Why the Closure?
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 infeasible.
After careful consideration of market conditions and other objective factors, the company decided to cease production and business operations by January 31, 2026, with the official closure on February 1, 2026.
Panko Vina Co., Ltd. has operated for over 23 years in what was formerly Binh Duong Province, now part of Ho Chi Minh City.
The company acknowledged that this decision will impact its employees. It pledged to fulfill all legal obligations to its workforce.
January 2026 salaries will be paid through January 31, 2026, regardless of actual working days. Advanced annual leave will not be deducted from wages, and remaining leave balances will be fully compensated.
Each employee will receive a subsidy of 2 million VND, and probationary period allowances will be paid according to legal regulations.
The company cited post-COVID-19 challenges, particularly the lack of orders, as the primary reason for the closure. It also mentioned consolidating operations at its Da Nang facility due to reduced demand.
Anxiety Over the 13th Month Salary
A company representative stated that the Ben Cat Ward facility currently employs approximately 2,700 workers. The company’s labor union is gathering employee concerns, with many requesting the 13th-month bonus for 2025, as they have completed the full year.
The company confirmed that it is up to date with wage and social insurance payments.
Long-time employees expressed sadness upon hearing the news. Mr. T.T., who joined in July 2015 and whose wife also works at the company, shared, “This was my first job. Hearing about the closure is heartbreaking. Thank you, Panko Vina, for helping me grow.”
Ms. H., a 15-year employee, reflected, “I’ve experienced joy and sorrow here. Time flies, and now we must part ways. It’s truly sad.”
Panko Vina Co., Ltd., part of South Korea’s Panko Textile Group (established in 1984), began operations in Vietnam in 2002 at My Phuoc I Industrial Park, Ben Cat Ward, Binh Duong Province (now Ho Chi Minh City). It started with two factories in 2003, employing around 2,000 workers to produce basic garments for its South Korean parent company.
During its expansion phase (2003-2013), the company grew at an average annual rate of over 8%, expanding to three factories and employing over 8,000 workers. Later, the workforce gradually decreased. The company was consistently recognized as an “Outstanding Enterprise” by the former Binh Duong Province for its contributions to production and employee welfare, including providing housing for up to 4,000 workers.
Western Tourists Stunned by the Price of a Bowl of Pho in Vietnam, Exclaiming “Unbelievable!”
An astonishing price discrepancy left the Western traveler utterly disbelief.
Urgent Rectification of Infrastructure Issues on Nguyen Van Quy Street Mandated by the Department of Construction
The Ho Chi Minh City Department of Construction has mandated that developers promptly and thoroughly address all structural deficiencies and infrastructure shortcomings along Nguyen Van Quy Street (from Huynh Tan Phat Road to the Fruit and Vegetable Port), spanning both Tan Thuan and Phu Thuan Wards.
Unveiling Ho Chi Minh City’s ‘Green Wave’ Initiative to Tackle Traffic Congestion on Cong Hoa – Truong Chinh Route
At present, Cong Hoa and Truong Chinh streets serve as vital arterial roads and gateways to Ho Chi Minh City and Tan Son Nhat International Airport, resulting in exceptionally high traffic volumes. The rapid increase in vehicles has surpassed the roads’ capacity, leading to frequent congestion during peak hours.
Ho Chi Minh City Resident Wins VND 21.5 Billion Vietlott Jackpot on Christmas Eve
A Mega 6/45 lottery ticket issued by Vietlott in Ho Chi Minh City has hit the jackpot.
Festive Flowers Flood Ho Chi Minh City Ahead of Tet, Despite Christmas Cheer
The 2026 Tet ornamental flower market has opened early in Ho Chi Minh City, yet despite stable prices, consumer demand remains sluggish, with buyers adopting a cautious approach.
