Business

Up to 18,600 firms suspend operations in Q1 due to COVID-19

Up to 18,600 businesses were forced to suspend operations in the first quarter of 2020 due to the COVID-19 pandemic, up 26 percent year on year, reported the General Statistics Office (GSO).
Up to 18,600 firms suspend operations in Q1 due to COVID-19 ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Up to 18,600businesses were forced to suspend operations in the first quarter of 2020 due to the COVID-19 pandemic, up 26 percent year on year, reported the General Statistics Office (GSO).

In the first three months of thisyear, 29,700 enterprises were established nationwide, up 4.4percent year-on-year, while 14,800 companies resumed their operations, down 1.6 percent.
However, as manufacturing andprocessing firms expect the epidemic will end soon, a recent survey predictedthat the business performance in the second quarter will improve. 

The total registered capital ofnewly-established firms in the first quarter exceeded 351 trillion VND (15.2billion USD) while the total number of workers was over 243,000, down 6.4percent and 23 percent, respectively.

The average capital of a new firmduring the period reached 11.8 billion VND, down 10.4 percent year-on-year. Theadditional capital pumped into the economy by both newly-established and existing companies dropped by 17.7 percent to morethan 903 trillion VND (38.5 billion USD)./.
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