How many businesses are withdrawing from the market in the first month of 2024 as Tet approaches?

There has been a significant increase in the number of newly established businesses in the first month of 2024, with a record of 13,536 businesses. However, the number of businesses withdrawing from the market in January exceeded this, reaching 53,888 businesses.

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Image source: TN

Statistics from the National Business Registration Portal (Ministry of Planning and Investment) show that the number of businesses joining and re-joining the market in January 2024 reached 27,335 businesses, a 5.5% increase compared to the same period, more than 1.3 times the average number of businesses joining and re-joining the market during the 2018-2023 period (20,891 businesses).

The number of newly established businesses in January 2024 was 13,536 businesses, a 24.8% increase compared to the same period. This is the highest number of new businesses established in January during the 2018-2024 period.

Source: National Business Registration Portal

The total registered capital added to the economy in January 2024 was 370,101 billion VND, a 2.1% decrease compared to the same period, of which the registered capital of newly established businesses was 151,451 billion VND, an increase of 52.8%.

There were 4,380 active businesses registering capital increase in January 2024, with the additional registered capital of active businesses reaching 218,650 billion VND, a 21.6% decrease compared to the same period.

The average registered capital per business in January 2024 was 11.2 billion VND, a 22.4% increase compared to the same period.

This month, 13 out of 17 sectors saw an increase in the number of newly established businesses compared to the same period, in which other services activities saw a 64.4% increase; Arts, entertainment and recreation saw a 48.7% increase; Warehousing and transportation saw a 44.3% increase; Wholesale and retail trade; repair of motor vehicles and motorcycles saw a 34.6% increase; Manufacturing, processing and manufacturing industry saw a 31.9% increase…

Sectors that saw a decrease in the number of newly established businesses compared to the same period included Information and communication with a 0.5% decrease; Health and social assistance with a 1.7% decrease; Manufacturing, distribution, electricity, water, gas with an 8.3% decrease; Accommodation and food services with a 10.2% decrease…

The number of businesses returning to operation in January 2024 was 13,799 businesses, an 8.4% decrease compared to the same period. Businesses returning to operation increased in 6 out of 17 sectors including Real estate business with 645 businesses, a 29.3% increase; Information and communication with 355 businesses, an 11.6% increase; Manufacturing, processing and manufacturing industry with 1,758 businesses, a 6.9% increase; Agriculture, forestry and fisheries with 216 businesses, a 5.9% increase.

Nearly 53,900 businesses withdrew from the market in January.

On the contrary, in January 2024, the whole country recorded 53,888 businesses withdrawing from the market, a 22.8% increase compared to the same period. Among them, the majority are businesses choosing to temporarily suspend their short-term operation, with 43,925 businesses, a 25.5% increase compared to the same period.

The majority of businesses temporarily suspending operations in January 2024 had a short operating time, under 5 years, with 19,611 businesses, accounting for 44.6%. They mainly concentrated in small scale businesses with less than 10 billion VND, with 39,625 businesses, accounting for 90.2%, a 25.2% increase compared to the same period.

The number of businesses waiting to dissolve was 7,798 businesses, a 14% increase compared to the same period. The number of dissolved businesses was 2,165 businesses, a 6.2% increase.

Tung Phong

SOURCEvietstock
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