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Vietnam to see record high in number of new companies

Staff Writer | December 26, 2016
Vietnam is expected to see a record high number of some 110,100 newly-established enterprises in 2016.
Vietnam company
Asia   Vietnam targeted at least 1 million enterprises by 2020
This is up 16.2 percent year-on-year, said the National Business Registration Portal under the Ministry of Planning and Investment.

These enterprises have registered a total capital of 891 trillion Vietnamese dong ($9.96 billion) in 2016. On average, each enterprise has a registered capital of 8.09 billion Vietnamese dong ($362,780), up 48.1 percent year-on-year.

The newly-licensed companies have created nearly 1.3 million jobs this year. Sectors that attract more newly-registered firms compared to that of 2015 include real estate business (up 83.9 percent year-on-year), healthcare and social support activities (up 52 percent) and education-training (up 43.1 percent), said the portal.

On the other hand, fewer companies have registered to open in arts, entertainments, recreation, agriculture, forestry and fishery.

In terms of localities, southern economic hub of Ho Chi Minh City and capital Hanoi continued to be the places where most newly-licensed firms are formed in 2016, with 36,442 and 22,663 firms, respectively.

Earlier, Vietnam targeted at least 1 million enterprises by 2020.