The number of business closures in Vietnam increased 14% year-on-year in Q1. (Photo: Internet)
As many as 20,044 companies in Vietnam suspended operations in the first three months this year, representing an increase of 23.9% from a year earlier, according to the General Statistics Office (GSO
In addition, 2,919 enterprises closed down, up 13.8% year-on-year, with most of them classified as small-sized for having registered capital of less than 10 billion dong ($446,000).
The number of businesses established in the three-month period rose 24.8% year-on-year to 23,767. Their registered capital swelled 67.2% to a combined 186 trillion dong ($8.3 billion).
The newly-licensed firms created an estimated 322,200 jobs, according to GSO.
According to the office’s survey, 29.2% of manufacturing firms said their performance improved in the quarter in comparison with the previous three months. Meanwhile, 27.1% of the companies said their faced hurdles.
As many as 53.3% of the surveyed firms expected a better outlook in the upcoming quarter while 11.2% of the respondents predicted worse situations.