(VNF) – In January, 10,839 new enterprises have been registered, marking an year-on-year increase of over 20%. The number is provided by the Ministry of Planning and Investment.

Illustrative photo (source: Doanhnghiepvn.vn)

The total registered capital of the enterprises reached VND98.3 trillion (US$4.31 billion), up 8.9% year-on-year.

According to the MPI’s statistics, new enterprises were concentrated mainly in the wholesale, retail, automobile and motorbike repair fields, reaching more than 3,800 and accounting for 35.1% of the total enterprises. Additionally, there were 1,380 enterprises operating in the construction sector (12.7%) and 1,320 enterprises in the processing and manufacturing industry (2.2%).

Last year, the number of newly-established firms in Vietnam hit 126,859, an increase of 15.2% compared to the previous year and the highest figure in the country’s history.

The data demonstrates that there is a strong wave with huge potential within the Vietnamese business community.

The Vietnamese economy has never witnessed such a strong gusto for entrepreneurship propelled by the determination of the central and local regulators and spirited investors and inpiduals—the wave has even spread to younger people who are still attending school, with a strong startup movement gradually developing towards high quality.