Noticeable increases in the number of enterprises that were newly established or restarted operation were recorded in October in comparison to September, signaling a recovering post-pandemic market.

According to the Agency for Business Registration under the Ministry of Planning and Investment, 12,205 new firms entered the market last month, up 18.4% from September and 0.2% from the same period last year.

Meanwhile, October saw 5,044 companies resume their businesses, mostly in retail sale, automobile repair, construction, processing-manufacturing industry, realty and tourism. The figure is 10.4% higher than that of the previous month.

In the first 10 months of this year, Vietnam had 111,160 new firms, a mere annual decrease of 2.9%.

The period also recorded a 14.4% on-year increase in the average registered capital per enterprise which was VND14.3 billion (US$617,070). This meant the scale of new firms has been expanded.

Also in the period, existing companies added VND3.89 quadrillion to their capital, up 17% from last year, reflecting their confidence in the country’ post-pandemic recovery.

On the other hand, 85,541 firms withdrew from the market in the 10 months, increasing 58.7% year on year. Of them, 41,783 registered for a limited shutdown.

The agency said such figures demonstrated a prolonged and heavy impact of COVID-19 on business and production.