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TJX, Goodyear Tire may face Vietnam challenge as port closure looms

Cons. Discr. - Autos 1114 Cons. Discr. - Durables 454 Coronavirus 507 Corp - Ports 856 Mode - Containerized 1424 Mode - Seaborne 1760 U.S. 5200 Vietnam 343

The Saigon Newport Corporation may need to close a terminal near Ho Chi Minh City due to staff shortages linked to the pandemic, declaring that the “COVID-19 pandemic is a force majeure event”. The company runs facilities in Haiphong and Ho Chi Minh City which together accounted for 14.3% of U.S. seaborne imports from Vietnam in the 12 months to June 30 after growth of 42.5% year over year in Q2’21. Shipments to the U.S. from port facilities in Ho Chi Minh City specifically were led by furniture, including shipments for TJX Companies. Furniture represented 42.4% of traffic in the 12 mont...

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