More than 200 firms in Ca Mau go bankrupt

More than 200 firms in Ca Mau go bankrupt

More than 200 enterprises in the southernmost province of Ca Mau have gone out of business since the beginning of this year, said the provincial People's Committee

Ineffective business and debt were given as the main reasons for their collapse or halt. Most of the enterprises had evaded tax amounting to tens of billions of dong and had not announced their situation to the authorities.

Committee chairman Pham Thanh Tuoi proposed that trade banks create favourable conditions to rescue surviving enterprises from bankruptcy.

"Bank support is expected to help enterprises overcome difficulties and operate effectively," Tuoi said.

As for those who went out of business, Tuoi asked authorities to identify them and to ensure all bankrupt enterprises completed procedure in accordance with the law.

There are more than 20,000 enterprises operating in the province with a total registered capacity of over VND13 trillion (US$625 million), generating about 20,000 jobs.

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