Taiwan’s Pou Chen Corp, the world’s largest maker of branded sports footwear, plans to cut around 6,000 jobs at its Ho Chi Minh City plant in Vietnam due to weak demand, two local officials familiar with the company’s plans said. | Reuters
“The company will prudently respond to the dynamic changes in the business environment,” Pou Chen said in a filing to the Taiwan bourse.
Pou Chen shares fell 1.2 percent in early afternoon trade in Taiwan in a broader market that was down just 0.1 percent.The plan to cut jobs marks a reversal for the company that in 2021 faced a labor shortage and manufacturing disruption in Vietnam due to the coronavirus pandemic. The Southeast Asian country is a global hub for manufacturing, and its economy in 2022 grew at the fastest pace in decades, but economists have warned of headwinds, with weakening global demand starting to impact trade shipments.
Vietnam’s exports in January fell 26 percent from a year earlier, while imports were down 24 percent. A decline in imports may indicate a future contraction in industrial production as firms cut purchases of materials and equipment for production.Subscribe to our daily newsletter
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