Hmm opens Vietnam, Italy subsidiaries

HMM is expanding its overseas sales network by establishing subsidiaries in Vietnam and in other emerging markets in Asia. It is also developing in Italy, the gateway to Europe.

On July 29th, Hyundai Merchant Marine Vietnam's opening ceremony was held at the Sheraton hotel in Ho Chi Minh City, with approximately 350 guests in attendance. These included regional customers, related authorities, and HMM staff members.

HMM Vietnam has 35 regional employees, and two resident staff members from HMM Seoul Headquarters. The new office will manage various aspects of business - such as cargo transport sales, shipment documentation, pricing, and customer development and management within Vietnam.

HMM opened a regional agency in Ho Chi Minh City in 1993, and has continuously expanded its overseas offices since then. After establishing the Ho Chi Minh office in 2005, HMM elevated it to subsidiary ranking within the space of two years to prepare for the increase in container volumes from a rapidly developing Vietnam.

Prior to this - on July 18th - HMM opened Hyundai Merchant Marine Italy SRL in Genova, Italy, with 29 personnel. HMM has been broadening its Mediterranean service, and has established an Italian subsidiary as part of a strategy to develop connections with the Eastern Mediterranean and the Black Sea markets. HMM anticipates that opening a subsidiary in Italy will enable it to attract substantial business and to develop niche markets such as Southern Europe. It will also result in more effective cost and workforce management.

Vietnam has shown a rapid increase in container volumes since becoming a member of the WTO in 2006, and Italy has been in the spotlight due to the Korea-EU FTA negotiation and Eastern Europe economic growth. HMM believes that it is making inroads to secure the market in these areas and is also enhancing its competitiveness.

HMM plans to develop its growing overseas capabilities by promoting its overseas offices in the Middle East, Southeast Asia and Europe, to subsidiary status.

Including the new subsidiaries in Vietnam and Italy, HMM's worldwide network now consists of 4 regional headquarters, 25 subsidiaries, 68 overseas offices and 5 branch offices.