New businesses still on the rise in November

As many as 14,267 new businesses with a total registered capital of almost 153.6 trillion VND (6.3 billion USD) were established in November, respectively rising 19.5 per cent and 47 per cent year on year.

The number of companies resuming operation this month has also increased 4.7 per cent year on year to 6,562. These figures indicate that businesses have shown positive response to the economy’s recovery during the year-end months and next year, the agency said.

New businesses still on the rise in November | Business | Vietnam+ (VietnamPlus)
A plan of the Long Son petrochemical complex project in Long Son commune of Vung Tau city, Ba Ria - Vung Tau province (Photo: VNA).

However, as numerous difficulties remain in the economy, 12,551 companies have withdrawn from the market in November, up 19.3 per cent.

Sharing the November upward trend, the numbers of new companies, the ones resuming operations, and those withdrawing from the market have also gone up during the first 11 months of 2023.

During the period, newly established businesses number 146,044, rising 6 per cent from a year earlier and 1.2-fold from the average of the 2018 - 2022 period (123,121). The majority of them (109,688, up 7.5 per cent) work in the service sector while 34,735 companies (up 2.6 per cent) in the industry-construction sector, and 1,621 others (down 11.5 per cent) in agriculture, forestry, and fisheries sectors

Besides, 55,485 businesses have resumed operation during the 11 months, falling 2.5 per cent from the same period last year but still rising 1.3-fold from the 2018 - 2022 average (41,404).

Meanwhile, 158,763 firms have withdrawn from the market, climbing 20 per cent. Most of them, 53.8 per cent, opted to suspend operation for a short term, statistics show.

The agency perceived that the growth in the number of new businesses in the industrial sector has once again illustrated the continued rebound in industrial production after months of contraction, as well as the positive effects of support measures taken by the Government, the Ministry of Industry and Trade, and other ministries and sectors.

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(Source: VNA)