MORE THAN 44,000 FIRMS SET UP THIS YEAR

The department said that in the January to May period, the additional registered capital was VND655.9 trillion, bringing the total to VND1 quadrillion. The average registered capital was VND7.8 billion a business, representing a year-on-year increase of 28 per cent.

It added that during this period, most of the sectors saw a higher number of newly established firms than in the same period last year. The real estate sector rose 121 per cent with 1,076 firms; healthcare rose 82 per cent with 198; education and training rose 44 per cent with 993, and science, technology, consultancy, and advertising rose 37 per cent with 3,475.

The property sector also saw a surge of registered capital of VND85.9 trillion or 456 per cent higher from last year. Information and communications rose 383 per cent with VND15.2 trillion; science, technology, consultancy and advertising rose 143 per cent with VND29.9 trillion; manufacturing and processing rose 135 per cent with VND49.4 trillion, while finance, banking and insurance rose 115 per cent to VND6.7 trillion during this period.

The entertainment area had been the only sector which had a decrease of 26.5 per cent with 583 firms.

The number of labourers in the registered companies in the five months was 2.6 per cent higher than the corresponding period last year to 532,000 people.

In the first five months, the manufacturing and processing sector attracted the highest number of 254,455 labourers; the wholesale, retail and repairing had 96,338 new labourers, while construction and transport sector had 25,144.

During the period, 13,000 firms also resumed operations.

However, the number of firms that have either suspended or shut down operations in the month was also high at more than 33,200.

In the January to May period, the number of enterprises, which have completed disclosure procedures and shut down operations was 22,431. Further, companies that have declared a temporary suspension of operations numbered 10,794.

Source: VIR