The number of business startups nationwide in the year to December 20 had reached 110,100, an increase of 16.2% against the same period last year, according to the Business Registration Agency at the Ministry of Planning and Investment.

These newly established enterprises have total registered total capital of over VND891 trillion (US$39.2 billion), up 48.1% year-on-year. The period also saw nearly 26,700 suspended firms resuming operations, a 43.1% year-on-year increase.

There were 1.3 million new jobs created in the period.

The real estate sector saw an 83.9% pickup in startups, healthcare and social support with a 52% rise, and education with a 43.1% increase. However, startups were down by 26.2% in the art, entertainment and recreation sector and down 15% in the agro-aqua-forestry sector.

HCMC and Hanoi continued the most startups in the country, with 36,442 and 22,663 firms respectively, followed by Binh Duong, Danang, Dong Nai, Haiphong and Khanh Hoa.

The Ministry of Planning and Investment said more businesses have been set up since the 2014 corporate law and investment law came into force.

Last year, startups rose by 26.6% against 2014 and their total registered capital soared 39.1%.

The average time for business registration procedures has been reduced to 2.9 days and the time for business field change has been cut to 2.05 days.

Online business registrations have also contributed to the rise in startups. All information about business registration is now available on the national business registration portal.

SGT