Source: VN Express International —
Real estate firms in Vietnam are laying off a growing number of employees due to a stagnant property market.
Hoang, a legal officer at a real estate company in Ho Chi Minh City, said four out of five people in his office have left the firm, so he is doing all the work relating to legal affairs, while his salary has been halved.
The company, located in District 3, has been cutting staff since late last year, and the situation has worsened in the first two months of this year when more employees were laid off, and many others took the initiative to quit because their incomes were cut sharply.
Hoang said all departments of the company have reduced their staff by 50-70% because investment and sales have been stagnant.
“Most of staff in the after-sales department has been laid off or have quit,” Hoang said. Many real estate firms also owe salaries to their staff for the first two months of the year, so employees want to leave the companies.
Kha, a sales officer in the marketing department of a real estate company which is developing a project in Thu Duc City, said that earlier this month he submitted his resignation letter and is no longer a staff member of the company.
