17 Mei 2014

[170514.EN.BIZ] Greater China Suppliers Suspend Vietnamese Production After Riots

HONG KONG's Yue Yuen Industrial Holdings, maker of Nike and Adidas shoes, has suspended production in Vietnam in the wake of anti-Chinese riots protesting oil drilling in South China Sea waters claimed by Hanoi.

Some 20,000 were said to be on the rampage, looting, torching factories and storming industrial parks, in protest over oil drilling as Chinese warships and Vietnamese coast guard cutters scrimmaged with water cannon and ramming at sea.

Hong Kong-listed Yue Yuen, a US$4.7 billion company controlled by Taiwan-listed Pou Chen Corp, told Reuters it was unclear if production would resume. It added there had been no damage to factory facilities and workers were safe.

"With respect to Vietnam, we have told workers to take a day off and the operations are closed today for the entire country," said Jerry Shum, head of investor relations at Yue Yuen in Hong Kong.

Hong Kong's Li & Fung, a global sourcer and exporter, said other suppliers in Vietnam had suspended production, too. The company, which supplies Kohl's Corp and Wal-Mart with clothing, toys and other products, gave no further details.

Source : HKSG.        

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