The General Statistics Office (GSO) estimated that Hanoi had 6,192 firms register to cease operating during January-May this year, down 20 percent from the same period last year.

Of the total, 222 firms have finished operating, a 27 percent increase over the same period last year, while 1,266 firms are preparing the necessary documentation for closing.

More than 2,800 establishments have left their business registration addresses, a drop of 2 percent and 1,900 firms have registered to crease their temporary operations, representing 49 percent year-on-year decrease, the GSO added.

In the first quarter of this year, over 7,000 new firms have been set up with a total registered capital of 52.3 trillion VND (2.48 billion USD), a drop of 9.5 percent in quantity but a rise of 13.2 percent in capital when compared with the correspondent period last year.-VNA