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Firms struggle to stay in business

Update: November, 04/2014 - 08:00
The report also showed that some sectors faced more difficulties than they did last year, such as health, mining, art and entertainment, as well as banking, finance and insurance. — Photo baocongthuong

HA NOI (VNS) — The number of Vietnamese companies that have either been dissolved or have suspended operations in the first 10 months of 2014 increased by 9.3 per cent year-on-year to 54,333.

According to a report that the General Statistics Office (GSO) released last week, the number of companies that were either dissolved or have suspended operations in October reached 7,141, a 57-per cent increase. However, the number of companies that have resumed operations reached 1,131, a 19.3-per cent month-on-month increase.

The number of newly-established enterprises in October reached 6,831, bringing the total number of newly-established enterprises in the first 10 months to 60,023, a 6.5-per cent year-on-year decrease. But the total registered capital of these enterprises reached VND352.5 trillion ($16.5 billion), a 9.5-per cent year-on-year increase.

Jobs to be generated by these newly-established enterprises are expected to reach 883,200, a 0.2-per cent year-on-year decrease.

Although the country's economic situation remains difficult, this year's newly-established enterprises are of better quality than those of last year, according to the GSO. Total supplemental capital of Vietnamese companies has so far reached VND827 trillion ($38.9 billion), of which VND352.5 trillion ($16.5 billion) come from newly-established enterprises.

According to the GSO, sectors on the rise include accommodation and food and drinks services. The sectors saw an increase in newly-established businesses and a year-on-year decrease in enterprises which temporarily stopped operations or were dissolved.

The report also showed that some sectors faced more difficulties than they did last year, such as health, mining, art and entertainment, as well as banking, finance and insurance.

Meanwhile, sectors which saw vigorous restructuring include wholesale and retail, as well as car repair, construction, processing and manufacturing industry. — VNS

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