Vietnam's business formations rise 3.5% to 90,500 in Jan-Aug
Average registered capital per newly-established enterprise reached a record high of VND12.7 billion (US$542,000) during this period compared to the past few years, up 26.6% year-on-year, indicating better health of local companies entering the market.
In the first eight months of 2019, Vietnam has seen a total of 90,500 newly licensed enterprises with registered capital of a combined VND1,150.7 trillion (US$49.5 billion), up 3.5% in quantity and 31% in registered capital year-on-year, according to the General Statistics Office.
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If including VND1,603.7 trillion (US$69 billion) of additionally capital pumped by operational enterprises, the total registered capital added to the economy in the first eight months of 2019 was VND2,754.4 trillion (US$118.5 billion).
Most of the newly-established enterprises are in the fields of wholesale, retail sale, automobile repair with 29,500 enterprises (accounting for 32.6%), down 0.5% year-on-year. Those in the construction sector was 11,600 (12.8%), up 0.8%; manufacturing and processing 11,500 (12.7%), up 5.4%; science, technology, consultancy, design, advertising and others 7,600 (8.4%), up 14.2%, among others.
Besides, 25,500 enterprises resumed operation, a rise of 21.8% against the similar period last year, bringing the total number of newly-registered and revived enterprises in the eight-month period to nearly 116,000.
Total number of laborers of newly-established enterprises in the January - August period was 832,300, an increase of 13.3% against the same period last year, according to the government-run agency.
The number of enterprises temporarily ceasing operation in the period was 20,100, down 7% year-on-year. Moreover, the number of enterprises which finished the procedures for bankruptcy in the first eight months of this year was 10,600, an increase of 15.5% from the same period last year, of which there were 9,500 enterprises with capital base of less than VND10 billion (US$429,380), accounting for 90.3% and growing by 14%.
In August, the number of newly-established enterprises reached 11,177, with registered capital of VND151.3 trillion (US$6.5 billion), representing a decline of 9.5% in the number of enterprises and an increase of 8.7% in registered capital month-on-month.
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