Grand Gain Footwear Manufacturing Co., Ltd (Vietnam)

As an FDI company, Grand Gain Footwear Manufacturing Co.,Ltd specializes in manufacturing and processing footwear and component parts. The subject is in the supply chain that produces sports shoes for the Puma brand. In addition, it also produces for a number of other brands such as Marathon Sports…As shared by an accountant staff, when the pandemic broke out strongly in the Southern provinces of Vietnam, the subject had to temporarily stop operation for a half month in July 2021. Then, it maintained production by organizing operations according to "3 at the spot" model  with a part of employees in the period from August to October 2021.According to Vietnam Leather, Footwear and Handbag Association (LEFASO), in 2022, although Vietnam's leather, footwear and handbag industry overcame many difficulties and challenges to achieve impressive export turnover, however, since the end of 2022, inflation in major export markets such as USA, EU... increased, causing purchasing power to decline, driving many difficulties for footwear manufacturers in Vietnam.In 2023, Vietnam's leather and footwear exports set a target of reaching an export turnover of USD 27 billion, an increase of about 10% compared to last year. According to General Statistics Office, in the first 5 months of 2023, Vietnam's footwear exports reached nearly USD 8.2 billion. Footwear is one of seven items with an export value of more than USD 5 billion but has decreased by more than 13.3% compared to the same period in 2022. The decrease in exports reflects the fact that demand in the world is shrinking when consumers tighten their spending due to the effects of inflation, world trade conflicts lead to lower income. This makes even big brands in the world have a lot of inventory, thereby reducing order volume from outsourcing factories around the world, not just in Vietnam. Vietnamese FDI manufacturers such as PouYuen, Taekwang Vina, Changshin, Pouchen have continuously cut labor.Through the interview, the subject's staff declined answer further interview details.