New businesses on the rise in November

The numbers respectively represented the surges of 19.5% and 47% year on year, according to the Business Registration Management Agency under the Ministry of Planning and Investment.

The number of companies resuming operation this month has also increased 4.7% year on year to 6,562.

These figures indicate that businesses have shown positive response to the economy’s recovery during the year-end months and next year, the agency said.

However, as numerous difficulties remain in the economy, 12,551 companies have withdrawn from the market in November, up 19.3%.

Sharing the November upward trend, the numbers of new companies, the ones resuming operations, and those withdrawing from the market have also went up during the first 11 months of 2023.

During the period, newly established businesses number 146,044, rising 6% from a year earlier and 1.2-fold from the average of the 2018 – 2022 period (123,121). The majority of them (109,688, up 7.5%) work in the service sector while 34,735 companies (up 2.6%) in the industry – construction sector, and 1,621 others (down 11.5%) in agriculture, forestry and fisheries sectors.

Besides, 55,485 businesses have resumed operation during the 11 months, falling 2.5% from the same period last year but still rising 1.3-fold from the 2018 – 2022 average (41,404).

Meanwhile, 158,763 firms have withdrawn from the market, climbing 20%. Most of them, 53.8%, opted to suspend operation for a short term, statistics show.

The agency perceived that the growth in the number of new businesses in the industrial sector has once again illustrated the continued rebound in industrial production after months of contraction, as well as positive effects of support measures taken by the Government, the Ministry of Industry and Trade, and other ministries and sectors.