HanesBrands Inc. announces Vietnam move

HanesBrands Inc., an American clothing brand, has decided to outsource its production facilities to Vietnam and close its underwear factory Cartex Manufactura in Costa Rica in November in a bid to maximise profits.

Illustrative image (Photo: VNA)

ElFinanciero.com, a business news site, quoted Director of Cartex Manufactura Mauricio Brenes saying that the shutdown aims to reduce production costs as the company sourced fabric from suppliers in China, near the Vietnamese border.

The shutdown after four decades of operating in Costa Rica will make 1,250 employees lose their jobs, adding to the country’s 10,000 unemployed due to multinational corporations outsourcing to cheaper production sites in the last five years. In Vietnam, the firm opened new factories in the northern province of Hung Yen and central province of Thua Thien Hue.

Source: VNA

Other news


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.