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Vietnam has seen 75,200 new firms register in 7 months

14:32 | 03/08/2020

During the first seven months of 2020, Vietnam had more than 75,200 newly registered enteprises, a 5.1% decrease compared to the same period last year.

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vietnam has seen 75200 new firms register in 7 months
More than 28,500 enterprises have resumed operations (Photo: VCCI)

Significantly, more than 28,500 enterprises have resumed operations, up 17.6%, according to VOV.

The number of enterprises that suspended operations decreased by 12.2%. Meanwhile, those who finished dissolution procedures dropped 3.5%. The businesses were mainly in wholesale, retail, repair of cars and motorcycles, manufacturing and processing industry, construction, real estate, accommodation and food services.

14,800 new businesses have been established and re-operated every month. In July, nearly 13,200 enterprises were set up, down by 3.8% from the previous month.

vietnam has seen 75200 new firms register in 7 months
In July, nearly 13,200 enterprises were set up (Photo: Bao Moi)

However, the registered capital of the new firms last month increased by 72%. This shows the benefits of business support policies and efforts to revive the economy from the impacts of the Covid-19 pandemic.

"Although the number of newly established enterprises in July decreased 3.8% from the previous month, the amount of registered capital increased 72%", according to the socio-economic report of the General Statistics Office.

"It shows positive signs of business support policies and plans to revive our economy after the Covid-19 epidemic", said the report.

vietnam has seen 75200 new firms register in 7 months
3,400 enterprises registered to suspend their business (Photo: Vinacorp)

Also in July, Vietnam had 4,839 enterprises returning to operation, down 3.2% from the previous month and up 79.9% over the same period in 2019. However, the number of enterprises registered to temporarily suspend business is 3,372 units and 3,068 enterprises have stopped operating, Fili reported.

According to the General Statistics Office, the newly established enterprises have registered capital of more than VND 239 trillion (USD 10.3 billion) and more than 91,000 employees, down 3.8% in the number of businesses and up 72% in registered capital.

The average registered capital of a newly established enterprise last month hit VND 18.1 billion (USD 770 million), a sharp increase of 78.8% from the previous month and an increase of 60.9% over the same period in 2019.

3,400 enterprises registered to suspend their business. More than 3,000 firms stopped operations and are awaiting dissolution procedures and 1,504 enterprises completed dissolution procedures.

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Candy Lee

Tags: new firms