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Wednesday, June 19, 2024

New businesses down in Hanoi

The Saigon Times

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HCMC – Newly-established businesses in Hanoi declined in the first four months of this year, showed data from the Hanoi Statistics Office.

From January to April, the city saw 9,400 new market entrants with registered capital totaling VND97.6 trillion, a 6% decrease in the number of businesses and a 9% increase in registered capital compared to the same period in 2023.

There were 4,500 suspended businesses returning to the market, up by 10%, while over 14,200 businesses temporarily suspended operations, up by 24%. The number of firms exiting the market also increased by 12% to 1,400.

In April alone, 2,514 new firms were set up, down by 4% year-on-year, while their registered capital surged by 24% to VND25.6 trillion. Moreover, 758 suspended businesses resumed operations, up by 14%.

On the other hand, 1,878 businesses temporarily ceased operations in the month, up 16%, and 269 others were dissolved, down 13% over April 2023.

The decline in new business establishments and the rise in business suspensions posed significant challenges to Hanoi’s labor market, especially impacting the industrial sector.

Dau Ngoc Hung, director of the Hanoi Statistics Office, said that the labor force in industrial enterprises grew by 0.4% from March to April 2024. However, compared to the same period in 2023, there was a decrease of 0.8%. Overall, employment in industrial enterprises dropped by 2% over the four-month period compared to last year.

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