Vietnam: More than 44,700 firms set up in five months

Hanoi, May 30 (VNA) – There were more than 44,700 newly established enterprises in Vietnam with a total capital of 349.5 trillion VND (15.5 billion USD in the first five months of this year. According to the Department of Business Registration, this represents a 24 percent year-on-year increase in the number of new businesses, and a 59 percent year-on-year rise in capital. The department said that in the January-May period, the additional registered capital was 655.9 trillion VND, bringing the total to 1 quadrillion VND. The average registered capital was 7.8 billion VND a business, representing a year-on-year increase of 28 percent. It added that during his period, most of the sectors saw a higher number of newly established firms than in the same period last year. The real estate sector rose 121 percent with 1,076 firms; health care rose 82 percent with 198; education and training rose 44 percent with 993; and science, technology, consultancy and advertising rose 37 percent with 3,475. The property sector also saw a surge of registered capital of 85.9 trillion VND or 456 percent higher than last year. Information and communications rose 383 percent with 15.2 trillion VND; science, technology, consultancy and advertising climbed 143 percent with 29.9 trillion VND; manufacturing and processing increased 135 percent with 49.4 trillion VND, while finance, banking and insurance rose 115 percent to 6.7 trillion VND during the period. The entertainment area was the only sector which had a decrease of 26.5 percent with 583 firms. The number of labourers in the registered companies in the five months was 2.6 percent higher than the correspondent period last year to 532,000 people. In the first five months, the manufacturing and processing sector attracted the highest number of 254,455 labourers; the wholesale, retail and repairing had 96,338 new labourers; while constriction and transport sector had 25,144. During the period, 13,000 firms also resumed operations. However, the number of firms that have either suspended or shut down operations in the months was also high at more than 33,200./.