Workers hit hard by mass layoffs in Vietnam; weak demand also has fuelled unsold inventory

Tough times: Employees work at a shoe factory in Hanoi. A report shows that to date, around 500 companies have had to downsize their workforce amid the economic downturn, putting 640,000 workers on the line. — Reuters

HANOI: Many Vietnamese firms are going through rounds of layoffs as the global economic downturn shows no sign of abating since starting last year.

PouYuen Vietnam Co Ltd is one of those that have felt the pinch of the economic retreat. The company has announced a plan to terminate 2,300 posts and trim ranks at its Sections C and D in the short term.