The number of newly-established enterprises in the first six months of 2022 hit a record high of over 76,200, representing an increase of 13.6% year-on-year, according to the Ministry of Planning and Investment (MPI).

Electronics production at Noi Bai Industrial Park, Hanoi. Photo: Pham Hung

This resulted in over VND882.1 trillion (US$38 billion) of registered capital being injected into the economy in the six-month period, a 1.2-fold increase against the average in the 2017-2021 period.

According to the MPI’s report, major economic hubs such as Hanoi and Ho Chi Minh City witnessed a surge in the number of  business creations, with Hanoi posting 14,630 new businesses, up 9.8% year-on-year, and Ho Chi Minh City of 22,470, up 11.5%.

The positive business environment is conducive to the reinstatement of nearly 41,000 enterprises, a whopping 55.6% increase year-on-year and nearly double the average figure in the previous five years.

In June, over 13,200 new businesses were formed with registered capital of VND121 trillion ($5.2 billion), creating jobs for over 77,000 people.

Among economic fields and sectors, wholesale, retail, and reparation of motorized vehicles saw the largest number of businesses reinstated, with over 15,380, or 37.8% of the total, followed by construction (5,015, or 12.3%); manufacturing and processing (4,500, or 11%).