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Enterprise establishment increased sharply in Q1 despite COVID-19's impact

13:26 | 31/03/2020

Despite the impact of COVID-19 on the national economy, enterprise establishment rose sharply in Q1: Up to 29,700 new firms were founded in Vietnam.

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A GSO survey on the business sentiment in the manufacturing and processing sector showed that 39 per cent of enterprises predicted positive outlook for their operation in the second quarter compared to the first quarter. (Photo source: VNA)

Up to 29,700 new firms were established in Vietnam in the first quarter of this year with total registered capital of more than VND351 trillion (US$15 billion), up 4.4 per cent in the number of enterprises but down 6.4 per cent in capital compared to the same period last year.

Average registered capital per newly-established enterprise reached VND11.8 billion during the period, down 10.4 per cent year-on-year, according to the General Statistics Office (GSO).

Most of the newly-established enterprises specialised in the fields of wholesale, retail and automobile repair with 10,015 enterprises, up 7 per cent year-on-year, followed by those in the construction sector with 3,941, up 4 per cent and those in manufacturing and processing with 3,685, up 2 per cent.

The total number of labourers of newly-established enterprises in January-March was 243,700, down 23 per cent year-on-year, the GSO said.

The first three months saw 14,800 enterprises resume operation, down 2 per cent against last year’s corresponding period, bringing the total number of newly-registered and revived enterprises in the period to nearly 44,500.

According to the office, the number of enterprises temporarily ceasing operation in the period witnessed a yearly hike of 26 per cent to 18,600 due to the impacts of the COVID-19 pandemic. However, the number of enterprises which finished procedures for bankruptcy in the period fell1.3 per cent year-on-year to 4,100.

A GSO survey on business sentiment in the manufacturing and processing sector showed 39 per cent of enterprises predicted a positive outlook for their operation in the second quarter compared to the first quarter while 26 per cent foresaw more difficulties and 35.3 per cent expected business stability.

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