Garmex Saigon, one of the biggest Vietnamese garment exporters, has reduced its workforce from 4,000 in 2021 to just 100 as of date.
In a stock exchange filing, the Ho Chi Minh-based company said conditions have been very unfavorable in the garment export sector for the last 15 months, due to which it made nearly 3,900 workers redundant.
So, in order to reduce losses, the company has reorganized its workforce structure and temporarily cut down on production.
In the filing, Garmex Saigon added that production in garments will be resumed subject to improving export market conditions in the future.
