The number of newly-established firms in the first two months of this year reached nearly 22,130 with total registered capital amounting to VNĐ218.71 trillion (over US$8.87 billion), the Business Registration Management Agency under the Ministry of Planning and Investment has said.

 

The figures represented yearly increases of 12.4 per cent in the number of firms and 32.8 per cent in capital, it said.

 

Sectors recording an increase in the number of new businesses in the two months included the mining industry (29 per cent); warehouse transportation (27 per cent); other service activities (22 per cent) and agro, forestry and fisheries (20 per cent).

 

During the reviewed period, nearly 18,970 enterprises resumed their operations, rising 4.4 per cent over the same period last year. The latest addition pushed the total number of newly-established businesses and firms resuming operations to 41,097, up 8.5 per cent year on year.

 

In February alone, however, there were more than 8,590 new enterprises with total registered capital of VNĐ67.26 billion, down 3 per cent in the number of enterprises but up 2.5 per cent in terms of registered capital.

 

The agency said over 49,270 businesses temporarily suspended operations from January to February, a yearly hike of 27 per cent. However, 44,265 or 89.8 per cent of the total were small-sized with a scale under VNĐ10 billion.

 

Meanwhile, 62,977 businesses withdrew from the market, up 22.5 per cent year-on-year, and 10,034 firms waited for dissolution procedures, up 6.5 per cent on year. More than 3,670 enterprises completed dissolution procedures, up 14.5 per cent.

 

Last year, nearly 160,000 new enterprises were formed in the country, up 7.2 per cent year-on-year. This highest-ever figure was 1.2 times higher than the average of the 2017-22 period, surging 4.6 per cent compared to the estimate for the year.

 

According to the agency, last year, the government, ministries, sectors and localities carried out a range of measures to support businesses such as reducing lending interest rates, stabilising the foreign exchange market, speeding up the disbursement of public investment, and implementing credit packages to assist industries. Other measures included exempting, reducing and extending payment of taxes, fees and land use fees, and extending e-visa validity period for tourists. — VNS