Yue De Viet Nam Company Limited (Vietnam)

The subject is one of the members of Pou Chen Group in Vietnam. The company specializes in manufacturing and processing kinds of shoes and uppers for famous international brands such as Nike, Adidas, Reebok, Puma, New Balance, etc. As revealed, the finished products are wholly exported to foreign markets.Its business was significantly impacted by the Covid-19 pandemic in 2020 and 2021. In 2022, the pandemic was controlled, enabling the subject to return to normal production. However, the subject and other companies in the same field suffered from difficulties from the world economic downturn, especially in the fourth quarter of that year as a consequence of geopolitical tensions between Russia and Ukraine. High inflationary pressure in main export markets along with poor purchasing power seriously affected orders and caused a wave of massive labor cuts in many companies. According to media information, up to Aug 2023, the subject terminated labor contracts with 1,846 workers (in which, 50% of these workers were over 40 years old).At present, the outlook for the global economic recovery is not optimistic because geopolitical conflicts are seriously escalating in many regions in the world. The recent confrontation between Hamas and Israel could pull many parties to participate in the conflict (including USA, Iran and other NATO countries, etc.). In this worst scenario, the macroeconomic factors would unpredictably fluctuate and the world's energy security would be threatened. These determinants would continue to exacerbate the current economic recession.In the latest interview, we make many phone calls but no one answers the phone. Based on our investigation, the latest import date is 30 Sep 2023. To a certain extent, we believe that the subject is still operating until now.