There were 22,486 enterprises resuming operations during the first ten months of this year, an increase of 38.8 per cent against the same period last year, according to the latest report from the Agency for Business Registration under the Ministry of Planning and Investment.

Certain sectors saw higher growth than others, such as education and training with 64.7 per cent, arts, entertainment and recreation 63.4 per cent, accommodation and food services 51.7 per cent, manufacturing 47.3 per cent, wholesale and retail trade and repair of automobiles, motorbikes and other motor vehicles 40.4 per cent, real estate 39.7 per cent, transportation and storage 38.6 per cent, professional, scientific and technical activities 37.1 per cent, finance, banking and insurance 36.4 per cent, employment services, travel, equipment rentals, and supplies 36.3 per cent, and mining and quarrying 33.7 per cent.

The increasing number of enterprises resuming operations is evidence that Vietnam’s economy is recovering. The Nikkei manufacturing Purchasing Managers’ Index (PMI) climbed from 52.2 in August to 52.9 in September; a 16-month high and reflecting a healthy increase in employment and robust expansion in manufacturing output and new orders, according to HSBC's October update.

Manufacturing output increased for the tenth straight month and at the highest pace for three months. “Importantly, employment grew at the fastest pace in five and a half years, as firms responded to a sustained growth in new orders,” the HSBC update wrote. 

“New export orders also grew at a faster pace than in August. The fact that firms accumulated inventory suggests that manufacturers remain optimistic about business conditions.”

In the first ten months there were also 17,574 enterprises registering for temporary suspension of operations, an increase of 29 per cent against the same period of 2015. 

There were 29.8 per cent fewer enterprises year-on-year that had registered capital of less than VND10 billion ($448,400).

There were 33,131 enterprises that suspended operations without registering or waiting for their tax code to be cancelled, down 28.8 per cent year-on-year. 

Those with registered capital of less than VND10 billion ($448,400) accounted for 92 per cent. Enterprises in agriculture, forestry and fishery, mining and quarrying, manufacture and the distribution of electricity, water, and gas, and others declined in number compared to the same period last year.

There were 9,295 enterprises completing dissolution procedures and closing in the first ten months, up 21.6 per cent year-on-year. 

Numbers fell in information and communications, mining and quarrying, and manufacturing and distributing electricity, water, and gas.

VN Economic Times