Investments by new businesses surge, signal economic revival

By Quynh Trang November 29, 2020 | 09:39 pm PT

A man works in a textile factory in northern Thai Nguyen Province on February 6, 2020. Photo by VnExpress/Ngoc Thanh.

Capital by businesses incorporated in November reached VND284.8 trillion ($12.3 billion), increasing over 72 percent month-on-month and doubling year-on-year.

The number of businesses established this month topped 13,000, up 6.7 percent month-on-month, according to the General Statistics Office of Vietnam (GSO).

The businesses employed nearly 120,000 workers, rising 65.3 percent over the previous month and 6 percent year-on-year.

The number of businesses incorporated in November topped 13,000, and they had total capital of VND284.8 trillion ($12.3 billion).

The numbers indicate that a post-Covid-19 recovery is underway with larger businesses being established and creating more jobs, said the GSO.

Between January and November, a total of 124,300 new businesses have been established this year, a year-on-year reduction of 1.9 percent but with an increase of 21.7 percent in average capital. The number of jobs they created was down 14.7 percent.

The number of newly established businesses in the agriculture, aquaculture and forestry sectors grew by 31 percent year-on-year, and in construction and industry, by 10 percent. Other industries reported figures similar to or lower than last year, said the GSO.

So far this year around 93,500 businesses stopped operations, an increase of 15.6 percent. They were mostly in retail, wholesale, car and motorbike repair, and processing.