Hyundai Glovis sets up 3rd Asian subsidiary in Vietnam

SEOUL, July 25 (Yonhap) -- Hyundai Glovis Co., a logistics unit of Hyundai Motor Group, said Thursday it has set up its third Asian subsidiary in Vietnam to tap deeper into the Southeast Asian markets.

The two other Asian subsidiaries are in China and India, which are among the world's fastest growing logistics markets.

The Vietnamese subsidiary will be in charge of transporting vehicles and automobile parts. Its sales office scheduled to open in Hanoi next year will handle non-vehicle logistics products, the company said in a statement.

Vietnam's logistics market has grown sharply and now reaches US$60 billion, according to the Korea Trade-Investment Promotion Agency.

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