Investment News

Tech layoff wave spreads to Vietnam



A programmer works on computers in an IT office. Photo by Shutterstock/ProStockStudio

Having worked for a large foreign technology corporation in Hanoi for more than five years, data analysis expert Le Thai Ha was shocked to get suddenly fired recently.

"Because the tech market has fluctuated a lot, our corporation officially announced a mass layoff, mostly of senior positions, including mine," she said.

Despite being aware of the difficulties of the market in general, and of the corporation in particular, its decision to cut back was still a big surprise to Ha.

The corporation has already struggled for two or three years, she said, saying that it must have finally been financially exhausted this year.

"This is our corporation’s first unannounced layoff, and so many employees were surprised by the decision," she said.

Ha said with the current global economic situation, many employees in the information technology (IT) field are prepared to get laid off at any time.

Ha is one of many employees that has been affected by the wave of tech layoffs that have begun to hit Vietnam.

Since earlier this year, many IT companies in the country have stopped recruiting or even laid off staff.