Electronics retail chain, Mobile World, has laid off 5,936 workers so far this year, according to The Investor. This looks to be part of a broader restructuring of the company which has closed a number of stores over the last twelve months amid challenging economic conditions in Vietnam.
Mobile World is one of the most active stocks on the Ho Chi Minh City Stock Exchange among foreign investors. Trading under the ticker MWG, shares of the company closed at VND 62,900 a share on Friday. Foreign investors currently own about 46.69 percent of the firm with a foreign ownership cap of 49 percent.
Of note, in order to unilaterally terminate a contract an employer must give an employee 45 days’ notice if the employee is on a permanent contract and if an employee is on a short-term contract defined as 12 months to three years it is 30 days.
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