Absence of long-term orders forces Vietnamese apparel company to sell 80,000 sqm of land

February 28, 2024

The firm is set to sell two land lots covering a combined area of nearly 80,000 square meters. Before the decision to sell the two land lots, the apparel firm had offloaded several assets such as cars, trucks, machines, and manufacturing equipment to maintain its operations. The once-renowned apparel firm in Ho Chi Minh City has cut its workforce to dozens from some 4,000 employees. A representative of Garmex Saigon Corporation said that the company had yet to recruit new laborers for its traditional industry. According to its recent financial report, Garmex Saigon Corporation booked revenue of VND8.2 billion (US$335,000) in 2023, plummeting from over VND290 billion ($11.8 million) recorded in the preceding year.

The source of this news is from Tuoi Tre News

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