The ongoing global economic downturn has forced numerous Vietnamese firms to downsize their workforces, resulting in mass layoffs. Among the most recent affected companies has been PouYuen Vietnam Company, which has announced plans to terminate 2,300 positions. Similarly, Ampfield Vietnam Company has reduced its workforce from 700 to 100, citing a sharp decline in orders for the textiles manufacturer.
The Vietnam Confederation of Labour has noted that around 500 companies have had to downsize so far this year, impacting around 640,000 workers in total. Industries impacted include wood processing, manufacturing, footwear, and textiles.
In response to the crisis, companies like PouYuen are offering substantial severance packages to affected employees, and unions are providing further job-search assistance. Additionally, Ho Chi Minh City’s Department of Labour, Invalids, and Social Affairs has accelerated the delivery of unemployment benefits and insurance payments to support job seekers.
As firms struggle to adapt to the economic downturn, the Union of Business Association has appealed to the national government to develop further support measures for businesses, including preferential loans, debt restructuring, tax cuts, and bond issuance support.
