Shenzhen, China, and in Delhi and Mumbai, India.
By Kim Da-sol/The Korea Herald (email@example.com)