Vietnamese business closes, smaller firms open up

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Business registration papers being submitted at a government agency. Photo courtesy of Tuoi Tre

Nearly 55,000 businesses have dissolved or suspended operations this year, up 8.4 percent year-on-year, according to the latest figures from the Ministry of Investment and Planning.

A report by the ministry's Business Registration Management Department said more than 5,000 companies stopped or halted operations in November, pushing the 11-month number to 54,932, including 8,857 shutdowns, according to Tuoi Tre.

It said the number means considerable pressure on socio-economic conditions as well as budget income next year.

But the department also said that 12,709 business, or more than a quarter of the suspended companies, have opened back up.

It said that 71,018 new businesses were registered this year, and although their number is 9.5 percent higher than that in the same period last year, their capital dropped 15.4 percent to VND359.47 trillion (US$17 billion).

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