Ho Chi Minh City garment firm shifts to real estate amid ailing core business

March 15, 2024

A formerly robust garment company in Ho Chi Minh City has turned its focus to real estate after laying off workers and liquidating assets due to no orders. The apparel company has temporarily suspended production since May 2023 and currently has no plans to recruit new personnel for its textile and garment segment. Last month, GMC revealed its intention to sell two land lots covering a combined area of nearly 80,000 square meters. The first land plot set for transfer spans 50,173 square meters in Tan Thanh District, Ba Ria-Vung Tau Province, approximately 100 kilometers from Ho Chi Minh City. GMC, formerly Saigon Garment Production and Trading JSC, was founded in 1976 as a state-owned enterprise, according to Tien Phong (Vanguard) newspaper.

The source of this news is from Tuoi Tre News

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