More than 71,000 businesses were established in the first 11 months of this year, a 9.5 percent increase over the same period last year, according to the Ministry of Planning and Investment.

However, total registered capital of the new companies declined by 15.4 percent in comparison with the same period last year, reaching only 360 trillion VND (17.1 billion USD).

Last month alone, over 6,800 new firms were established with total registered capital of 37.5 trillion VND, increasing 14.6 percent against the previous month.

The ministry also said that around 55,000 businesses shut down or suspended operations in the period.

The service sector is currently struggling because of the slow recovery of the world economy, coupled with domestic difficulties such as low purchasing power and decreasing goods prices.

Accordingly, the Government has organised several events to promote tourism and approved development plans in various regions. Total retail and service revenue in the period reached 2.386 trillion VND (114 million USD), a 13 percent increase over the same period last year.

The inventory index of the manufacturing and processing industry as a whole rose 9.4 percent from the same period last year, an optimistic sign for the economy.

The gradual recovery of businesses, especially foreign direct invested enterprises, boosted the State budget, which totalled an estimated 657.6 trillion VND as of November 15 or 80.6 percent of the annual target.-VNA