Logo of Phnom Penh Post newspaper Phnom Penh Post - Newly opened VN firms boom during ‘new normal’

Newly opened VN firms boom during ‘new normal’

Content image - Phnom Penh Post
Workers make furniture at a Woodland factory in Vietnam. BAODAUTU.VN

Newly opened VN firms boom during ‘new normal’

The number of newly established firms in Vietnam reached an all-time high of around 15,000 last month, with total registered capital of 164.1 trillion dong ($7.1 billion), according to the General Statistics Office (GSO).

The number of re-opened firms was 7,034, up 22.4 per cent year-on-year.

Meanwhile, 5,391 firms temporarily ceased operation, 3,762 were in the dissolution process, and 1,227 completed dissolution procedures.

In total, the number of firms entering the market was double the number of those withdrawing from the market in April.

Vietnam saw 49,591 newly-formed firms in the first four months of 2022, with total registered capital of 635.3 trillion dong, around 12.3 per cent higher than the figure in the same period last year.

The GSO underlined the proliferation of new businesses as a sign of economic recovery, indicating that supportive policies of the government and National Assembly have been on the right track and begun to take root.

According to the European Chamber of Commerce (EuroCham) report, the Business Climate Index in Vietnam has reached its peak at 73 points since the fourth wave of the pandemic hit the country last April.

The index is expected to sustain its upward trend next quarter with a more optimistic outlook from the business sector, notably from tourism firms, which began to pick up after the reopening in March.

The report, which surveyed over 1,000 firms, also found that two-thirds of firms are upbeat about the growth prospect of the economy in the second quarter of this year.

“Over half EuroCham’s members have plans to take on more staff. Some hotels have their rooms fully booked for the first time in the past three years. It’s time to restore the economy to the pre-pandemic levels,” said Alain Cany, chairman of EuroCham in Vietnam.

The GSO’s socio-economic report in March showed that 50 per cent of Vietnamese firms have a positive outlook for the economy in the second quarter of this year, 32.3 per cent a stable outlook, and 17.7 per cent a negative outlook.

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro