The number of newly-established firms in the northern province of Vinh Phuc in the first nine months of this year is estimated at 835, an increase of 8 percent from the same period last year.

A production line of Japan-invested Toyota Vietnam in Vinh Phuc

Those new firms have total registered capital of more than 9.6 trillion VND, up 95 percent year-on-year.

During the period from January 1 to August 31 this year, the province issued business registration certificates to 803 firms, both domestic  and foreign-invested ones, up 6 percent on a year basis. Those firms have total registered capital of over 9.25 trillion VND, a surge of 102 percent.

The cumulative total number of firms in the province as of August 31 this year stood at 10,306, with total registered capital of nearly 96.6 trillion VND.

The increase in the number of new firms is partly attributable to the provincial administration’s efforts to reform administrative procedures, train local workforce, promote vocational education and support investment extension activities.