Nearly 127,000 new firms set up in 2017

The Business Registration Agency reported that 126,859 new firms were established in 2017, an increase of 15.2% compared to the previous year and the highest recorded yet.

The Business Registration Agency reported that 126,859 new firms were established in 2017, an increase of 15.2% compared to the previous year and the highest recorded yet.

  

Nearly 127,000 new firms set up in 2017

The agency's representative said that nearly VND1,300trn (USD57.3bn) in chartered capital was registered, a 45.4% increase against last year. In December alone, 10,814 firms were established with a total capital of VND164trn.

The real estate sector leads with VND388trn (USD17bn) in registered capital, accounting for 30% of the total number. Retail, wholesale business and car maintenance recorded VND198trn in registered capital.

"More high-value firms were established that shows that trust in the local business environment has increased," he said.

The number of new firms marked a 1.6-time increase on 2011, and a 2.5-time growth in total registered capital. 36% of the newly-established firms are in retail, wholesale business and automobile maintenance. Manufacturing and construction sectors also attracted many new firms.

The southeast region tops the list of regions with most active firms in Vietnam with 681,000 firms, followed by the Red River Delta and North Central Coast. The Red River Delta did not have many new firms but it has the largest number of registered workers, accounting for 32% of the total workforce.

Nearly 27,000 firms also resumed business this year.