Eight-Month Period Witnesses Unprecedented Surge in New Business Establishments

Eight-Month Period Witnesses Unprecedented Surge in New Business Establishments

According to the Ministry of Planning and Investment (MPI), a remarkable 103,658 new firms were established in the first eight months of this year, representing a 2.3% year-on-year increase. In August alone, over 14,000 new businesses were formed, indicating a 17.9% year-on-year growth. However, the number of firms re-entering the market in August experienced a decline of 3.1% compared to the previous year and a 10.9% decrease compared to the previous month. In the January-August period, a total of 149,400 enterprises joined or returned to the market, slightly down by 0.03% year-on-year, but 1.2 times higher than the average figure recorded from 2018 to 2022.

The education sector witnessed the highest surge in new firm establishments at 35%, followed by the healthcare sector at 18.9%, and employment services, tourism, machinery and equipment rental, and other supporting services at 16.3%. However, the total registered capital of the newly established firms experienced a 14.7% year-on-year decline, amounting to VND969.61 trillion (over $40.2 billion).

During the same period, 124,684 businesses withdrew from the market, marking a 19.5% year-on-year increase. This includes 71,833 businesses halting operations, 41,064 submitting dissolution requests, and 11,787 others being dissolved.

Deputy Minister of MPI, Tran Quoc Phuong, emphasized the ministry’s commitment to supporting business development. Alongside implementing flexible and effective monetary and fiscal policies, the ministry will propose adjustments and enhancements to relevant mechanisms and policies to alleviate obstacles faced by businesses and promote productive activities.

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