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Saturday, July 13, 2024

Nearly 100,000 firms pull out of market in 10 months

By Hung Le

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HCMC – More than 97,000 businesses have withdrawn from the local market between January and October due to the impact of the Covid-19 pandemic, up 13.5% year-on-year, according to the National Business Registration agency.

Of the firms that pulled out of the market, 48,487 have temporarily suspended their business operations, up 16% versus the same period last year. Some 35,000 other enterprises have halted their operations pending dissolution, up 15.7% compared with the year-ago figure. More than 13,600 others have completed procedures for disbandment, up 0.8% year-on-year.

The hardest-hit companies mainly operate in the wholesale, retail, repair, construction, and processing industries.

Most of the firms that suspended their operations during the 10 months operated in Vietnam for a short time, with over 24,700 firms having done business for less than five years and 13,100 others for 5-10 years.

In HCMC alone, which has taken a hit from the ongoing fourth wave of the pandemic, over 13,800 firms have left the market over the past 10 months, accounting for 28.5% of the country’s total number of enterprises that withdrew, and rising by 11.4% year-on-year.

From January and October, over 93,700 firms have been newly established nationwide and pledged capital of over VND1,304 trillion, down 15% in number and 18% in capital year-on-year.

During the 10-month period, the number of firms that resumed operations inched down by 6.3% year-on-year at 35,340.

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