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Wednesday, June 19, 2024

Fall of one of biggest Vietnamese garment factories in 2023

Set up in 1976 and at one time employing 4,000 workers in five garment factories, Garmex Saigon posted revenues of only VND 8.2 billion, a sharp decline from more than VND 290 billion in 2022.

Garmex Saigon headquartered in HCM City was one of the biggest garment manufacturers in Vietnam and of the VND 8.2 billion revenue in 2023; the fourth quarter contributed just VND 134 million.

For 2023, Garmex posted a gross loss of more than VND 4 billion, but by actively restructuring, its liabilities decreased sharply from VND 87 billion in January 2023 to VND 26.7 billion in December 2023.

Nguyen Minh Hang, General Director at Garmex Saigon said that in the fourth quarter of 2023, the company did not have any orders.

Since the beginning of 2023, the company has continuously liquidated its movable and immovable assets like machineries and also includes luxury cars owned by the company.

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