Want to be in the loop?
subscribe to
our notification
Business News
AROUND 88,000 FIRMS EXIT MARKET IN JANUARY-MAY
Around 88,000 businesses have pulled out of the market so far this year, official data showed.
Vietnam has seen 55,200 companies temporarily suspending their operations between January and May, up 20.3% year-on-year, according to the General Statistics Office’s report on the nation’s socio-economic performance.
Around 25,500 firms have halted their operations and are awaiting dissolution, surging 34.1% against the year-ago period, while 7,300 others have completed procedures for disbandment, a 6.5% year-on-year rise.
In May alone, the number of companies that have suspended their operations is down 25.1% versus April but up 8.1% year-on-year, at over 5,360. More than 4,700 firms have applied for disbandment this month, while 1,200 others have declared insolvency, dropping 19% month-on-month and 8.7% year-on-year.
On the other hand, nearly 95,000 enterprises have been established or have returned to business in the January-May period.
There have been 61,900 new market entrants with total registered capital of VND568.7 trillion, down 1.6% and 25.3%, respectively. Sector-wise, around 46,500 new service providers, 14,800 industrial producers, and 600 new agricultural-forestry-fishery firms have come into existence.
Over 5,950 firms have returned to the local market in May, bringing the total number of companies resuming operations in the year through May to 33,000, 7.4% lower than the year-ago figure.
Source: The Saigon Times
Related News
Q1 2024: 51.3 MILLION WORKERS EMPLOYED
51.3 million people in Vietnam aged 15 and above were employed during the first quarter of 2024, an increase of 174,100 compared to 2023, or 0.34 percent. The unemployment rate among the country’s working-age population has fallen by 2.24% compared to the same period last year.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.
OVERCOMING HURDLES IN SUSTAINABLE INDUSTRIAL AND ECONOMIC ZONE DEVELOPMENT
“The path toward sustainable development for industrial zones (IZs) and economic zones (EZs) continues to encounter significant challenges. A notable concern is the instability and lack of consistency in the institutions and policies governing these zones. This inconsistency has resulted in a void of transformative impetus for socio-economic advancement,” said Dr. Nguyen Quang Tuyen from Hanoi Law University.