Newly established firms up in 10 months

Illustrative image (Source: VNA)

Vietnam saw over 13,000 new enterprises formed with a total registered capital of 106.9 trillion VND in October, up 13.6% in number of firms but down 21.4% in capital from the previous month.

The country counted 125,800 new firms in the first ten months of this year with combined investments of over 1.37 quadrillion VND and 835,000 labourers, according to the General Statistics Office (GSO).

The figures represented increases of 34% in the number of firms, 6% in capital and 18% in workforce compared with the same period last year, the GSO said, adding that the average capital of new enterprises in the period was 11 billion VND.

Meanwhile, 42,600 operating enterprises registered an increase of above 2.79 quadrillion VND. Therefore, the total registered capital of the economy in the first ten months topped more than 4.16 quadrillion VND, up 31% year-on-year.

The GSO reported that the number of enterprises returning to business was 52,700 during the period, a yearly hike of 49%.

On the opposite side, 66,400 enterprises temporarily ceased operations, up 37% against the last year's same period. Another 40,300 were in the dissolution process, a year-on-year rise of 13.4% and 12,200 completed dissolution procedures.

On average, 12,200 businesses withdraw from the market every month.

From January to October, 1,684 newly-established enterprises operate in the agriculture, forestry and fishery sectors, up 5.1% over the same period last year; over 31,000 in the industrial and construction industries, up 23.3%; and 93,100 in the service sector, up 39%.

To support businesses, GSO General Director Nguyen Thi Huong suggested ministries and branches to ensure the adequate supply of raw materials and energy to meet enterprises' requirements of production and business recovery and socio-economic development; remove difficulties and obstacles for important industrial projects; and support factories to maintain and restore production to keep orders.

Along with that, in the context of deep global integration, she suggested that rising use of trade remedies and supporting Vietnamese exporters be an important role in protecting and developing export markets, she said.

Many manufacturing enterprises also suggested that the Government continue to simplify customs procedures and make them more transparent to reduce costs and enhance predictability for businesses.

Accordingly, it is necessary to quickly build and use systems for the electronic exchange of data between enterprises, customs and related agencies./.