Vietnam sees nearly 99,000 businesses established, resumed in 5 months

This is 1.2 times higher than the average in the 2019-2023 period, according to the Department for Business Registration Management under the Ministry of Planning and Investment (MPI).

Of the total, there were 64,758 newly-established enterprises with combined registered capital of over VND601.22 trillion (US$23.62 billion), 5.7% higher than the figure of the same period last year.

Meanwhile, a total of 97,299 enterprises withdrew from the market in the last five months, up 10.5% over the same period last year.

In May alone, it is estimated that 13,207 enterprises were newly established and 6,749 businesses resumed their operations while 11,391 enterprises withdrew from the market.

Ten out of 17 industries saw increases in the numbers of newly established enterprises compared to the same period in 2023.

Specifically, the number of newly-established enterprises in transport and warehousing ranked first with a rise of 20.8%, while wholesale, retail, car and motorbike repair increased by 11.2%. The number of new enterprises in the electricity, water, gas production and distribution industries increased by 9.4%.

Meanwhile, the number of new enterprises in accommodation and food services reduced the most, by 15.1%, and health care and social assistance activities down 16.2%.

Most of the newly-established businesses are small-scale with registered capital of less than VND10 billion, with 59,729 enterprises, accounting for 92.2% of the total.

The new enterprises in the first five months of this year registered a total of 426,381 workers, 5% higher than the number in the same period in 2023.