Number of firms shut down rises 23 percent

Around 20,000 are completing procedures for dissolution while 8,000 are already dissolved.

The remaining 31,800 have temporarily suspended operations, mostly to prevent the spread of Covid-19. In Covid hotspot Bac Giang Province for instance, four entire industrial parks were shut down on May 18.

As of Monday morning the province has reported 2,161 cases. Its industrial park management board has allowed only nine businesses in industrial parks to reopen.

Meanwhile, nearly 55,800 new enterprises were incorporated in the first five months of 2021, an increase of 15.4 percent. Their total registered capital was VND778.3 trillion ($33.7 billion), up 39.5 percent.

Another 22,600 that had suspended their business resumed operations.