Hyundai Glovis, a logistics company headquartered in Seoul, South Korea and part of the Hyundai Automotive Group, has opened its first Southeast Asian office in Vietnam as it seeks to increase its presence in the region.
Hyundai Glovis Vietnam, which was launched July 25, will serve as a bridgehead for the company to expand its business in the region, reported Vietnam media outlets.
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, textiles, 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 that with the growing cold chain market globally, which is expected to reach a market size of US$293 billion by 2023, it will strive to establish a cold chain system in Vietnam. Such a system is necessary due to the country’s tropical weather, it explained.
With the addition of the office in Vietnam, Hyundai Glovis currently operates 71 offices overseas. Earlier this year, the company opened offices in Shenzhen, China, and India’s Delhi and Mumbai.
Relatedly, Vietnam’s car sales reached 281,473 units during the January-June 2019 period, a year-on-year rise of 21%, the Vietnam Automobile Manufacturers’ Association (VAMA) reported recently.
Up to 113,115 passenger cars were sold in the period, up 35% from the same time last year. Meanwhile, sales of commercial and special-purpose vehicles fell 1.5% and 32% to 38,071 units and 3,047 units, respectively, reported VNA.
While sales of domestically assembled cars dropped 14% year-on-year to 91,731 units, sales of imported units shot up 203% to 62,542.
Automobile sales in June picked up 0.1% on strong discounts and various promotional programs. About 27,520 units were sold, including 20,287 passenger, 6,649 commercial and 584 special-purpose cars.
VAMA said that the figures did not reflect the country’s entire automobile market, as they did not include the sales of non-VAMA members such as Audi, Jaguar, Land Rover, Mercedes-Benz, Subaru, Volkswagen, Volvo, and Hyundai Thanh Cong.
Hyundai Thanh Cong alone sold 35,723 vehicles of all kinds in the six-month period.
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