The massive Vietnamese shoe producer PouYuen Vietnam, which makes sports activities sneakers for Nike and Adidas, amongst others, will once more reduce hundreds of jobs as a result of the corporate receives far fewer orders. Vietnamese media report this.
Consequently, 6,000 jobs shall be misplaced on the firm, which is positioned in Ho Chi Minh Metropolis, previously Saigon. In February it was additionally introduced that 6000 jobs have been going to vanish. Because of the excessive inflation and financial uncertainty, individuals are shopping for much less sports activities sneakers from, for instance, Adidas and Nike.
PouYuen Vietnam, a part of the Taiwan-based Pou Chen Group, is the biggest employer of Ho Chi Minh Metropolis, the business hub of Vietnam, with about 50,000 staff.
Vietnam is likely one of the largest exporters of clothes, footwear and furnishings on the earth and is subsequently hit onerous by the excessive inflation in main markets resembling Europe and the US. Shoppers’ buying energy can be beneath stress from inflation in different elements of the world.