Approximately 35,000 enterprises based in Vietnam have made the step of withdrawing from the market in the first quarter of the year, a 2% increase on-year, according to the latest report released by the Ministry of Planning and Investment.

Some of the worst-hit sectors include real estate, arts, entertainment,tourism, accommodation services, transport, and warehouse storage, with a number of firms from these sectors encountering difficulties and suspending their operations.

Furthermore, the number of newly-established businesses throughout the reviewed period also endured a downturn. 

Overall, the country saw 29,700 new firms established during the first quarter of the year with a total registered capital of over VND 350,000 billion, representing a rise in the number of enterprises but a fall in registered capital compared to last year's same period.