The number of new businesses in Vietnam's real estate sector increased 146 percent year-on-year to 596 companies in the first quarter, according to the government's new data.
The new businesses had a combined registered capital of more than VND45.5 trillion (US$2 billion), up 407 percent from a year ago, the Ministry of Planning and Investment has reported.
No other sector saw such a sharp rise in both the number of newly-established companies and their capital.
A total of 23,767 new businesses were established across the country during the quarter, up 24.8 percent year-on-year, the ministry reported. The total registered capital was more than VND186 trillion ($8.25 billion), an increase of 67.2 percent.
Healthcare and social services had the second highest growth in the number of businesses, up 113 percent to 115, according to the ministry. Arts and entertainment was the only sector that saw a slump of 23 percent with 239 new companies.
By registered capital, information and communications scored the second highest increase of 253.1 percent to more than VND4.5 trillion ($199.72 million), followed by insurance and finance, energy, and agriculture. Besides arts and entertainment, tourism, construction, and mining posted declines in newly-registered capital.
The ministry also reported 20,044 businesses shut down, either permanently or temporarily, in the first quarter, up 23.9 percent.
It said 9,376 companies which were closed previously resumed their business, an increase of 84.1 percent from the same period last year.