Corporate workforce reductions in Vietnam

In the first half of 2026, Vietnam experienced a significant wave of corporate restructuring, with fourteen companies collectively reducing their workforce by 21,730 jobs. FPT Group saw the largest single reduction, cutting 9,722 employees following the Ministry of Public Security’s takeover of a majority state stake in FPT Telecom.

The banking sector was heavily impacted, accounting for eight of the fourteen firms involved in job cuts. Sacombank reported the steepest percentage decline among banks, shedding 3,738 workers.

Detailed financial reporting for Sacombank revealed that the workforce reduction coincided with a sharp decline in profitability. The bank’s after-tax profit for the first six months of 2026 fell by more than half compared to the previous year, a decline primarily attributed to credit risk provision expenses which increased more than sevenfold. Additionally, the average monthly income per employee at Sacombank decreased by approximately 12.1% as rising base salaries were offset by a nearly 48% drop in other forms of income.