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Vietnam records nearly 9,000 newly-established firms in January
Translated by Thu Minh 12:07, 2017/02/07
The start-up business atmosphere across the country was eventful as 8,990 new firms companies was set up in January, up 8 percent from last year, according to a report of the General Statistics Office, under the Ministry of Planning and Investment.
According to the General Statistics Office, 8,990 new firms opened in January with a total registered capital of 90.3 trillion VND (4.01 billion USD), representing increases by 8.1 percent and 52.3 percent, respectively, over the same month of last year.
The new companies are expected to create 104,100 jobs. In comparison, there were 8,320 new companies with 124,000 new jobs in January last year.
Registered capital averaged 10 billion VND, a whopping rise of 40.9 percent.
 
Photo for illustration.
Photo for illustration.
Existing firms registered to increase capital by a total of 114.6 trillion VND in the first month of this year, the statistics showed. In addition, over 5,560 firms resumed operation, up by 14.2 percent.
Vietnam expects to see over one million businesses in operation by 2020.
Business confidence is expected to improve in 2017, following the Government’s hastened reform efforts aiming to create momentum for firms and boost start-up entrepreneurship.
The number of new firms hit a record of more than 110,000 in 2016, two years since the amended laws on Enterprise and Investment came into force, strengthening hopes for robust growth and strong investment in the coming time.
According to the Business Registration Department under the Ministry of Planning and Investment, convenience in setting up firms, such as free online business registration from the beginning of this year, will promote private investments into the economy.
The ministry’s statistics showed that it now took an average of only 2.9 days to handle procedures for setting up a firm. All business registration status is now updated on a national information system.
Particularly, the reform effort is being geared up in various sectors. Minister of Finance Dinh Tien Dung said that finance-related policies will continue to promote private investment and business foundation, especially start-ups.
The Finance ministry will focus on issuing policies which will encourage the application of technologies to create high-added value products, according to Minister Dung.
Tran Dinh Thien, Director of the Vietnam Institute of Economics said that the record number of 110,000 new firms last year was just a number. “It is more important how to develop strong private companies in the next five years, which will become the backbone of the economy,” he said.
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