HCMC accounts for 27 pct of firms closing in Vietnam

By Phuong Dong   October 27, 2021 | 09:00 pm PT
HCMC accounts for 27 pct of firms closing in Vietnam
A beer bar on Bui Vien Road, District 1, HCMC closed due to Covid-19. Photo by VnExpress/Quynh Tran
In HCMC, 25,895 enterprises shut down this year, or nearly 27 percent of the total number across the country, according to the Business Registration Management Department.

They include 14,000 that temporarily suspended operations due to Covid-19.

Of the 97,000 that closed countrywide, half closed temporarily and the rest are awaiting dissolution procedures or have completed them.

The wholesale, retail, car and motorbike repair, construction, and processing sectors saw the highest rate of closures.

Of the companies going out of business, 91 percent had capital of less than VND10 billion ($430,000). Only 0.5 percent had more than VND100 billion.

They include 10,600 that had been in business for over 10 years.

Meanwhile, the number of new enterprises established this year was down nearly 16 percent to 94,000.

Another 35,000 that had been closed resumed operations.

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