• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Friday, May 16, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

Vietnam shoe-maker for Nike, Adidas to cut 6,000 jobs

by Sumbul Farid
February 21, 2023 - Updated On February 22, 2023
in News
Reading Time: 2 mins read
0
Nike sues BAPE for copying sneaker designs
TwitterWhatsappLinkedin

According to local authorities, one of Vietnam’s largest shoe manufacturers for big brands such as Nike and Adidas will lay off several thousands of workers at the end of the month due to a slump in orders.

You might also like

IndusInd Bank Shares Fall 3% on Reports of Fresh Internal Audit Probe

Bookings to Azerbaijan and Türkiye Drop 60%, Cancellations Rise 250%: MakeMyTrip Reports

160 Boeing Aircraft Ordered by Qatar in Trump-Led Trade Agreement

According to a Ho Chi Minh City labour department document obtained by AFP on Monday— a unit of Taiwan-based Pou Chen Group, PouYuen Vietnam, will slack off 3,000 factory workers and will not renew the contracts of 3,000 others because of “very few production orders in 2023.”

One of the world’s largest exporters of clothing, footwear and furniture, Vietnam has been poorly impacted by the cost-of-living crisis in major markets in Europe and the United States, with the purchasing power of worldwide consumers plummeting.

PouYuen is the commercial capital of Ho Chi Minh City’s largest employer, with approximately 50,000 employees.

The document said, “The company has told the workers’ union that in February it plans to cut 3,000 workers… and it will expect to make an announcement to those workers on 25 February.” According to the document, the factory workers will continue to be paid until they receive unemployment benefits,

At the end of last year, the layoffs came in after PouYuen put 20,000 employees on paid leave in rotation. According to the labour ministry, more than 630,000 employees were laid off from their jobs or had their hours cut in Vietnam in 2022.

According to the Vietnam General Confederation of Labour, in the last quarter of 2022, orders plunged 30 to 40 per cent from the United States and 60 per cent from Europe compared to the previous year.

Adidas
Image Source: Wikipedia

Around 200 contracted factories that make sportswear for Nike Inc across Vietnam resumed operations after months of COVID-19 suspension in November 2021.

The shoe manufacturing factories in Vietnam export more than 1 billion pairs of footwear of all kinds to hundreds of countries all over the world every year. In particular, Vietnam’s footwear exports to the EU make for the largest proportion of the total exports. By the end of 2021, there were around 2,200 enterprises producing footwear in Vietnam, mainly situated around Ho Chi Minh City.

As per the analyst’s report, two big brands in the global footwear industry, Nike and Adidas, have chosen Vietnam as their main production base. Part of the global footwear chain gradually shifted from China to Vietnam due to its lower costs. Nike has more than 100 suppliers in Vietnam, with 96 factories in the country’s southern region.
Tags: AdidasLayoffsNikeshoemakerVietnam
Tweet54SendShare15
Previous Post

A setback for Joyalukkas: India’s top jewellery retailer withdraws IPO

Next Post

How to Save Money on Energy for Your Business: 8 Tips

Sumbul Farid

Recommended For You

IndusInd Bank Shares Fall 3% on Reports of Fresh Internal Audit Probe

by Rounak Majumdar
May 15, 2025
0
IndusInd Bank Shares Fall 3% on Reports of Fresh Internal Audit Probe

IndusInd Bank shares fell by 3% on Thursday after reports surfaced of a fresh internal audit probe into accounting discrepancies within the bank’s operations. This decline follows mounting...

Read more

Bookings to Azerbaijan and Türkiye Drop 60%, Cancellations Rise 250%: MakeMyTrip Reports

by Rounak Majumdar
May 15, 2025
0
Bookings to Azerbaijan and Türkiye Drop 60%, Cancellations Rise 250%: MakeMyTrip Reports

The Indian outbound travel market has taken a sharp turn, with MakeMyTrip reporting a dramatic 60% drop in bookings to Azerbaijan and Türkiye in recent weeks. This decline,...

Read more

160 Boeing Aircraft Ordered by Qatar in Trump-Led Trade Agreement

by Thomas Babychan
May 15, 2025
0
160 Boeing Aircraft Ordered by Qatar in Trump-Led Trade Agreement

President Donald Trump’s visit to the Gulf has resulted in one of the largest commercial aviation deals in history, as the Emir of Qatar, Sheikh Tamim bin Hamad...

Read more
Next Post
How to Save Money on Energy for Your Business: 8 Tips

How to Save Money on Energy for Your Business: 8 Tips

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?