Vietnam sees more business shutdowns

Thanh Nien News

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The number of temporary and permanent business shutdowns reached 21,500 over the first four months of this year, posting a 9.4 percent increase year on year, according to a government report.
The report by the Business Registration Department at the Ministry of Investment and Planning said the number is up 9.4 percent year-on-year, according to a Thoi bao Kinh te Saigon Online report.
That includes 4,725 businesses who had informed the authorities of temporary shutdown, nearly 13,500 business that stopped operation without official notice, and nearly 3,300 that shut down permanently.
Most of those businesses operated in Ho Chi Minh City, Hanoi, Hai Phong and Da Nang.
The number of shutdowns in healthcare, social support, education and training, and communication sectors increased by by 32-47 percent year on year; but that of finance, banking and insurance sectors reduced by 3.3 percent
Over the same period, 5,863 companies that had closed down temporarily resumed operation, mostly in the retailing sector.
The report also pointed out an increase in the number of new businesses registered nationwide compared to the same period last year, except in the Mekong Delta area where new business registrations dropped 9.6 percent.
The economy will grow 5.8 percent this year, compared with 5.4 percent last year, according to government estimates. Vietnam aims to keep inflation at about 6 percent in 2014.

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