COVID-19 Takes Its Toll on Korean Companies in Vietnam
A rapid spread of COVID-19 in southern industrial complexes of Vietnam is hurting Korean companies.
According to a report released by the Ho Chi Minh City Chamber of Commerce on July 25, the virus suspended business operations at 70 (27.5 percent) of the 254 member companies surveyed. The chamber conducted the survey for three days from July 19.
In particular, 36 business sites in Longan, where Korean companies are concentrated, halted operations. Many other companies that were not included in the survey are also assumed to have stopped business operations.
Samsung Electronics' home appliance plant in Ho Chi Minh City is operating its production lines, but the operating rate has dropped below 40 percent due to the spread of the pandemic. Samsung’s home appliance factory has 7,000 employees and is producing home appliances, including TVs, washing machines, refrigerators, vacuum cleaners and monitors.