|Hyundai Glovis, a logistics arm of Hyundai Kia Automotive Group from the Republic of Korea,opens its first Southeast Asian office in Vietnam. (Photo: The Investor)
Hyundai Glovis Vietnam, which was launched earlier this week, will serve as a bridgehead for the company to expand its business in the region.
The company will focus on transporting automotive products and supplying auto parts to a local factory which has an annual output capacity of 80,000 vehicles.
It will also transport non-automotive products such as food, cold chain products, textile and clothing.
Following this, Hyundai Glovis will open an office in Ho Chi Minh City in the first half of next year which will manage non-automotive logistics.
The company said with the growing cold chain market globally, which is expected to reach a market size of 293 billion USD by 2023, it will strive to establish a system in Vietnam. It is necessary due to the country’s tropical weather, the company explained.
With the addition of the office in Vietnam, Hyundai Glovis currently operates 71 offices overseas. Earlier this year, the company opened offices in Shenzen, China, and India’s Delhi and Mumbai.