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Wednesday, July 24, 2024

HCMC sees newly-opened firms down in January

The Saigon Times

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HCMC – Some 2,536 companies were established in HCMC last month, down 7.07% against the year-earlier period, according to the HCMC People’s Committee.

These businesses registered total capital of over VND17.9 trillion, down 38.03% year-on-year.

The city had over 5,000 operational enterprises adding VND19.5 trillion, dropping 59.9% over the same period last year.

Newly- and additionally-registered capital totaled over VND37.5 trillion, plunging 51.74% compared to the same period last year.

The first month of the year saw some 10,255 businesses temporarily ceasing their operations, up 21.5%. Some 291 enterprises completed dissolution procedures, down 5.83%.

Only 3,235 suspended firms got back to business in January, down 31.82%.

The decline in newly-registered companies and investments shows difficulties in recovering and promoting the city’s socio-economic development in 2023.

Over 95% of factory workers returned to work after Tet, but many enterprises have strugglwing with a fall in new orders from customers, difficult access to new loans and slackened demand, according to the HCMC Department of Industry and Trade.

The department will strive to support businesses in stabilizing supply and input costs, promoting multi-channel trade activities, and exploring new markets.

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