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Record new business registrations signal recovery

By Dat Nguyen   April 30, 2021 | 05:01 pm PT
Record new business registrations signal recovery
Workers make garment products at a factory in Ho Chi Minh City. Photo by VnExpress/Nguyet Nhi.
Vietnam saw the highest ever number of new business registrations in the first quarter at 44,166, signaling an economic recovery from Covid-19 impacts.

The figure was up 17.5 percent year-on-year, said the Agency for Business Registration, adding that it was a "very positive signal" after registrations in the same period last year fell 13.2 percent due to the pandemic.

These businesses registered a combined capital of nearly VND628 trillion ($27.37 billion), also a record high.

"The rising number of businesses showcases both economic recovery and faith of the business community in future development," the agency said.

The sectors with highest ratio of new registrations were wholesale, retail and auto maintenance, accounting for 33.3 percent, followed by construction (13 percent) and manufacturing and processing (12.8 percent).

However, the number of market withdrawals also rose 23.3 percent year-on-year to 51,496 businesses, reflecting the difficulties that the pandemic has brought, the agency said.

Many businesses have chosen to suspend operations while they wait to see how the market develops, it added.

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