– Accelerating the acquisition of global customers from ASEAN countries beyond Vietnam
Coconut Silo Co., Ltd., which started as Hyundai Motor Group’s ‘H Startup’ and was spun off in June 2020, provides cargo transportation platform services in Vietnam. When a consumer requests cargo transportation, the core of the company’s business is to deliver it to logistics companies and truck drivers and connect them to provide faster and cheaper transportation services. COCONUT SILO, which has been targeting Korean companies in Vietnam since its founding, has been verified for the excellence of its business model in the Vietnamese market, and based on this, it provides cargo transportation platform services to ASEAN countries such as Singapore, the Philippines, Thailand, Malaysia, and Indonesia. We are accelerating our efforts to secure global customers by expanding to .
Coconut Silo is a startup founded in March 2020 after completing the development of a ‘cross-border logistics brokerage platform’ that had been in progress for two years since 2018. This platform service matches cargo owners (companies, individuals) and truck owners (companies, individuals) who want to transport domestic cargo within the ASEAN market, including Vietnam, and international cargo transport across borders, using mobile apps or the web. You can handle everything from dispatch to payment all at once.
“Vietnam shares borders with neighboring countries such as Laos, Cambodia, Thailand, and China, so cargo transportation via land is possible, but the logistics service is not platformized, so it is inefficient and unsystematic, making smooth import and export work difficult,” he said. Seungyong Kim, CEO of Coconut Silo, explained, “We are dominating the market by providing services to cargo moving through ports, including major industrial complexes in southern Vietnam, international cargo transportation demand by land, and small and medium-sized businesses that do not have their own logistics infrastructure.” do.
Currently, Vietnam’s cargo transportation market is worth 11.1 trillion won and continues to grow by more than 20% every year. “The Vietnamese cargo transportation market is in the early stages of introducing ICT platforms,” said CEO Kim. “In particular, companies with factories in industrial complexes in Vietnam often have factories in neighboring countries, so demand for international freight transportation is high,” and will grow in the future. Possibilities were also explained.
Coconut Silo, which provided Vietnam’s first cargo transportation brokerage platform service, received positive local evaluation for improving work efficiency by improving the unnecessary multi-level structure of the existing transportation brokerage process and contributing to the revitalization of cargo import and export with neighboring countries through the border. . CEO Kim Seung-yong said, “We are developing an algorithm to improve cargo transportation efficiency to secure higher user profitability compared to competing platforms.” He added, “We will continue to improve and advance our platform services so that our platform can evolve into a border logistics platform that encompasses the entire ASEAN in the future.” “I will leave,” he said.
In addition, Coconut Silo plans to establish a cooperative system with domestic companies entering the local market and foreign companies outside of Vietnam and ASEAN, develop new business models based on related industrial infrastructure and human networks, and grow the business. To this end, Coconut Silo is establishing corporations in Vietnam, the United States, China, and India. Additionally, a separate item is being developed collaboratively with Daimler Truck Korea with the goal of commercialization in the first half of 2021.
Meanwhile, Coconut Silo, which has been in its 9th month since its founding, won the grand prize in the Jeju Public Data Startup Contest, won the Minister of SMEs and Startups Award (Grand Prize) in the Youth Leading Youth Contest, and won the Minister of Science, ICT and Future Planning Award for mobile technology, etc., showing innovative ideas even in Korea. It has proven that it is a startup that has secured technological capabilities. In particular, this company was selected as one of the TOP 5 at ‘CodeLaunch’, a representative US startup competition held last July. This result is a unique achievement not only in Korea but also in Asia.
“We decided to establish a base in Pangyo because of the ease of networking, technology exchange, and information sharing,” said Seungyong Kim, CEO of Coconut Silo. “Above all, companies with outstanding technology in Pangyo are willing to create new businesses through cooperation, so we can promote win-win cooperation.” He added, “We expect to be able to communicate and cooperate closely with these startups in Pangyo in the future without distance or physical restrictions.”
* PangyoTechnoValley special reporting group: Editor-in-Chief Ji-Hoon Choi, Director Jang-Geun Yoo, Reporter Eun-Sil Lee, Reporter Seong-Sook Lee
Source: Pangyo Techno Valley Official Newsroom
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