# Corporate workforce reductions in Vietnam > Live situation record from CLSTR: https://clstr.news/situations/corporate-workforce-reductions-in-vietnam > Updated: 2026-08-28T01:47:49.000Z. Sources: 2. Developments: 2. 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. ## Timeline ### 2026-08-28: Sacombank reports workforce decline and halved profits in H1 2026 Sacombank reported a significant workforce reduction of over 3,700 employees since late 2025 and a 50% drop in after-tax profit for H1 2026, driven by a massive surge in credit risk provisions. 2 sources. https://clstr.news/cluster/sacombank-reports-workforce-decline-and-halved-profits-in-h1-2026 ### 2026-08-04: Vietnam's FPT Group and Sacombank Lead Major Workforce Reductions in Early 2026 Fourteen Vietnamese firms cut 21,730 jobs in early 2026, led by FPT Group's 9,722 layoffs and Sacombank's 3,738 cuts, amid broader corporate restructuring. 2 sources. https://clstr.news/cluster/vietnams-fpt-group-and-sacombank-lead-major-workforce-reductions-in-early-2026 --- Cite as: Corporate workforce reductions in Vietnam. CLSTR, https://clstr.news/situations/corporate-workforce-reductions-in-vietnam