Number of new firms hit record high in five years


Close to 54,000 enterprises have registered to begin operations in the first five months of 2019, up 3.2% on-year, also the highest number recorded in the period in the past five years.

Illustrative photo (Source: VNA)

According to the General Statistics Office, the new firms registered VND 669.7 trillion (USD 28.5 billion) worth of capital, an annual increase of 29.6%. Newly registered capital and funds added to existing projects hit VND 1.7 quadrillion (USD 73.1 billion).

Meanwhile, there were 19,600 firms resuming businesses, up 48.1% from the same period last year.

The number of temporarily closed companies reached 19,100, while 19,300 others halted their operation.

Vietnam is forecast to grow by 6.8-6.9% in 2019 on the back of sound economic performance in 2018, according to the Vietnam Macro-Economic Outlook 2019.

In 2018, the economy expanded by 7.08%, one of the highest growth rates in the region and the world, supported by 12.98% growth in the manufacturing and processing sector and a 3.76% expansion in agriculture since 2012.