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Saturday, June 22, 2024

Capital of new businesses up 120% in HCMC in January

The Saigon Times

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HCMC – HCMC has seen a 120% year-on-year rise in capital registered for new businesses in the first 20 days of January.

The city approved 3,303 new businesses in the 20-day period, rising 30.2% over the same period in 2023. Their total registered capital was 117.2% higher, at VND39 trillion, showed HCMC Statistics Office data.

The real estate sector contributed significantly to this surge, with 85 new real estate firms pledging VND18.36 trillion, more than half of the total registered capital for new businesses in the city during this period.

In comparison to the same period last year, the number of newly established real estate businesses increased by 16.5%, and their registered capital shot up by 10-fold.

Nearly 2,700 new businesses got involved in trade, services, and real estate, with total registered capital of over VND33.8 trillion. The construction-industrial sector saw a 34% increase in the number of new firms, totaling 605, and total capital of over VND5 trillion, a 19% year-on-year increase.

In a positive development for the city economy, the retail and service sector emerged as major driver of growth in January. Total retail sales of goods and services reached VND103.2 trillion, a 1.1% rise against December 2023 and a 24.4% surge versus the same period in the previous year.

This growth can be attributed to vibrant retail activities during the Lunar New Year shopping season, with multiple supermarkets and stores launching promotional campaigns to stimulate consumer demand, according to the HCMC Statistics Office.

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