As many as 1,340 new companies were established in the southern province of Dong Nai in January-August, up 25 percent from the same period in 2013. They registered a total capital of over 5.3 trillion VND (254 million USD), reported the provincial Department of Planning and Investment (DPI).

The spike in newly registered business capital, along with additional capital from the operating businesses, increased the province’s total investments to over 12.69 trillion VND (604 million USD). This represented a rise of 97 percent compared to the same period last year and met the target set for 2014.

The new figures brought the number of companies set up in Dong Nai to date to 19,680, with a total registered capital of 121.14 trillion VND (over 5.7 billion USD), as registered on the National Business Registration Portal.

In August alone, four enterprises were dissolved and no enterprises temporarily suspended their operations, said Bo Ngoc Thu, DPI Director.

Sixty-six companies went out of business during the 8-month period, with an additional 46 businesses suspending their operations temporarily, up by 56.1 percent and 95 percent, respectively, Thu added.

The main cause for business dissolution and operation suspension is inefficiency. Most of the affected are small and medium sized private enterprises.

The locality is implementing a number of measures to support small and medium enterprises to expand their export markets and generate profit.-VNA