51,400 firms leave Vietnam market in Jan-Feb

As many as 51,400 firms left the Vietnamese market in the first two months of the year, up 14.5% year-on-year, according to the General Statistics Office.

Of these, 38,772 temporarily suspended their activities, up 18.5% year-on-year; 9,424 suspended their businesses and waited for dissolution procedures, up 5.8%; and 3,205 completed their dissolution procedures, down 1.6%.

In January-February, 19,684 new firms were established, down 3% year-on-year, with a total registered capital of VND164,665 billion ($6.93 billion), down 40.7%; and a total employment of 119,642 people; down 20.1%.

In combination with VND358,000 billion ($15.06 billion) of additional capital from 6,605 existing firms, a total capital of VND522,700 billion ($21.99 billion) was poured into the economy in the period, up 15.9%.

Retail-wholesale and automobile-motorbike repair was the most active sector with 7,472 new firms in the period, up 3.6% year-on-year; followed by manufacturing-processing industry with 2,267, down 13.8%; and construction with 2,196, down 5.6%.

New companies in the retail-wholesale and automobile-motorbike repair sector topped the list with a total registered capital of VND40,421 billion ($1.7 billion) in the period, up 5.3% year-on-year; followed by real estate with VND25,281 billion ($1.06 billion), down 68.9%; and manufacturing-processing with VND24,112 billion ($1.02 billion), down 0.6%.

Besides, 18,178 companies re-entered the market, with a total of 37,862 new players joining the economy in January-February.