Supply Chain Woes Could Lessen as Vietnamese Intel, Samsung Plants Fully Open
Several manufacturers could see modest improvement in their supply chain issues in time for the new year. Intel Corporation, Samsung Electronics Co. and Nidec Sankyo Corporation have plans to fully reopen their Ho Chi Minh City manufacturing plants by the end of November, Bloomberg reported.
All three manufacturers are tenants of Saigon Hi-Tech Park. The park’s deputy manager, Le Bich Loan, told Bloomberg in a phone interview that the park intends to help its tenants open to capacity by late November. They are currently running at 70%, which includes the loss of staff who “fled to home provinces,” Bloomberg wrote. Although Loan wasn’t specific on the measures they would be taking to re-open, it will include re-staffing.
In July and August, a surge in coronavirus cases caused the government to create mandates for on-site sleeping arrangements so employees could remain in the factory or to shut down operations entirely. At the time, Intel Corp. spent $6.1 million to meet the strict mandates and continue operations, but still shut down three of its 16 workshops in Saigon Hi-Tech.
Explore: As Anxiety at the Grocery Store Mounts, Over Half of US Shoppers Demand Supply Chain Transparency
Find: Walmart, Target and More Charter Private Ships To Combat Great Depression-Level Supply Chain Issues
Intel stock started climbing slightly this morning, up just over $50 after a 5-day dip. The news didn’t seem to help Samsung stock, however, which has lost 15% for the year, and saw its price target cut by analysts at HSBC Holdings Plc, among others, this week.
More From GOBankingRates
- 5 Things Most Americans Don’t Know About Social Security
- The Best Cash Back Credit Card Right Now
- 8 Best Cryptocurrencies To Invest In for 2021
- How Long $500K Will Last in Retirement in Each State
Last updated: October 13, 2021