New business registration in Vietnam surged by nearly 45% in November against the previous month to 11,902, which shows the positive recovery of economic activities one month after the country’s shift to the new Covid-19 strategy.

Electronics production at Meiko Vietnam in Thach That Industrial Park. Photo: The Hanoi Times

The General Statistics Office (GSO) revealed the figures in its monthly report, noting the combined registered capital and workforce also rose by over 30% month-on-month to VND150 trillion (US$6.6 billion) and 76,600, respectively.

Overall, Vietnam has a total of 105,600 new businesses during the 11-month period for registered capital of over VND1,400 trillion ($61.6 billion), down 15% in number and 22.6% in value year-on-year.

Taking into account VND2,200 trillion (US$96.8 billion) of additional capital pumped by 38,800 enterprises, the total registered capital injected into the economy in the January-November period was VND3,700 trillion (US$163 billion), down 26% year-on-year.  

The government-run office informed that 40,500 enterprises resumed operations in the period, bringing the total number of newly-registered and reinstated enterprises in the ten-month period to 146,100, down 11.5% year-on-year.

Meanwhile, over 3,500 businesses temporarily suspended operation in November, up 1% against the previous month. This resulted in over 52,000 enterprises exiting the market in the 11-month period, up 17.3% year-on-year.

On average, around 13,300 new businesses and nearly 9,700 suspended operations in one month. 

Rising trade, retail sales, foreign tourists

According to the GSO, Vietnam’s new Covid-19 response based on safe and flexible adaptation to the pandemic has also been positive to the country’s trading activities.

Total trade turnover in November went up by 8.5% against the previous month to $59.7 billion, of which exports stood at $29 billion, up 18.5% year-on-year, and imports of $30 billion, up 14%.

For the 11-month period, Vietnam’s exports rose by 17.5% year-on-year to $300 billion with the foreign-invested sector making up $220.68 billion, or 73.6% of the total, while the country imported products worth $299.45 billion, up 27.5%.

Vietnam’s trade surplus of $100 million in November continued to solidify the country’s positive trade account to $225 million for the 11-month period.

The US, China, EU, ASEAN, and South Korea remained Vietnam’s five largest export markets during the January-November period. In return, China continued to be Vietnam’s largest import market, followed by South Korea and ASEAN.

Other positive highlights of the economy came from total revenue of retail sales and services in November at VND397.1 trillion ($17.5 billion), up 6.2% month-on-month, mainly thanks to increasing mobility after the easing of restriction measures.

Meanwhile, international tourists coming to Vietnam in November were estimated at over 15,000, a surge of 42.4% month-on-month, taking the total foreign nationals to Vietnam at 140,100 in the first 11 months.