Business formations in Vietnam up 1.5% in August amid Covid-19 resurgence
The number of newly-established enterprises in Vietnam in the first eight months of 2020, however, was down 2% year-on-year to 88,700.
Despite the Covid-19 resurgence in July, new business formations in August increased by 1.5% month-on-month to 13,400, according to the General Statistics Office.
Data: GSO. Chart: Ngoc Mai. |
This month also witnessed sharp increases of 20.7% month-on-month in combined registered capital of VND288.8 trillion (US$12.46 billion) and 5.4% in the number of workers hired by new enterprises at 96,300.
The number of newly-established enterprises in Vietnam in the first eight months of 2020 was 88,700 with registered capital of a combined VND1,225.2 trillion (US$52.88 billion), down 2% in number but up 6.5% in registered capital year-on-year. Average registered capital per newly-established enterprise was VND13.8 billion (US$595,687) during this period, up 8.7% year-on-year.
Taking into account VND1,993.2 trillion (US$86.03 billion) of additional capital pumped by active enterprises, total registered capital injected into the economy in the January-August period was VND3,218.4 trillion (US$138.92 billion), up 16.8% year-on-year.
Most of the newly-established enterprises operate in the field of services with 60,600 enterprises, down 6.3%; followed by wholesale, retail, automobile repair with 29,300, down 0.7% year-on-year. New businesses in the construction sector totaled 26,300, up 7.7%; manufacturing and processing (11,100, down 3.2%); science, technology, consultancy, design, advertising and others (7,724, up 1.9%), among others.
The government-run office informed that 32,600 enterprises resumed operations in the period, an increase of 27.9% inter-annually, bringing the total number of newly-registered and reinstated enterprises in the eight-month period to 121,300, up 4.5%.
The GSO added that the number of laborers of newly-established enterprises between January and August was 694,900, down 2% against the same period last year.
During this period, the number of enterprises temporarily ceasing operations surged 70.8% year-on-year to 34,300.
Moreover, the number of enterprises which completed procedures for bankruptcy was down 1.9% to 10,400, of which 9,200 enterprises had a capital base of less than VND10 billion (US$429,700), down 3.8%.
Other News
- EVN to have limited role in direct power purchase agreement mechanism
- Vietnam's gaming industry aims for $1 billion in revenue by 2028
- Vietnam c.bank to continue auctioning gold
- South Korea’s Hyosung plans to build data center in Vietnam
- Vietnam in need of US$12 billion for EV infrastructure: HSBC
- Samsung to pour US$1 billion annually into Vietnam
- Vietnam Export Fair 2024: Opportunities to boost exports
- Vietnam's first lotus root export to Japan
- Hanoi to host the Vocational Education Day 2024
- Hanoi tightens e-commerce management
Trending
-
Breakthrough ideas needed to redevelop Red River’s alluvial islet
-
Vietnam news in brief - May 15
-
Russia fully supports Vietnam's entry into BRICS: Ambassador
-
Japanese duo of illusionists to wow audiences in Vietnam
-
Walking tour to experience public arts in the heart of Hanoi
-
Propaganda poster contests launched for Hanoi’s 70th liberation anniversary
-
Bas-reliefs on Hue's nine dynastic urns listed as UNESCO heritage
-
Hanoi's oldest book street preserving the city's reading culture
-
Private investors: Key to build more parking lots in Hanoi