Illustrative image (Photo: VNA)

Hanoi (VNA) - The number of newly-established firms hit a record high of 110,100 in 2016, up 16.2 percent from 2015, according to the Business Registration Management Agency under the Ministry of Planning and Investment.

The new enterprises have combined registered capital of 891 trillion VND (39.2 billion USD), a year-on-year increase of 48.1 percent.

The number of businesses resumed operations this year reached 26,689, up 43.1 percent from 2015.

Deputy Minister of Planning and Investment Dang Huy Dong said the figures reflect the recent growth of Vietnamese enterprises and improvements in the investment climate, creating an impetus for the country’s economic development in the period of international integration.

The newly-established firms create jobs for nearly 1.3 million workers. Most of them operate in real estate, health care and social assistance, and education and training.

Hanoi and Ho Chi Minh City saw the highest numbers of new businesses, with 36,442 and 22,663, respectively, accounting for 53.7 percent of the total figure. They are followed by Binh Duong, Da Nang, Dong Nai, Hai Phong and Khanh Hoa.

The increasing trend was fueled by the Investment Law and the Enterprise Law 2014, which speculates a business registration period of no more than three days.-VNA