Garmex Saigon (GMC) has released its Q3 2025 financial report, showing a revenue of 452 million VND, nearly quadrupling year-on-year, yet still recording a loss of over 6 billion VND due to high management expenses. Cumulative losses by the end of Q3 reached nearly 125 billion VND. Garmex invested in pickleball courts, generating a revenue of 795 million VND over 9 months, equating to about 3 million VND/day. The company plans to cut costs and liquidate assets due to difficult circumstances, with its workforce shrinking drastically from 4,000 to just 29. Prior to COVID-19, Garmex surpassed 2,000 billion VND in revenue, but in 2022, sales plummeted by 93%. Due to a chain reaction from partner Gilimex and overall challenges facing the textile industry, Garmex had to suspend production to minimize losses.
Leave a Reply