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ADIDAS AG

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Delayed Quote. Delayed Xetra - 11/26 11:38:12 am
253.35 EUR   -5.45%
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'We are tired': Workers flee Vietnam's largest city as long lockdown eases

10/04/2021 | 03:18am EST
People planning to return to their hometowns wait at a checkpoint to leave Ho Chi Minh

HANOI (Reuters) - Tens of thousands of people, mostly migrant workers, left Ho Chi Minh City over the weekend as the largest metropolis in Vietnam eased a months-long COVID-19 lockdown https://www.reuters.com/world/asia-pacific/vietnams-biggest-city-start-lifting-covid-19-curbs-revive-business-2021-09-30, triggering fears of labour shortages and more disruption to manufacturing.

The mass exodus comes as the city and its nearby industrial provinces struggle to ensure sufficient workers to help revive the country's economy, which posted a record GDP slump https://www.reuters.com/world/asia-pacific/vietnam-posts-record-gdp-slump-q3-due-covid-19-curbs-2021-09-29 in the third quarter due to COVID-19 curbs.

"We left our home behind for the city in search for better jobs but now we are tired," said Tran Thi Them, 32, as she queued for a compulsory COVID-19 test before leaving.

"We are going home to farm and raise cattle," she said, as she headed to her village in Dong Thap province in the Mekong River Delta with her husband and their 8-month-old baby.

Them lost her job at a garment factory in July, when the city began imposing curbs, and has been confined to her 10-square-metre rented room amid restrictions on leaving the house.

Nearly 90,000 people have left Ho Chi Minh City since Friday, state media reports show, on worries they would get stuck again if there was another wave of infections. The city eased curbs from late Thursday.

"Please don't leave, and stay to work," said vice chairman of the city's People's Committee, Le Hoa Binh.

"The city is facing serious labour shortages."

'DIFFICULT TO RECRUIT'

Such shortages would add to the woes of labour-intensive businesses that are already struggling due to the lockdown.

"We are facing a huge labour shortage," a sub-contractor of Coteccons Construction said from Ho Chi Minh City on condition of anonymity as he was not allowed to speak to media.

"We have only 60% of the labour force needed for our projects, and it's difficult to recruit more workers now."

Suppliers for Nike and Adidas suspended operations in Vietnam earlier this year. Nike has cut its fiscal 2022 sales expectations https://www.reuters.com/business/retail-consumer/nike-misses-estimates-quarterly-revenue-shares-fall-2021-09-23 and warned of holiday delays.

Buyers of Apple's new iPhone 13 face longer-than-expected delivery https://www.reuters.com/business/delivery-times-iphone-13-stretch-covid-19-hits-vietnam-suppliers-nikkei-2021-09-29 times because of the outbreak in Vietnam, where components for the device's new camera module are assembled.

Fashion brands are also increasingly turning away https://www.reuters.com/business/retail-consumer/how-global-supply-chains-are-falling-out-fashion-2021-09-30 from low-cost manufacturing hubs in Asia.

Vietnam has one of the lowest vaccination rates in Southeast Asia, with less than 11% of its 98 million people having received at least two doses.

It has reported 808,000 cases and more than 19,700 COVID-19 deaths, with Ho Chi Minh City accounting for nearly half and 77% of them, respectively.

"We are heading home as that is a safer place," Them said.

(Editing by Himani Sarkar)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG -5.45% 253.35 Delayed Quote.-14.95%
APPLE INC. -3.17% 156.81 Delayed Quote.18.18%
COTECCONS CONSTRUCTION JOINT STOCK COMPANY -1.60% 74000 End-of-day quote.-4.76%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.24% 167.325 End-of-day quote.18.51%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.00% 137.9 End-of-day quote.20.45%
NIKE, INC. -2.33% 168.02 Delayed Quote.18.77%
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Sales 2021 21 422 M 24 245 M 24 245 M
Net income 2021 1 616 M 1 829 M 1 829 M
Net cash 2021 451 M 510 M 510 M
P/E ratio 2021 32,6x
Yield 2021 1,30%
Capitalization 48 666 M 55 071 M 55 080 M
EV / Sales 2021 2,25x
EV / Sales 2022 2,04x
Nbr of Employees 54 722
Free-Float 87,7%
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Number of Analysts 31
Last Close Price 253,35 €
Average target price 323,29 €
Spread / Average Target 27,6%
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Managers and Directors
Kasper Bo R°rsted Chief Executive Officer
Harm Ohlmeyer Chief Financial Officer & Labor Director
Thomas Hermann Rabe Chairman-Supervisory Board
Martin Shankland Head-Global Operations
Roland Nosko Member-Supervisory Board
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