Xuandong Industrial zone shoe factory is expected
It will attract about 5,000 workers
Vietnam Xuan Tong Industrial Cluster Shoe and slipper factory project was launched in June 2024.
The project is currently being used by Chung Jye Bac Kan Footwear Manufacturing Co., LTD. - Vietnam is well on its way to accelerating construction and the shoe factory will soon be operational.
The plant is expected to be put into operation within a year.
The main products of the factory are export shoes and sandals production and processing, with a capacity of 10 million pairs of shoes/year, a total investment of about 25 million US dollars, attracting about 5,000 local workers.
Beigan City has more industrial production projects, which can not only create jobs and bring stable income to a large number of workers, but also provide the possibility to promote local industrial production.
Multiple layoffs, investment minister explains why
Indonesia's Minister of Investment and Chairman of the Investment Coordination Board (BKPM), Bahlil Rahadalia, recently explained the phenomenon of a large number of industry layoffs (PHK) and pointed out that the layoffs are mainly caused by two factors.
First, some factories located in West Java were relocating to Central Java, resulting in layoffs. Secondly, some factories had to close because their products were uncompetitive.
"There are two reasons why products lose their competitiveness: one is the aging of equipment; The second is that production costs are too high relative to other countries."
He also stressed that the mass layoffs were linked to productivity issues. To that end, he suggests striking a balance between protecting the rights of employees and considering the continued growth of the business.
"Once the plant is closed, mass layoffs will directly affect the state revenue. If we don't handle it properly, eventually everyone will suffer." "Bahlir said.
While some shoe companies have recently announced closures, some new factories have opened.
"Just yesterday, we opened a new shoe factory in Batang Industrial Park in Central Java, providing more than 2,000 jobs," he said, for example.
Mr Bahlir said the government understood that the textile and footwear industry needed more support, such as bank financing to upgrade production facilities.
"Without support, the fear is that more businesses will be forced to close due to a loss of competitiveness." "He added.
Furla is said to have started formal debt restructuring talks
Italian leather goods brand Furla has launched formal debt restructuring talks with creditors aimed at stabilizing its asset structure and staying in business, according to sources, requiring 25 million euros in new funding to stay afloat, which its owners have pledged to provide.
According to Bloomberg, the brand, which owed 154 million euros in bank loans at the end of 2022 and is working on a proposal to be submitted to creditors, reported a loss of 27 million euros on revenue of 186 million euros in 2022, compared with a loss of 52 million euros last year.
A Furla spokesman declined to comment.
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