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More than 10000 new enterprises were set up in Vietnam in January 2021. Illustrative photo: VOV

According to data released by the Business Registration Management Agency under the Ministry of Planning and Investment, among 25,752 enterprises withdrawing from the market in January 2021, more than 18,000 enterprises registered to suspend business for a definite period, up 54.3% compared to the same period in 2020. The remainders suspended the operation to wait for dissolution or already completed dissolution procedures, according to Zing News.

Wholesale, retail, construction, processing industry, manufacturing, science and technology, tourism and transportation, etc are among sectors that witnessed a large number of enterprises leaving the market.

Notably, the number of enterprises registering to suspend business increased in all 17 fields by 40% or more compared to January 2020.

"An increase in the number of enterprises registering to suspend operation showed profound and long-term impacts of the Covid-19 pandemic on their business performance, especially in the month at the year-end as most enterprises wait for the new year to find the right direction and goods as well as partners to implement the business plan”, said the Business Registration Management Agency.

Nevertheless, there are still as many as more than 10,000 new enterprises set up in January, up 21.9% over the same period last year. The average registered capital per enterprise reached 15.4 billion VND (US$ 667.2 million), up 3.3 %; while the total additional registered capital rose by 10.5%, reaching more than VND 395,000 billion (over US$ 17 billion).

Most of the temporarily suspended and dissolved enterprises are small and have a short operation time Illustrative photo: Phapluatxahoi

Sectors with an increase in the number of newly-established enterprises include the generation and distribution of power, water, gas; mining; wholesale; retail; healthcare; real estate, etc.

The increase also attributed to the shift in business trends from the more pandemic-hit industries to the less ones. In particular, the construction industry tends to develop when the disbursement of public investment is promoted.

However, only 6,503 enterprises reoperating in January, declining by 23.2% over the same period and in all fields.

Most of the temporarily suspended and dissolved enterprises are small and have short operation time, the Business Registration Management Agency added.

Therefore, in order to reduce this number, the Agency suggested that apart from improving the business investment environment, the Government, ministries, and sectors need to plan and effectively carry out policies to accelerate the recovery and development of these companies, at the same time renewing relief packages to help them overcome difficulties caused by the Covid-19 epidemic.

The consumer price index (CPI) in January 2021 increased by 0.06% over December 2020 and decreased by 0.97% over the same period last year.

The core inflation in January 2021 increased by 0.27% and 0.49% over December 2020 and the same period last year respectively.

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