Hyundai to Invest in a Logistic Center in HCMC
Hyundai Glovis, an automobile distribution of Hyundai Motor Group from South Korea, is penetrating deeper into Vietnam logistics market.
The company first established a foothold in Southeast Asia, starting from Hanoi, as of July 2019. The new entity supplies auto parts to a local car plant – Thanh Cong Motor which has an annual output capacity of 80,000 vehicles, including Hyundai Motor.
Besides vehicle logistics, Hyundai Glovis has an intention of tapping into non-automotive products such as food, cold chain products, textile, and apparel. It also saw a high potential in cold chain logistics due to the climate of the Southeast Asian region, which has prospects in transporting food and other products sensitive to temperatures.
In order to enter the freight market in Southeast Asia, the company has recently reached a deal to build a logistics center in Ho Chi Minh City, according to the Korea Herald. Details are summarized below:
Vietnam’s logistics sector is seeing significant growth, evidenced by the increase in goods values of 10% per year, according to World Bank. If you find this piece of news is useful and want to enjoy more free investment updates, please visit our website as well as follow our Facebook and LinkedIn page.