Hyundai opens Vietnam, Italy subsidiaries

Hyundai opens Vietnam, Italy subsidiaries Hyundai Merchant Marine has established subsidiaries in Vietnam and Italy, the Korean carrier said today.
   On Sunday in Ho Chi Minh City, HMM officially converted its Vietnam agency into a subsidiary (HMM Vietnam). The subsidiary has 35 regional employees, and two resident staff members from HMM Seoul headquarters. The new office will manage 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 after establishing the Ho Chi Minh office in 2005, the carrier elevated it to subsidiary ranking within the space of two years to prepare for the increase in container volumes from a rapidly developing Vietnam.
   Earlier in July, 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,' the company said in a statement. '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.
   Including the new subsidiaries in Vietnam and Italy, HMM's now has four regional headquarters, 25 subsidiaries, 68 overseas offices and five branch offices.