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Vietnam has 100,000 new market entrants in Jan-Aug

Hung Le
Monday,  Aug 28,2017,21:13 (GMT+7)
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Vietnam has 100,000 new market entrants in Jan-Aug

Hung Le

HCMC - There have been over 100,000 enterprises newly established or resuming operations in the first eight months of the year, according to the Business Registration Agency.

Vietnam had 12,400 startups with total registered capital of nearly VND131.4 trillion (about US$5.78 billion) in August alone, up 6.2% and 39% respectively compared to the same period last year. This figure brings the total number of newly-established enterprises in January-August to over 85,350 with total registered capital of over VND822 trillion, increasing by 16.3% and 44.8% year-on-year respectively.

More than 24,650 operational companies have injected more capital, bringing the total freshly pledged capital to over VND1,930 trillion in the first eight months.

The average registered capital of each new enterprise is VND9.6 billion, a 24.5% pickup from a year before.

According to the Business Registration Agency, most sectors have seen increases in startups. In particular, real estate service and trading had over 3,150 fresh enterprises, up a staggering 65.8% year-on-year, while finance, banking and insurance had 966, up 33.4%, education and training with 2,242, up 30%, and healthcare and social services with 451, up 29.6%.

Transport and warehouse is the only sector that has seen a decline with over 4,060 enterprises newly established in January-August, down 5.2% compared to the same period last year.

The new businesses have plans to employ nearly 822,500 workers, down 4.1% year-on-year.

Some sectors posting a decline in the number of newly-employed workers include transport and warehousing with 27,420 workers, down 25.6% over the same period last year, agriculture, forestry and seafood with nearly 15,230, down 21.9%, processing and manufacturing industry with over 323,760, down 19.4%, mining with nearly 4,800, down 14.3%, and electricity, water, gas production and distribution with over 7,940, down 9%. Other sectors have seen growth.

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