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More than 70,000 businesses suspend operation in H1: report

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.

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The statistics released by General Statistics Office on June 29 showed that 67,100 businesses were established in the first half of the year, an increase of 8.1 percent over the same period last year. The total registered capital was 34.3 percent higher.

The increase in number and capital of newly set up businesses shows the efforts and entrepreneurial spirit of the business community amid the complicated developments of the pandemic.

As such, in H1, Vietnam had 93,200 newly set up businesses and businesses coming back to operation, up by 6.9 percent over the same period last year. The average capital of one newly registered business was VND14.1 billion, up by 24.2 percent.

The survey on business trends of enterprises in the manufacturing and processing industry in Q2 found positive signs with 68.2 percent of enterprises saying that the production and business results in Q2 2021 were better than Q1.

In June 2021, there were 11,300 newly set up enterprises with total registered capital of VND164.3 trillion with 71,900 workers, a 2.5 percent decrease in the number of businesses, 9.1 percent increase in registered capital, and a 0.4 percent decrease in the number of workers compared with May 2021.

The average registered capital was VND14.5 billion per enterprise, up by 11.9 percent over the previous month and 43.3 percent over the same period last year.

Also in June, as many as 4,867 businesses resumed operation, a decrease of 0.5 percent from the previous month and 2.6 percent from the same period last year. Meanwhile, 3,867 businesses registered business suspension for definite time, up by 13.7 percent and 20.2 percent, respectively. As many as 5,238 businesses stopped operation while following procedures to get dissolved, up by 23.7 percent and 36.3 percent, respectively. As for the businesses completing the procedures for dissolution, the figures were 1,919, 50 percent and 40.3 percent.

In H1, 35,600 businesses temporarily stopped operation (+ 22.1 percent), 24,700 businesses stopped operation while following procedures to get dissolved (+ 25.7 percent) and 9,900 completed procedures for dissolution (+ 33.8 percent). This means that 11,700 businesses left the market each month.

Up to 30.5 percent of enterprises in processing and manufacturing industry said in a survey about business performance in Q2 that the situation was better than in Q1, and 37.7 percent said production and businesse were stable and 31.8 percent said they were facing difficulties.

About prospects in Q3, 39.2 percent of businesses said the situation would be better than in Q2, 22.2 percent thought the situation would be worse, and 38.6 percent thought the situation would be stable. 

Luong Bang

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