Illustrative Image (Source: VNA)

Hanoi (VNA) – Nearly 75,800 new enterprises were established nationwide in the first seven months of the year, with a total registered capital of 771 trillion VND (33.34 billion USD), a year-on-year rise of 3.9 percent in the number of firms, and a 11.6-percent rise in terms of capital, according to the General Statistics Office (GSO) of Vietnam.

At the same time, more than 1,460 trillion VND (62.78 billion USD) was injected into operating firms, raising the total registered capital pumped into the economy to over 2,231 trillion VND (95.83 billion USD).

The office said of the newly-established firms, 25,700 are in the wholesale and retail, and automobile and motorbike maintenance and repair industries, accounting for 33.9 percent of the total. This was followed by the construction sector with 10,000 firms (13.3 percent of the total), and processing and manufacturing with 9,400 companies (12.4 percent of the total). There are 5,700 firms operating in science-technology, consultancy, design, advertisement and others (7.6 percent).

Regions nationwide witnessed an increase in the number of newly-established firms, with the Red River Delta host to 22,600 new companies (up 1.2 percent year-on-year), the midland and northern mountainous regions with 3,200 firms (2.8 percent), the north central and central coastal regions with 10,700 firms (7.4 percent), southeast regions with 32,100 firms (5 percent), and the Mekong Delta region with 5,400 firms (4.4 percent).

The total number of workers at new companies was 623,000, down 13.5 percent against last year’s January-July period.

During the reviewed period, 18,696 companies resumed their operations, up 6.5 percent from the same time last year.

In addition, the number of businesses that ceased operations rose by 38.4 percent to 59,910 enterprises.

Meanwhile, there were 7,714 firms who completed dissolving procedures, up 16.7 percent year on year. Most of them were operating in wholesale and retail, automobile and motorbike repairing industries (3,000 firms), processing and manufacturing (1,100 firms), and construction (792 firms).

According to GSO General Director Nguyen Bich Lam, a flexible monetary policy, with a focus on prioritised sectors for small- and medium-sized enterprises (SMEs) and export firms, is a must in order to improve the operating efficiency of firms.

In addition, the Government should continue to create a favourable business climate for companies, paying due attention to developing the processing and manufacturing sectors, supportive industry, and production of consumption goods, he added. –VNA