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's new business creation hits record high in Q1
Ngoc Mai 19:43, 2022/03/30
Major cities, such as Hanoi and Ho Chi Minh City, have witnessed a steep rise in new business registration during the January-March period.

Vietnam has seen a total of 34,600 enterprises being set up in the first quarter this year, the highest number to date, according to the General Statistics Office. 

 Production of home appliances at SunHouse Group. Photo: Khac Kien

In March, an estimated 14,300 new enterprises were established with total registered capital of VND193.6 trillion (US$8.5 billion), representing sharp increases of 96% and 127% month-on-month, respectively.

Average registered capital per newly-established enterprise reached VND13.5 billion (US$590,422) during this period, much higher compared to the figure from the same period of last year.

In addition, the number of companies resuming operation in March also rose to 4,300, while those temporarily exiting the market or waiting to complete dissolution procedures were estimated at 6,500.

For the January-March period, a total of 34,600 new businesses were formed and 25,600 returned to the market, up 18% and 74% year-on-year respectively, the highest to date.

If including additional capital pumped by operational enterprises, the total registered capital injected into the economy in the first quarter was VND1,170 trillion ($51.17 billion).

Bui Anh Tuan, director of the Ministry of Planning and Investment’s Agency for Business Registration, said the positive figures demonstrated the confidence of the business community after two years of coping with Covid-19 impacts.

Tuan pointed out the bright picture of businesses formation in major cities, including a 24% year-on-year increase in Ho Chi Minh City, and 6.6% in Hanoi, the current largest Covid-19 epicenter in Vietnam.

Meanwhile, the number of businesses that ceased to exist in the first quarter declined by 17% year-on-year to 4,355, with the trend being observed in the majority of economic sectors.

“This is evidence of the greater resilience of businesses, or the fact that they have found better business opportunities to continue expanding their operation,” he said.

TAG: vietnam new businesses Covid-19 Vietnam recovery Vietnam
Other news
12:12, 2024/04/12
Vietnam, Thailand advance realization of “Three Connections” strategy
Businesses from both countries are encouraged to expand their trade and investment activities, to increase bilateral trade to US$25 billion in a more balanced and sustainable way.
06:29, 2024/04/12
Vietnamese Gov’t to expand list of electricity buyers under direct power agreement scheme
The direct power purchase (DDPA) mechanism has been repeatedly proposed by foreign-invested enterprises to be piloted in Vietnam, as they believe it will have a positive impact on competition in Vietnam's energy sector.
06:09, 2024/04/12
Viettel opens largest data center in Vietnam to support AI development
By 2025, Viettel will invest in expanding the scale to 17,000 racks.
17:16, 2024/04/11
Vietnam’s economy expected to grow at solid pace in 2024-2025: ADB
Given global uncertainties, policies in 2024 would therefore need to combine short-term growth support measures with long-term structural remedies to promote sustainable growth
18:10, 2024/04/10
Apartment prices in Hanoi are closing in on those in Ho Chi Minh City
The price of apartments in Hanoi has been on an upward trajectory, setting new price benchmarks.
23:11, 2024/04/09
Coffee exports reach record $5 billion
Vietnam needs a plan to build a brand for Vietnamese robusta coffee in foreign markets.