Nearly 54,000 businesses withdrew from the market in January

53,900 businesses withdrawing from the market

According to the socio-economic situation report from the General Statistics Office, in January 2024, there were 13,500 newly established enterprises with registered capital of 151,500 billion VND and the number of registered employees of more than 103,400 workers. This equals to an increase of 2.2% in the number of businesses, a decrease of 2.3% in registered capital and a 31.8% increase in the number of employees compared to December 2023.

Compared to the same period last year, the number of newly established businesses increased by 24.8%, the registered capital increased by 52.8% and the number of employees increased by 50.8%. The average registered capital of a newly established enterprise in January reached 11.2 billion VND, down 4.4% over the previous month and up 22.4% over the same period in 2023.

If including the 218,700 billion VND of additional registered capital of 4,400 enterprises which increased their capital, the total registered capital added to the economy in January was 370,100 billion VND, down 2.1% over the same period last year.

In addition, there were nearly 13,800 businesses returning to operation, 2.2 times more than in December 2023 and down 8.4% over the same period in 2023.

Regarding the economic sector, in January 2024, there were 151 newly established enterprises in the agriculture, forestry and fisheries sector, an increase of 20.8% compared to January 2023; 3,208 enterprises in the industrial and construction sector, an increase of 26.3%; 10,200 businesses belong to the service sector, an increase of 24.4%.

Also in January 2024, there were 43,900 businesses registered to temporarily suspend business for a limited time, an increase of 25.5% over the same period last year. There were 7,798 businesses that stopped operating and waiting for dissolution procedures, an increase of 14%. There were 2,165 enterprises completing dissolution procedures, an increase of 6.2%.

Thus, there were 53,900 businesses withdrawing from the market in January, an increase of 22.8% over the same period last year.

Source: GSO