The Financial Express

Vietnam's new enterprises decrease 10.5pc y/y in five months

| Updated: June 09, 2020 12:02:52

File photo (collected) File photo (collected)

A total of 48,300 enterprises with a total registered capital of 557.9 trillion Vietnamese dong (nearly 24.3 billion US dollars) were set up in Vietnam in the first five months of this year, down 10.5 per cent in quantity and 16.7 per cent in capital from the same period last year.

Between January and May, there were 794 new firms in agriculture, forestry and fishery sector, up 5.6 per cent over the same period last year, 13,800 firms in industry and construction sector, down 6 per cent, and nearly 33,700 in the service sector, down 12.6 per cent, according to the country's General Statistics Office on Tuesday.

The office noted that the rise in firm formation is seen only in essential sectors that are less impacted by the coronavirus (COVID-19) pandemic, reports Xinhua.

Between January and May, 21,700 firms, which had temporarily ceased operations due to different difficulties, resumed activities, posting a year-on-year increase of 10.5 per cent.

Meanwhile, another 26,000 enterprises have their operation temporarily ceased, up 36.4 per cent, and nearly 6,100 enterprises were dissolved, down 4.8 per cent.

Last year, Vietnam saw 138,100 enterprises established with total registered capital of over 1,730 trillion Vietnamese dong (75.2 billion US dollars), up 5.2 per cent in quantity and 17.1 per cent in capital against 2018.

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