Thao Uyen Garment Manufacturing And Trading Company Limited (Vietnam)

The subject specializes in manufacturing and processing garment products for exporting. The materials for production are imported from some main markets such as South Korea, China, the USA, etc. Most of its products are exported to the USA. As shared by HR department, the subject has still maintained total labor force of 1200 since last year because the subject gradually has orders again in the fourth quarter of 2023 to serve Christmas and New Year. According to our observations, the subject still posts company recruitment information at the second gate "No. 25, Tan Thoi Nhat 8 Street, Tan Thoi Nhat Ward, District 12, Ho Chi Minh City, Vietnam".According to the Vietnam Textile and Apparel Association (VITAS), Despite its continued reliance on traditional markets, the garments and textiles industry in Vietnam is gaining momentum for a gradual recovery in 2024 due to the diversification of its consumer base, products, and markets. The country's textile and garment exports in 2023 are estimated to fall 9.2% to reach USD 40.3 billion, but the consumer base and markets are becoming more diverse, which bodes well for the future. 2023 posed significant challenges, such as the lingering global impact of the COVID-19 pandemic and a large inventory due to decreased demand.The textile industry will still have problems in 2024, such as export orders continuing to go down, even though they are already going down; the supply chain is still risky and input costs are still high; the risk of not being able to meet debt repayment obligations is still high; interest rate risk and exchange rate decline; digital transformation trends; and the fast-moving greening and circular business trend. Besides, Vietnam's textile and garment industry is currently competing with Bangladesh. While your country has applied green transformation early, Vietnam's textile and garment industry is just in the early stages of transformation.To prepare for the market recovery period, textile and garment enterprises are currently trying to cut production costs and retain the workforce. This not only prepares resources for the order recovery period but also affirms the stability of domestic production as a competitive factor in other countries. It can be seen that the subject is following the industry's plan by maintaining its current skilled workforce. Hopefully, the subject's situation in 2024 will improve and get better results.