TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters ANZ
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Write For Us

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Layoff shockwaves: Vietnamese shoemaker for Nike and Adidas cuts nearly 6,000 jobs

News • 15th May 2023 • 2 Min Read

Layoff shockwaves: Vietnamese shoemaker for Nike and Adidas cuts nearly 6,000 jobs

Strategic HR#HRTech#Layoffs#HRCommunity

Author: Samriddhi Srivastava Samriddhi Srivastava
1.8K Reads
With a workforce of approximately 50,000 employees, the company holds a significant position among the employers in the commercial capital. However, this is not the company's first instance of implementing layoffs.

A major shoe manufacturer in Vietnam that produces footwear for popular brands like Nike and Adidas, has announced its plan to lay off thousands of workers due to a decline in orders. The layoffs are expected to take place at the end of next month.

Despite being one of the leading global exporters of clothing, footwear, and furniture, the country has faced significant challenges due to the cost-of-living crisis in Europe and the United States. The shrinking purchasing power of consumers worldwide has negatively impacted the country's economy.

According to VNExpress, PouYuen Vietnam, a subsidiary of Pou Chen Group based in Taiwan, has informed local authorities of its intention to lay off nearly 6,000 workers holding permanent contracts. The layoffs are expected to take effect starting from the end of next month.

"This will be the biggest layoff since PouYuen started its operation in Ho Chi Minh City in 1996," the state media outlet said.

Being one of the major employers in the commercial capital, the company currently employs around 50,000 workers. However, this is not the first time the company has taken such measures. 

In February, they had already carried out a similar layoff by terminating the contracts of approximately 3,000 permanent employees. Additionally, an additional 3,000 temporary employees did not have their contracts renewed.

According to a survey conducted by the labour department of Ho Chi Minh City, approximately one-third of the production facilities in the city encountered a decrease in workforce demand during the first quarter of this year.

Officials have stated that the downturn primarily affected industries such as shoes, clothing, construction, and food processing. PouYuen, for instance, resorted to placing 20,000 of its workers on rotational paid leave last year. 

According to the labour ministry, over 630,000 workers in Vietnam experienced job losses or reduced working hours during the same period.

Read More

Did you find this article helpful?


You Might Also Like

UBS initiates fresh layoffs including top managers

NEWS • 28th Jan 2025 • 2 Min Read

UBS initiates fresh layoffs including top managers

Strategic HRTalent Management#Layoffs#HRCommunity
68% of HR professionals struggle to find talent

NEWS • 16th Jan 2025 • 3 Min Read

68% of HR professionals struggle to find talent

Strategic HRRecruitment#HRTech#HRCommunity
NZ to ease dismissal rules for high-paid employees

NEWS • 9th Dec 2024 • 2 Min Read

NZ to ease dismissal rules for high-paid employees

Strategic HREmployment Landscape#HRTech#HRCommunity
NEXT STORY: Google I/O introduces Duet AI for effortless email and document composition

Trending Stories

  • design-thinking-hr

    Skype is dead: Did Microsoft's leadership let a billion-doll...

  • design-thinking-hr

    Keeping the C-suite in the C-suite - how do we reduce execut...

  • design-thinking-hr

    Return to office: the legalities

  • design-thinking-hr

    The trust factor: Why modern leaders can’t afford to overl...

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Write For Us

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

or

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.