Number of newly-established firms up 21.7% in October

The country recorded 131,800 new firms in the first ten months of this year with combined registered capital of over 1.21 quadrillion and 880,000 labourers, it said.

The figures represented increases of 4.7% in the number of firms and 5.4% in the workforce but fell 12.1% in registered capital compared with the same period last year, the GSO said, adding that the average capital of new enterprises in the period was 9.2 billion VND.

The number of enterprises resuming operations in during the period was 51,900, a year-on-year decline of 1.5%.

Meanwhile, 81,000 enterprises temporarily ceased operations, up 22.1% against last year's same period. Some 50,700 businesses stopped operations, waiting for dissolution procedures, a year-on-year rise of 25.9%, and 14,700 enterprises completed dissolution procedures, down 4.5%. On average, 14,700 businesses withdrew from the market every month.

From January to October, 1,427 newly-established enterprises operated in the agriculture, forestry and fishery sectors, down 15.3% over the same period last year; over 31,300 firms in the industrial and construction sectors, up 0.8%; and 99,000 in the service sector, up 6.4%.

The increase in the number of newly-established industrial enterprises reflected thatindustrial production continued to flourish after suffering negative growth for many months. It also showed that the measures to assist businesses of the Government, the Ministry of Industry and Trade and other ministries and agencies have brought about positive effects.

Deputy Minister of Industry and Trade Do Thang Hai suggested industry and business associations proactively guide enterprises in building strategies, production and business plans that are relevant to the needs and capabilities of each unit as well as transform production and business in accordance with market trends, especially shifting to green and sustainable exports.

He noted that businesses must strictly and fully comply with state regulations and policies, ensuring traceability of origin and requirements of foreign markets.

They should take full advantage of opportunities and recovery trends of markets to boost exports, Hai added.