- Provides one-stop cargo mobility solution from transportation to dispatch and payment

- Focuses on acquiring global customers in ASEAN countries beyond Vietnam

Coconut Silo started as HyundaiMotor Group's H Startup and spun off in June 2020. Now, it is servicing cargotransportation platform in Vietnam. The company provides faster and cheapertransportation services by connecting consumers to logistics companies andtruck drivers upon the request for cargo transport. In the beginning of thebusiness, the company had targeted Korean companies in Vietnam, and itsbusiness model had been verified for the excellence in the Vietnamese market.Based on this, it is expanding its cargo transportation platform service toASEAN countries like Singapore, Philippines, Thailand, Malaysia, and Indonesia,focusing on making global customers.

Coconut Silo is a startupfounded in March 2020 after completing the development of the “cross-borderlogistics intermediary platform” that has been running for two years since2018. This platform service matches cargo owners (corporates, individuals) andtruck owners (corporates, individuals) wanting to transport domestic andinternational cargo in the ASEAN market including Vietnam by using mobile appsor web, taking care of transport, dispatch, and payment at once.

Coconut Silo CEO Kim Seung-yongsaid, “Vietnam is bordering with neighboring countries like Laos, Cambodia,Thailand, and China, so cargo can be transported over land, but the logisticsservice was inefficient and unsystematic because it was not made into a platform,making it difficult to do the export/import tasks.” He then explained, "Weare taking over the market by providing services to those who need cargo thatmoves through ports, including major industrial complexes in southern Vietnamand international cargo transportation through land, and small and medium-sizedenterprises that do not have their own logistics infrastructure.”

Currently, the cargotransportation market in Vietnam is worth 11.1 trillion won and is growingcontinuously by more than 20% every year. "The Vietnamese cargo transportmarket is in the early stages of the ICT platform implementation," saidCEO Kim, adding, “Many companies that have factories in the industrial complexin Vietnam have factories in neighboring countries, so the demand forinternational cargo is high.”

Providing the first cargotransport intermediary platform service in Vietnam, Coconut Silo was evaluatedpositively by the local community in that it improved work efficiency byimproving the unnecessary multi-step structure of the existing transportintermediary process, and contributing to stimulating the cargo import andexport business with neighboring countries. Kim said, “We are developing analgorithm for efficient cargo transportation for higher user profitabilitycompared to competitive platforms. We will continue to improve and advance ourplatform services so that our platform can evolve into a cross-border logisticsplatform that encompasses the entire ASEAN countries.”

With this, Coconut Silo seeksto build a cooperation system with local companies and foreign companies otherthan Vietnam and ASEAN countries, and develop new business models based onrelated industrial infrastructure and human networks to develop its business.For this, Coconut Silo is establishing corporations in Vietnam, the US, China,and India. Also, it is developing a separate item in cooperation with DaimlerTruck Korea with the aim of commercialization in the first half of 2021.

Coconut Silo is in its ninthmonths in the business, and it has been awarded the Grand Prize in the JejuPublic Data Utilization Startup Contest, MSS Minister’s citation (Grand Prize)for young people contest, in a contest where young people lead youth, and MSITMinister’s citation for Mobile Technology Grand Prize, proving that it is astartup that has secured innovative ideas and technology in Korea.Particularly, the company was also ranked as one of the TOP 5 companies inCodeLaunch, a major startup competition in the US held in July. Thisachievement is the first not only in Korea but in Asia as well.

Kim said, “We have establisheda base in Pangyo because it is easy to do networking, technology exchange, andinformation sharing. Above all, many companies with outstanding technologiesare willing to start new businesses in Pangyo, so it is good for the company inthe sense that we can cooperate mutually.” As the last word, he said, “Weexpect to be able to communicate and cooperate closely with these startups inPangyo without any distance or physical restrictions.”