In February 2024, approximately 8,600 new businesses were established, marking a 36.5 percent decrease compared to the previous month and a 2.8 percent decrease compared to the same period last year. Additionally, more than 5,300 businesses resumed operations in February, down 61.3 percent from the previous month but up 36 percent compared to the same period last year.
There are 5,146 businesses temporarily suspending operations, 2,153 inactive businesses awaiting dissolution procedures, and 1,506 businesses that have completed dissolution procedures.
In the first two months of 2024, the country saw 41,100 newly registered or reactivated businesses, up 8.5 percent year-on-year. On average, over 20,500enterprises were newly established or resumed operations monthly. However, during these two months, 63,000 businesses withdrew from the market, an increase of 22.5 percent year-on-year. On average, nearly 31,500 enterprises withdrew from the market each month.
These figures were officially announced by the General Statistics Office this morning, February 29.
According to Ms. Nguyen Minh Thao, Head of the Business Environment and Competitiveness Research Department under the Central Institute for Economic Management, despite this year's Lunar New Year falling entirely within February, resulting in five fewer working days compared to February 2023, these numbers still indicate ongoing challenges for businesses. Registered capital has also decreased, and labor attraction has yet to return to pre-Covid-19 levels.
According to the General Statistics Office, the Industrial Production Index (IIP) for February 2024 is estimated to decline by 18 percent compared to the previous month and by 6.8 percent compared to the same period last year. However, for the first two months of 2024, the IIP is estimated to increase by 5.7 percent over the same period last year (a contrast to the 2.9 percent decrease recorded in the same period in 2023). The IIP for the first two months of 2024, compared to the same period last year, witnessed an increase in 56 localities and a decrease in seven localities nationwide.
