WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
Vietnam: Revived businesses rise 17.6% to 28,600 in Jan-Jul
Ngoc Thuy 16:32, 2020/07/29
The number of newly-established enterprises in Vietnam in the first seven months of 2020 declined by 5.1% year-on-year to 75,200.

The number of businesses resuming operations in the first seven months of 2020 rose 17.6% year-on-year to 28,600, indicating positive effects from the government’s supporting programs for the business community, according to the General Statistics Office. 

 Data: GSO. Chart: Ngoc Thuy. 

In July, new business formations decreased by 3.8% month-on-month to 13,200. Notably, this month also witnessed sharp increases of 72% month-on-month in combined registered capital of VND239.3 trillion (US$10.31 billion) but saw a decline of  8.7% in the number of workers employed by new enterprises to 91.400.

Overall, the number of newly-established enterprises in Vietnam in the first seven months of 2020 was 75,200 with registered capital of a combined VND936.4 trillion (US$40.37 billion), down 5.1% in number and 6.3% in registered capital year-on-year. Average registered capital per newly-established enterprise was VND12.4 billion (US$534,610) during this period, down 1.2% year-on-year.

Taking into account VND1,158.4 trillion (US$49.94 billion) of additional capital pumped by active enterprises, total registered capital injected into the economy in the January-July period was VND2,094.8 trillion (US$90.32 billion), down 15.4% year-on-year.  

Among economic sectors, only electricity, gas and water production and distribution saw the sharpest increase in the number of fresh enterprises with 2,340, up 190.7% year-on-year, followed by the agro-forestry-fishery sector with 1,372, up 20.9%, and the construction and industry sector with 22,000, up 2.1%.

Meanwhile, most of the newly-established enterprises operate in the fields of services with 51,900, down 8.4% year-on-year; wholesale, retail, automobile repair with 25,100 enterprises, down 3% year-on-year. New businesses in the construction sector totaled 9,862, down 4%; followed by manufacturing and processing (9,441, down 6.4%); science, technology, consultancy, design, advertising and others (6,580, down 0.4%), among others.

The government-run office informed the total number of newly-registered and reinstated enterprises in the seven-month period to 103,800, up 0.2% year-on-year.

The GSO added that the number of laborers of newly-established enterprises between January and July was 598,600, down 19.5% against the same period last year.

During this period, the number of enterprises temporarily ceasing operations surged 41.5% year-on-year to 32,700.

Moreover, enterprises which completed procedures for bankruptcy totaled 8,900, down 3.5%, of which 7,900 enterprises had a capital base of less than VND10 billion (US$429,700).

RELATED NEWS
TAG: business formation newly established enterprises gso employment unemployment covid-19 coronavirus nCoV pandemic
Other news
22:44, 2024/11/28
Internet users in Vietnam to hit 100 million by 2029
Internet Day 2024 highlighted the rapid growth of internet penetration in Vietnam and the country's strategic plans for digital transformation.
20:55, 2024/11/27
Prime Minister calls for active participation in innovative start-ups
Techfest 2024 is taking place November 26-28 in the northern city of Haiphong.
17:00, 2024/11/26
Hanoi advocates traceability for safe food
Hanoi continues to implement advanced quality management processes in collaboration with various agencies and local authorities.
17:35, 2024/11/23
Hanoi gears up for Tet: ensuring a steady supply of safe food
The city will work closely with other cities and provinces to ensure that consumers in the capital have access to safe food and agricultural products.
14:47, 2024/11/15
Year-end hiring spree as Hanoi companies ramp up recruiting
In the fourth quarter, many major holidays will lead to increased hiring as companies finalize orders and anticipate new projects.
13:33, 2024/11/14
Vietnam's digital economy expected to grow big in 2024
E-commerce is expected to reach US$22 billion in 2024, leading the growth of Vietnam's digital economy.