60,000 Vietnamese businesses shut down, suspend operations

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An estimated 60,737 businesses have closed down or suspended operations this year, a 11.9 percent rise year-on-year, according to the Ministry of Planning and Investment.


The number of dissolved businesses is 9,818, an increase of 4.9 percent.


Of the rest, 10,803 have registered to suspend operations, a 35.7 percent rise.


The remaining 40,116 businesses have suspended operations without informing the authorities.


According to the ministry, 56.4 percent of the businesses said prolonged losses caused their closure, 5.1 percent blamed poor management, and 38.5 percent gave other reasons like lack of funds, inability to find markets, and waiting to sell or restructure.


There are 3,135 businesses in which the state holds more than half the stake, with 2,854 being operational.


The rest have ceased operations.


The number is down by more than half since 2000.


Their market share of goods and services is around 32 percent.


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