Vietnamese enterprises saw a sharp decrease of profits in the 2010-2015 period compared to the previous five years, according to the General Statistics Office (GSO).

The information was released at a press conference in Hanoi on April 11.  

The GSO under the Ministry of Planning and Investment reported that the average profit growth of Vietnamese businesses between 2010 and 2015 was only 7.5% annually against the rate of 24.1% in the 2005-2010 phase, representing a fall of 60% in profits.

In the 2010 - 2015 period, Vietnamese firms' taxes paid to the state budget annually increased by 11.6% on average, lower than the rate of 21.1% of between 2000 and 2010.

The GSO reported that the investment also decreased by 25% per year on average in the 2000 - 2010 period, compared to just 14% of from 2010 to 2015.

Pham Dinh Thuy, a representative from the GSO, said that the Vietnamese economy has seen a fast development but lacked efficiency.

 Up to 97% of Vietnamese businesses have small and medium-sized scale. 

Among those, nearly 60% of companies have less than 10 employees with out-of-date technologies.

In the first quarter of this year, Vietnam licensed 26,478 new businesses in the first quarter of this year worth VND271.2 trillion (USD12.3 billion). 

The number of newly-licensed enterprises in the January-March period increased 11.4%, compared to the same period of last year, while the capital increased 45.8%.

However, GDP growth between January and March slowed down at 5.1%, compared to 5.48% during the same period in 2015 and 6.12% of 2015. 

According to the GSO, it was partially because many newly-established businesses have not yet been operated or operated with very low revenues.

dtinews