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Absence of long-term orders forces Vietnamese apparel company to sell 80,000 sqm of land

Absence of long-term orders forces Vietnamese apparel company to sell 80,000 sqm of land

Wednesday, February 28, 2024, 16:06 GMT+7
Absence of long-term orders forces Vietnamese apparel company to sell 80,000 sqm of land
Employees are at work at the Garmex Saigon Corporation factory in Ho Chi Minh City. Photo: Quang Dinh / Tuoi Tre

Garmex Saigon Corporation, a textile and garment company headquartered in Ho Chi Minh City, has announced that it is garnering opinions from its shareholders to transfer the ownership of land lots and land-attached assets due to difficulties in finding long-term orders.

The firm is set to sell two land lots covering a combined area of nearly 80,000 square meters.

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The first land plot scheduled for transfer covers over 50,170 square meters of land in Hac Dich Commune in Tan Thanh District under Ba Ria - Vung Tau Province, some 100 kilometers from Ho Chi Minh City.

The other is situated in the Ha Lam - Cho Duoc industrial zone in Thang Binh District under Quang Nam Province, central Vietnam. The land lot spans 26,000 square meters.

Before the decision to sell the two land lots, the apparel firm had offloaded several assets such as cars, trucks, machines, and manufacturing equipment to maintain its operations.

The once-renowned apparel firm in Ho Chi Minh City has cut its workforce to dozens from some 4,000 employees.

A representative of Garmex Saigon Corporation said that the company had yet to recruit new laborers for its traditional industry.

The decision to invest in revitalizing its apparel operations will be contingent upon the prevailing market conditions.

The firm is optimizing its available resources, while it is searching for partners to transfer unused assets.

According to its recent financial report, Garmex Saigon Corporation booked revenue of VND8.2 billion (US$335,000) in 2023, plummeting from over VND290 billion ($11.8 million) recorded in the preceding year.

As of the end of 2023, the firm had sustained a cumulative loss of over VND73 billion ($2.9 million).

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Tieu Bac - Binh Khanh / Tuoi Tre News

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