Cancel
Companies

Vietnam could miss one-million enterprise target in 2020

Bich Phuong Wednesday | 04/29/2020 15:28

Vietnam could miss one-million enterprise target in 2020. Photo: baochinhphu.vn

Number of enterprises in Vietnam could be lower than one million targeted earlier by the government since coronavirus outbreak has caused several to shut down and number of newly-established firms fell sharply.

In April, the country had 7,885 new enterprises, a decrease of nearly 36% in compared to the previous month while 4,121 other enterprises registered for temporary suspension, up 68% from the previous month.

In the first four months, Vietnam had 37.6 thousand newly registered enterprises, a decrease of 13% in the number of enterprises compared to the same period last year, according to General Statistics Office.

Also on in the period, 22,700 enterprises temporarily suspended operations, up 33.6% compared to the same period last year.

The country’s total number of enterprises could be at about 900,000 by the end of 2020, said GSO General Director Nguyen Bich Lam, adding the one-million target would be a challenge.

At the end of 2019, Vietnam had 758,600 companies, an increase of 6.1 percent from 2018. However, over 90% of them are small businesses. The government set a target to have one million enterprises this year.

► Vietnam’s Jan.-April foreign direct investment inflows drop nearly 15%

► Vietnam’s April CPI drops 1.54% to four-year low on low oil prices

► Vietnam’s 4-month trade surplus seen at $3bln despite public health crisis

Same category news

Hot news of the day

Latest news