15,200 businesses shut up shop in Vietnam

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More than 15,200 businesses closed down or suspended operations in the first quarter, the Ministry of Planning and Investment said.

According to its Department of Business Registration, 2,272 businesses were dissolved, 3 percent more than in the same period last year, while another 13,011 halted operations, a 26 percent rise, Tuoi Tre newspaper reported Wednesday.

Most of them were in trading, construction, processing, and manufacturing, and based in Hanoi, Ho Chi Minh City, the northern province of Thai Binh, and the central provinces of Khanh Hoa and Da Nang.

At the same time 15,707 new businesses were set up, 6.8 percent down year-on-year, with a total capital of VND79.4 billion ($3.8 million), down 16.1 percent.

Besides, 7,645 businesses, or a fifth of those that stopped operating in 2012, have resumed work.

The average capital of businesses stood at VND5.05 billion (US$242,400), 9 percent down from a year earlier and 19 percent down quarter-on-quarter.

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