Startups grow 15.5% in Jan-May
Startups grow 15.5% in Jan-May
More than 36,000 businesses have been established in the first five months of this year, increasing 15.5% in number and 26.3% in capital compared to the same period last year.
Figures of the General Statistics Office (GSO) indicated there have been 7,820 business startups this month alone with combined registered capital of VND56.8 trillion (US$2.6 billion), or an average of VND7.3 billion per enterprise.
The new enterprises generate 518,000 jobs, up 14.8% over a year ago, Vietnam News Agency reports, citing data of the GSO.
Notably, 3,884 companies have been dissolved and stopped operations this year, declining 0.5% compared to the same period last year. More than 93% of these enterprises are small with average chartered capital of less than VND10 billion.
The number of enterprises suspending operations in the period has fallen by 5.3% to 22,705. Up to 94% of them have registered capital of less than VND10 billion.
More than 7,400 enterprises have been back to business in the period, up 5.9% year-on-year.
The GSO said the recovery of the local economy has led to new business startups and supported enterprises to weather tough times.
The agency showed more improving economic indicators with the index of industrial production (IIP) growing 7.5% in May and 9.2% in the first five months of this year. This high five-month expansion is backed by the growth of 9.9% from the manufacturing-processing industry, 6.3% from mining, 10.9% from electricity generation and distribution, 6.3% from water supply and waste treatment, 32% from vehicle production, 22.8% from apparel, 19.6% from electronics and computers.
As of May 1, manufacturing-processing inventories had gone up 11.5% against the same period last year, below the 12.6% in the same period of previous year.
The number of employees at industrial enterprises by May 1 had grown 7.1% year-on-year, with the workforce of State enterprises up 0.9% and foreign direct investment firms rising by 10.6%.
