Why is the Company Closing?
A representative from Panko Vina Co., Ltd. (located in My Phuoc 1 Industrial Park, Ben Cat Ward, Ho Chi Minh City) confirmed that the company has announced the cessation of its production and business operations starting from the beginning of 2026.
The company stated that it has been operating in Binh Duong for over 23 years. Despite its best efforts to sustain operations, the current challenges make continuing business unfeasible.
After careful consideration of various factors, including market conditions and other objective circumstances, the company has decided to cease production and business operations by January 31, 2026, with the official closure date set for February 1, 2026.
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The company acknowledged that this decision will impact the lives of all employees. It has committed to fulfilling all legal obligations to its workforce.
January 2026 salaries will be calculated through January 31, 2026, regardless of whether actual work ends earlier. Advanced annual leave will not be deducted from wages, and any remaining leave balances will be fully compensated.
Each employee will receive a subsidy of 2 million VND, and probationary employees will be compensated according to legal regulations.
The company cited post-COVID-19 challenges, particularly the inability to secure orders, as the primary reason for closure. Additionally, the company operates another factory in Da Nang, and consolidating production in one location is more practical given the current low order volume.
Anxiety Over the 13th Month Salary
A company representative shared with reporters that the Ben Cat factory currently employs approximately 2,700 workers. The company’s labor union is gathering employee feedback for discussion with management. Workers are particularly concerned about receiving the 13th-month salary for 2025, as they have completed the full year of work.
The representative assured that the company is not in arrears with wages or social insurance contributions.
Many long-term employees expressed sadness upon receiving the closure notice. Mr. T.T., who joined the company in July 2015 and later married a fellow employee, shared, “This was my first job, and I’m deeply saddened by the closure. Thank you, Panko Vina, for helping me grow.”
Ms. H., a 15-year employee, reflected, “There have been ups and downs, moments of frustration and tears. Time flies, and now we must part ways. It’s truly heartbreaking.”
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Panko Vina Co., Ltd., part of South Korea’s Panko Textile Group, was established in 1984. In Vietnam, Panko Vina was founded in 2002 in My Phuoc I Industrial Park, Ben Cat Town, Binh Duong Province (now Ben Cat Ward, Ho Chi Minh City). It began operations in 2003 with two initial factories, employing around 2,000 workers and producing basic garments for its South Korean parent company. During its expansion phase (2003-2013), the company grew significantly, achieving an average annual growth rate of over 8%. It expanded to three factories and employed over 8,000 workers. Subsequently, the workforce gradually decreased. Throughout its operation, the company was consistently recognized as an “Outstanding Enterprise” by the former Binh Duong Province for its contributions to production and employee welfare. It also invested in dormitories accommodating up to 4,000 workers. |
Hương Chi
– 07:57 25/12/2025
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