Illustrative photo (Source: VNA)

Also in July, 14,700 enterprises were established in July with a total registered capital of 110 trillion VND (4.36 billion USD), a drop of 6.3% in the number of enterprises and a decline of 22.8% in registered capital against the previous month.

In the first seven months of this year, nearly 44,300 enterprises re-enter the market, up 4.7% over the same period last year.

More than 95,200 enterprises were established in the January-July period with a total registered capital of 854.6 trillion VND, up 6.3% and 2.4% in the number of enterprises and registered capital, respectively.

According to the ABR, nine out of 17 industries saw increases in the numbers of newly established enterprises compared to the same period in 2023.

Specifically, the number of newly-established enterprises in transport and warehousing ranked first with a rise of 20.8%, followed by wholesale, retail, car and motorbike repair with 14%, and electricity, water, gas production and distribution industries with 12%.

Meanwhile in July, 6,837 enterprises temporarily suspended operation, up 26.2% over the same period last year but down 0.7% from the same period last year. A total of 7,035 enterprises stopped operating to wait for dissolution procedures, up 30.2% from the previous month and up 33.8% over the same period last year; and 1,730 businesses completed dissolution procedures, down 22.4% from June but up 9.4% from the same period last year.

In the January-July period, the number of enterprises temporarily suspending business was more than 78,000, up 16.7% compared to the same period last year.

More than 35,500 enterprises stopped operating to wait for dissolution procedures, down 1.5% over the same period last year; and 11,900 enterprises completed dissolution procedures, an increase of 14.5% over the same period last year.