Forecast of about 162,500 businesses born this year

The number of newly established enterprises this year is forecast to increase by 2% compared to 2023, reaching about 162,500, according to the General Statistics Office.

Along with that, the prospect of about 68,000 businesses returning to operation, an increase of 16%. Thus, a total of 230,500 more businesses will join the economy in 2024. The forecast was made by the statistical agency based on the business registration situation in 2023 and the global and domestic economic outlook in the coming time.

According to the General Statistics Office, Vietnam's economic growth continues to recover positively. Supportive policies issued last year will have a clearer impact. Investment drivers (private investment, FDI, public investment, state-owned enterprises), consumption, tourism and exports continue to increase. In addition, backlogs, especially problems of enterprises, investment projects, the real estate market and corporate bonds are also expected to be resolved.

However, potential risks from the global economic environment remain, including military conflicts and inflation control in developed countries. Inflation has shown signs of slowing down, but some major economies are forecast to maintain monetary tightening.

Therefore, major economies, Vietnam's main trade and investment partners, are still recovering slowly, unsustainably, with low growth while consumer demand is weak and protectionist barriers are increasing. "Unfavorable developments in the world and the region will continue to have a strong impact on Vietnam's production, business, industrial, import-export and investment attraction activities," the General Statistics Office said.

Therefore, the number of businesses withdrawing from the market this year is expected to increase compared to 2023, but at a significantly lower rate than during the pandemic period. According to the Department of Business Registration Management, this number is expected to be around 178,000, up 3.5% over the same period in 2023. Of which, in addition to businesses temporarily suspending operations, about 10% will carry out dissolution procedures.

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