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Ho Chi Minh City
Friday, February 3, 2023

Over 200,000 firms join local market in 2022

The Saigon Times

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HCMC – Vietnam saw 208,000 businesses being established and resuming operations in 2022, up 30% year-on-year, according to a report from the General Statistics Office (GSO).

On average, there were 17,400 new market entrants a month this year.

However, the report revealed that 143,000 enterprises shut down in 2022, rising 19.5% against the year-ago figure. This means 11,900 firms pulled out of the market monthly, the local media reported.

The GSO released another report featuring business trends adopted by enterprises in the manufacturing and processing industry in the final quarter of 2022.

According to this report, 32.6% of the businesses surveyed in the field said their operations improved compared to the third quarter, while 33.7% said their business and production remained stable. However, 33.7% said they faced business difficulties in the last quarter.

Commenting on the business outlook in the first quarter of 2023, 31.5% of the surveyed enterprises predicted that business activities would become better than they were in the last quarter of 2022. Besides, 37.3% forecast production and business would stabilize early next year, while 31.2% remained downbeat about the situation.

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