Despite the impact of COVID- 19, Vietnam sees 88,700 new businesses registered in 8 months

The average registered capital rose by 19 percent against the previous month, and 59 percent from a year earlier, to VND21.6 billion ($932,000), according to the General Statistics Office.

The resurgence of the Covid-19 epidemic at the end of July has not cratered business sentiment, it assured.

The number of businesses in the year to date was 88,700, down 2 percent.

Their combined investment was 1.2 quadrillion ($51.8 billion), up 6.5 percent, but the number of people they hired fell 16.5 percent to 694,900.

Two-thirds of the businesses are in the service sector, and there were a rising number of companies in power, technology and design.

The number of companies suspending business in the first eight months was 70.8 percent up at nearly 34,300.

In 2019, the country recorded 138,100 newly registered businesses.

“The pandemic will be controlled, but there are likely to be other health crises in the future. The COVID-19 pandemic is a test for all systems in Vietnam. The importance of prompt action, social connectivity and adaptivity in facilitating effective anti-pandemic responses must be acknowledged” said Sophie Dao, Partner of Global Business Services Company (GBS)

“Coronavirus can’t stop foreign investors from leveraging business opportunities in Vietnam, hundreds of investors contacted us to be advised about setting-up their businesses, acquiring existing projects in Vietnam. – Sophie Dao added.

Source: vietnaminsider.vn

Collected by My Nguyen