Business

Newly-established firms down in Q1

Vietnam had 29,300 newly-established enterprises with total registered capital of 447.8 trillion VND (19.37 billion USD) in the first quarter of this year, according to the General Statistics Office (GSO).
Newly-established firms down in Q1 ảnh 1The Hanoi Business Registration Office's staff solve legal procedures for businesses. (Photo: VNA)
Hanoi (VNS/VNA) - Vietnam had 29,300 newly-established enterprises withtotal registered capital of 447.8 trillion VND (19.37 billion USD) in the first quarter of thisyear, according to the General Statistics Office (GSO).

These figures were down 1.4 percent in the number of newly registeredenterprises but up 27.5 percent in the registered capital year on year. Thehigher capital was due to an increase of 36.8 percent in the number ofenterprises with registered capital at over 100 billion VND.

During the first quarter, 40,300 enterprises stopped business, a year-on-yearincrease of 15.6 percent. Of which, 23,800 were temporarily closed, up 28.2 percent,and 5,200 have permanently ceased to do business, a surge of 26.4 percent,while 11,300 others are completing dissolution procedures.

The majority of enterprises temporarily suspending their business anddissolving were small-scale and vulnerable businesses due to negative impacts,according to the GSO.

Meanwhile, 44,000 enterprises resumed their operation in the first three monthsof this year.

The GSO’s survey on business trends of the manufacturing and processingindustry showed that many enterprises expected their production and business inthe second quarter of 2021 to be better than the first quarter. Of which, 51percent of surveyed businesses said that the business situation would be betterthan the first quarter while 34.1 percent of them said the business situationwould be stable. About 14.9 percent of enterprises forecast more difficultiesin doing business than the first quarter.

Foreign-invested enterprises in this industry are the most optimistic with 86.2percent forecasting stable and better business performance in the secondquarter. The ratios in non-State owned enterprises and State-owned enterprisesare 84.8 percent and 83.4 percent, respectively.

The survey also reported that 55.1 percent of enterprises believed that highcompetitiveness of domestic goods was the main factor affecting theirproduction and business activities in the first quarter.

Other factors included low domestic market demand, difficulties in finance,lack of raw materials and human resources, high interest rates of loans, andoutdated technology and equipment.

About 29.6 percent of enterprises said the business situation in the firstquarter of 2021 was better than that in the fourth quarter of 2020 while 39 percentof them saw stable business situation. About 31.4 percent of businesses faceddifficulties in production and business./. 
VNA
#General Statistics Office (GSO) #newly-established enterprises #dissolution procedures #vulnerable businesses #non-State owned enterprises #Vietnam #Vietnam news #Vietnam News Agency
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