Number of new businesses in Vietnam hits record high in Q1’2022

Including firms in operation, the total registered capital injected by businesses into the economy in the first quarter was VND1,170 trillion.
By: | April 18, 2022
Topics: Covid-19 | News | Vietnam

The number of new businesses set up in Vietnam over Q1 2022 has hit a record high, at 34,590, according to the General Statistics Office.

Over the quarter, some 25,600 companies also resumed their operations. Including firms in operation, the total registered capital injected by businesses into the economy in the first quarter was VND1,170 trillion (US$51.17 billion). 

On the other hand, the number of companies that shuttered over 1Q2022 fell 17% year-on-year to 4,355. In March alone, an estimated 14,300 new companies were set up, with a total registered capital of VND193.6 trillion (US$8.5 billion). 

The number of companies resuming operations in March also increased to 4,300, while those temporarily exiting the market, or waiting to complete dissolution procedures were estimated at 6,500. 

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The positive figures demonstrated the confidence of the business community after two years of coping with the pandemic, said Bui Anh Tuan, director of the Ministry of Planning and Investment’s Agency for Business Registration, according to Hanoi Times.