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Over 16,100 firms join Ho Chi Minh City market in Q1

Over 16,100 firms join Ho Chi Minh City market in Q1

Wednesday, April 03, 2024, 19:10 GMT+7
Over 16,100 firms join Ho Chi Minh City market in Q1
An employee is at work at a factory in Ho Chi Minh City. Photo: Ngoc Hien / Tuoi Tre

Ho Chi Minh City saw 16,161 firms newly established or resuming operations between January and March, while some 16,180 enterprises left the market during the period, according to the city's Statistics Office.

It meant that in the first quarter of 2024, for every firm entering Ho Chi Minh City, there was one business pulling out of the market.

In the year up to March 20, a total of 11,000 companies were licensed for establishment, with their combined registered capital exceeding VND93.8 trillion (US$3.7 billion), reflecting a 12.4 percent increase in the number of new market entrants and a 5.6 percent rise in capital compared to the previous year.

Among the newly-established businesses, the count of companies registering to operate in the agro-forestry-fishery sector witnessed a decline of 13.8 percent compared to the previous year, accompanied by a significant drop of 39.3 percent in their pledged capital.

The commercial and service industry saw a 13-percent year-on-year increase in the number of newcomers. Their total registered capital grew 17 percent from the figure recorded in the same period last year.

Since the start of the year, the Ho Chi Minh City market has shown some positive signs of recovery due to surging demands for material imports, according to a recent report released by the Ho Chi Minh City Business Association (HUBA).

Several firms have won orders set for delivery until June, or even December, broadening an upbeat economic outlook.

However, HUBA said that certain sectors are still grappling with a shortage of orders, due in part to the loss of traditional markets, subdued consumer spending, and hindrances related to administrative procedures.

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Tieu Bac - Ngoc Hien / Tuoi Tre News

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