Startups rise in first eight months

02-Sep-2016 Intellasia | The Saigon Times | 6:00 AM Print This Post

The number of newly established firms in January-August has jumped 19.7 percent year-on-year to more than 73,400, according to the Business Registration Agency under the Ministry of Planning and Investment.

These startups have total registered capital of VND567.9 trillion (US$25.47) billion, surging 50.9 percent.

The number of startups has increased across all sectors. There are 1,900 firms in the real estate sector, leaping 101.3 percent year-on-year; 1,724 firms in training and education, up 41.9 percent; and 724 firms in finance, banking and insurance, up 24.6 percent.

Entertainment is the only sector that saw a decrease in startups with 906 firms, down 34 percent compared to the same period last year.

As for capital, new real estate enterprises have registered VND133.37 trillion, up a staggering 268.4 percent; the mining sector VND19.7 trillion, soaring 247 percent; information and communications VND17.4 trillion, surging 183 percent; science, technology, consulting service, design and advertising VND34.9 trillion, rising by 125.3 percent.

The average registered capital of a company in the first eight months is VND7.7 billion, a year-on-year increase of 26 percent.

New enterprises in January-August have planned to employ 857,200 labourers, down 1.8 percent against the same period last year.

Operational businesses have registered to add a total of VND1,024 trillion in the eight-month period.

More than 18,700 suspended businesses have resumed operation in the year to August, up 65.1 percent.

Over 14,920 enterprises have suspended operation in the period, increasing 32.7 percent year-on-year. The number of firms that have stopped operation without prior notice or have waited for dissolution has fallen by down 8.3 percent to around 25,500, with 93 percent of them having registered capital of less than VND10 billion.


Category: Economy, Vietnam

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