Up to 10,400 Vietnamese enterprises have gone bankrupt between January and November this year, up 23.3% on-year, according to the General Statistics Office.
Up to 10,400 Vietnamese enterprises have gone bankrupt between January and November this year
The office’s report showed during the January-November period, over 10,400 Vietnamese companies had announced their bankruptcy, up 23.6% on-year, with 93% having a registered capital of below VND10 billion (USD476,190) each.
Meanwhile, the number of companies which had to halt their operations during this period reached 54,000, including up to 65% of firms waiting to be dissolved or facing the risk of closure permanently.
According to the GSO, as many as 101,680 businesses were established in the 11 month period. The number of firms which resumed operations grew by 31.7% on year.
Economist Pham Chi Lan said that private sector businesses were facing many difficulties such as limited management capacity, limited scale and low access to credit in the context of fiercer competition.