Some businesses with a huge amount of charter capital have been included on the national portal on business registration.

As many as 70,200 businesses halted their operation for a definite time, stopped operation while following procedures for dissolution, and completed procedures for dissolution in the first half of the year.

Of 77,000 businesses that were declared dead in 2019, nearly 50,000 were not found at their given addresses, according to the Ministry of Finance (MOF). Even though they were ‘bogus’ companies, they pocketed real money.

Ever started registering a company after you’ve had one too many? One guy in Hanoi did and drunkenly registered a firm with a capital of VND144 trillion (US$6.3 billion), a slight overstatement to say the least!

The number of businesses established in 2019 increased by 5.2 percent, but the number leaving the market rose more sharply, by 20.2 percent, compared with 2018.

More than 90,600 enterprises had to suspend operation in 2018, a sharp increase of 50 percent over the year before, which economists described as “worryingly high”.

Reports by state management agencies all show increases in the number of businesses dissolved. 

As Vietnam ignites the entrepreneurial spirit in its young generation, the country is ushering in a new era of ground-breaking innovations and youthful zeal for business success. 

VietNamNet Bridge - Vietnam is expected to have 1 million businesses by 2020 as targeted by the government, but economists warn that companies won’t be able to grow in a stifling business environment.

VietNamNet Bridge - More than 60 percent of startups fail and 70 percent fail in the first year of operation. 

A café owner was fined VND17 million and prosecuted because he took five days to file his business registration. Luckily, the prosecution was canceled after the Prime Minister’s intervention.

VietNamNet Bridge - While the national economy is in strong recovery, inflation has been curbed and p administration reform has been simplified, the number of dissolved businesses has been increasing rapidly.

Many Vietnamese businessmen decide to register their businesses in other countries because they hope they can get more transparent information, have better opportunities to access investors, and have good brands they can market. 

Nguyen Thi Kim Ngan, who took office as the new Chair of the National Assembly, has admitted the failure of the plan on developing Vietnam into an industrialized country which marches towards modernization.

VietNamNet Bridge - Young Vietnamese entrepreneurs have to register their businesses in foreign countries, as they operate in an unclear domestic business environment.

The Vietnam Chamber of Commerce and Industry (VCCI) has released a report showing that 70 percent of private businesses have not made profits for many months. 

VietNamNet Bridge - Tens of thousands of businesses have become disillusioned about the breakthrough they expected the 2014 Enterprise Law would bring. At the same time, business registration agencies have become overloaded.

The business registration division of the HCM City Planning and Investment Department has been overloaded for several days answering questions about new procedures to set up new businesses under the amended Enterprise and Investment Laws.

Start-ups could earn millions of dollars by providing seedlings, raising Kerria lacca and developing Motorway apps, according to business plans expected to be applied this year.