The Department of Business Registration also adjusted the estimate of the number of enterprises returning to operation in 2024 from 74,000 enterprises to about 68,000 enterprises, an increase of 16% compared to the same period in 2023. Previously, in 2023, the number of enterprises returning to operation decreased by 2.4% compared to the same period in 2022.
The Department of Business Registration Management (General Statistics Office) forecasts that the total number of newly registered enterprises in 2024 will increase by 2% compared to 2023, reaching about 162,500 units. (Illustration photo)
According to the Department of Business Registration Management, the number of enterprises withdrawing from the market in 2024 is expected to increase compared to the same period in 2023, but this increase is expected to cool down significantly compared to the period of prolonged impact of the COVID-19 pandemic. Therefore, the Department expects the number of enterprises withdrawing from the market to increase by about 3.5% compared to the same period in 2023, equivalent to more than 178,000 enterprises withdrawing from the market (of which, about 10% is the number of enterprises carrying out dissolution procedures, actually ceasing operations and leaving the market).
Commenting on business trends in 2024, the Department of Business Registration Management analyzed that potential risks from the world economic environment still exist and continue to negatively impact Vietnam's economic growth recovery prospects.
The problem of successful inflation control along with control policies remains a major challenge for the world's economic growth, especially in developed countries. Major economies, our country's main trade and investment partners, are recovering slowly, unsustainably, with low growth while consumer demand is weak and protectionist barriers are increasing; although inflation has shown signs of slowing down, some major economies are forecast to continue to maintain tight monetary policies.
Domestically, 2024 is the fourth year of implementing the 5-year Plan 2021-2025. Economic growth is forecast to continue its positive recovery trend; support policies issued in 2023 will have a clearer impact on the economy; investment drivers (including private investment, FDI, public investment, state-owned enterprises), consumption, tourism and export continue to be strongly promoted; outstanding issues and long-standing shortcomings are focused on resolving and changing more positively, especially the difficulties of enterprises, investment projects, real estate market and corporate bonds.
"However, difficulties and challenges remain enormous, especially from unfavorable external factors and internal limitations and shortcomings that have lasted for many years. Unfavorable developments in the world and the region will continue to have a strong impact on production and business activities, industrial production, import and export, investment attraction, etc. of our country. Production and business, the lives of a segment of the population are still difficult, the resilience of businesses is eroded, the consequences and impacts of the COVID-19 pandemic continue to last, combined with new difficulties and challenges from the beginning of 2023 until now," the Department of Business Registration Management analyzed.
Therefore, the Department believes that the number of enterprises withdrawing from the market in 2024 is expected to increase compared to the same period in 2023, but this increase is expected to cool down significantly compared to the period of prolonged impact of the COVID-19 pandemic.
The number of newly registered enterprises in 2023 (159,294 enterprises, up 7.2% over the same period in 2022) reached a record high for the first time, nearly 160,000 enterprises. This number is truly impressive, 1.2 times higher than the average for the period 2017-2022 and up 4.6% compared to the estimated implementation for the whole year of 2023.
The total newly registered capital of enterprises entering the market has improved over the quarters of 2023: Quarter I reached VND 310,331 billion; VND 397,126 billion; Quarter II VND 379,319 billion in Quarter III and Quarter IV increased to VND 434,483 billion.
The total number of registered employees of newly established enterprises in 2023 is 1,052,575 employees, an increase of 7.3% over the same period in 2022.
In addition, the number of enterprises returning to operation in 2023 reached 58,412, thereby contributing to the number of enterprises entering and re-entering the market continuing to reach over 200,000 enterprises (217,706 enterprises), an increase of 4.5% over the same period in 2022 and 1.3 times the number of enterprises withdrawing from the market in the past year.
By economic sector, in 2023, there will be 1,776 newly established enterprises in the agriculture, forestry and fishery sector, down 9.3% compared to 2022; 38,000 enterprises in the industry and construction sector, up 4.8%; 119,500 enterprises in the service sector, up 8.3%.
In general, in 2023, the number of enterprises temporarily suspending business for a period of time is 89.1 thousand enterprises, an increase of 20.7% compared to 2022; 65,500 enterprises suspending operations pending dissolution procedures, an increase of 28.9%; 18,000 enterprises completing dissolution procedures, a decrease of 3.1%. Most of the enterprises temporarily suspending business, ceasing operations or dissolving in 2023 have a short operating period of less than 5 years, mainly concentrated on a small scale (less than 10 billion VND).
Thanh Lam
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