Hyundai Glovis opens in VietnamHyundai Glovis, the logistics affiliate of Hyundai Motor, set up its first corporation in Southeast Asia Thursday.
The company opened Hyundai Glovis Vietnam Thursday in Hanoi. It’s hoping the base could help its business in Vietnam as well as other Southeast Asian countries.
The Vietnamese base will initially deal with auto-related logistics and supply existing auto factories and then expand to consumer goods, especially food and drugs.
To expand its logistics business within Vietnam, the company said it will set up another office in Ho Chi Minh City early next year under the Hanoi corporation. The Hanoi corporation will focus mainly on auto parts logistics while the second office will focus on consumer goods.
According to Hyundai Glovis, Vietnam’s logistics market has been enjoying rapid growth. Data from the Korea Trade-Investment Promotion Agency shows Vietnam’s logistics market has revenues of roughly $50 billion to $60 billion per year and has been growing at over 15 percent annually since 2017.
“To sustain growth as a global logistics company, it is important we build sales networks in different parts of the world,” a spokesperson from Hyundai Glovis said.
Including the Vietnamese corporation, the Korean logistics company currently has 30 incorporated units abroad.
BY KIM JEE-HEE [email@example.com]