Newly-established businesses increase by more than 28% in nine months

For the first nine months of the year, the number of newly-established enterprises was over 68,000 with a total registered capital of VND420 trillion (US$18.5 billion), an increase of 28.5% in the number of business and 31.4% in registered capital volume over the same period last year.

The newly-established enterprises' registered capital, plus over VND608 trillion (US$26.8 billion) in additional registered capital, has contributed to the economy more than VND1,000 trillion (US$44 billion) in production and business operations.

During the nine month period, the average registered capital per business was VND6.2 billion (US$272,800), up 2.3%. The newly-established businesses created 999,253 jobs, an increase of 25.7% year-on-year.

On the other hand, 6,962 businesses completed procedures for dissolution or termination in the first nine months this year, down 0.9% from the same period last year, mostly with registered capital below VND10 billion (US$440,000), accounting for 93.5% of the total.

The number of enterprises suspending operations was 47,000, up 15.3%. Of the total, 12,848 businesses resumed operations, up 8.2% from the same period last year. The figure shows positive signs of recovering for struggling businesses as more investment opportunities have been provided.

The ministry suggested enhancing business performance by increasing labour productivity and use of science and technology to increase competitiveness with a focus on the domestic market.

(Source: Nhandan Online)