Business incorporation soars to record levels in Q1

By Phuong Dong March 30, 2022 | 07:17 pm PT

Containers are seen at Cat Lai Port in Ho Chi Minh City on December, 2021. Photo by VnExpress/Thanh Nguyen

The number of companies established in the first quarter rose by 18 percent from the previous one to a record 34,600.

Another 25,600 businesses resumed operations, according to data from the General Statistics Office.

Their total registered capital was VND1.17 quadrillion (US$51.2 trillion).

In March alone, the number of new businesses reached 14,300, up 96 percent from last month. They registered a total capital of VND193.6 trillion, up 127 percent.

The number of companies shutting down declined by double digits to 6,500.

Bui Anh Tuan, deputy director of the Agency for Business Registration under the Ministry of Planning and Investment, described this as signs of the surging confidence in the business community and recovery by the economy after two Covid-hit years.

"This also shows that Vietnam’s business resilience has significantly increased."