Of these firms, nearly 35,000 have temporarily suspended their operations, up 19.6% versus the same period last year. More than 6,840 enterprises have halted their operations pending dissolution, down 3.4% year-on-year, while over 2,000 others have completed procedures for disbandment, up 0.6% year-on-year.

As many as 10,800 new businesses entered the local market in January, inching up 0.7% month-on-month, but dropping by 16.6% year-on-year, the local media reported.

The new market entrants have total registered capital of VND99.1 trillion and nearly 68,600 employees, down 48.5% and 11% year-on-year, respectively.

Among the newly-established firms, over 8,100 enterprises are active in services, down 13.8% year-on-year. Some 2,540 firms operate in the industry and construction sectors, while the rest are active in the agro-forestry-fishery sector, down 43.9% year-on-year.

More than 15,000 firms have returned to the local market in the year to date, down 21.2% year-on-year, raising the total number of businesses that were either newly established or resumed operations in January to 25,900, down 19.3% against the year-ago figure.

Source: Saigon Times