In Ho Chi Minh City 392 businesses completed procedures for dissolution as of February 2, 22 percent up from the same period last year, news website Dan Tri reported Monday.
The number of businesses that have suspended operations during the period surged by 34 percent to 676.
On the other hand 2,684 new businesses were established, an increase of 10 percent, but their total registered capital was down 23 percent to VND11.36 trillion (US$539.1 million).
They have created 20,800 jobs and helped provide another 45,600 jobs, down 5.1 percent.
Le Hoang Quan, chairman of the city People's Committee, has ordered related agencies to come up with incentives to help businesses overcome difficulties caused by the economic downturn, including bad debts, and bloated inventories.
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