- The pandemic resurgence has compromised Vietnam’s factory production locations that house Apple Inc (NASDAQ:AAPL) and Samsung Electronics Co Ltd (OTC:SSNLF) suppliers, Reuters reports.
- Over 3,000 people have contracted the virus in 30 of its 63 cities and provinces since late April.
- Four business sources acknowledged operational hit following lockdown, which triggered supply chain disruption concerns.
- One Apple supplier had temporarily divided its workforce over two shifts.
- Vietnam had begun vaccinating workers in the two most affected provinces Bac Ninh and Bac Giang, based on the health ministry statement.
- Bac Ninh is responsible for significant Samsung operations and imposed a curfew and other travel restrictions. Vietnam accounts for 50% of Samsung’s global phone and tablet production.
- Last week, Vietnam’s government advised Bac Ninh and Bac Giang provinces to drive efforts to prevent an industrial production disruption. LG Electronics Inc (OTC:LGEIY), Foxconn Technology Co Ltd (OTC:FXCOF), and Luxshare have operations or supply chain companies in the area.
- A Xiaomi Corp (OTC:XIACF), Huawei Technologies Co., Ltd, Vivo Communication Technology Co. Ltd, and Guangdong Oppo Mobile Telecommunications Corp, Ltd supplier’s workers were living and working within the industrial zones in Bac Ninh.
- The government planned to gradually reopen four industrial parks closed a week earlier due to the pandemic.
- Some of the lower-tier South Korean suppliers were also struggling.
- Price action: AAPL shares traded lower by 0.19% at $125.04 on the last check Friday.
Fading Producer of China’s ‘The Voice’ Files for Hong Kong IPO
Key Takeaways:
Variety show producer Star CM has filed for a Hong Kong IPO, seeking funds to revive its fading fortunes
Revenue from the company’s flagship “Sing! China” dropped from 1.14 billion yuan during its heyday in 2015 to just 252 million yuan last year.
