In 2023, although the number of businesses leaving the market is still large, the number of newly established businesses reached a record high for the first time, nearly 160,000 units.
The Department of Business Registration Management (Ministry of Planning and Investment) assessed that the business registration situation is a bright spot in the overall picture of Vietnam's economy this year.
The number of newly registered enterprises in 2023 reached 159,294, up 7.2% over the same period in 2022, reaching a record level for the first time. This figure was considered "impressive" by the Department, 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 number of enterprises returning to operation in 2023 also reached more than 58,400. Thus, the number of enterprises entering and returning to the market continued to be above 200,000, an increase of 4.5% over the same period in 2022 and 1.3 times higher than the number of enterprises withdrawing from the market in the past year.
In fact, in the first quarter, the number of registered enterprises decreased but was still 1.02 times higher than the average quarterly level in the period 2017-2022. In the following quarters, the Government took many measures to overcome difficulties, thanks to which the number of newly registered enterprises had an impressive recovery momentum - always above 40,000, the highest quarterly level ever. In the fourth quarter, the number of newly established enterprises reached nearly 43,000 units, an increase of 20.2%.
Industries with a sharp increase in the number of newly established enterprises compared to the same period include: Education and training; Wholesale; retail; auto and motorbike repair; Employment services; Tourism.
The total newly registered capital of enterprises entering the market has improved over the quarters of the year. However, if calculated for the whole year, the total registered capital of newly established enterprises only reached over 1.52 million billion VND, down 4.4%. Overall, the total registered capital added to the economy this year decreased by more than 25%, reaching just over 3.5 million billion VND.
On the other hand, 2023 continues to record a large number of businesses withdrawing from the market. In December, 14,355 businesses nationwide withdrew, an increase of more than 26% compared to last year. For the whole year, this number was 172,500 businesses, an increase of 20.5%. This is also the highest number since 2017.
However, more than half of these are businesses that choose to temporarily suspend business operations in the short term. Only about 10% carry out dissolution procedures, actually ceasing operations and leaving the market. The main reasons for dissolution reported by businesses are ineffective production and business, reduced orders; the market has many fluctuations but the company's organizational structure cannot adapt in time. In addition, businesses also face many difficulties, lack of capital, and high input production costs.
Duc Minh
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