Vietnam to log 230,500 more businesses this year

The Vietnamese market is expected to welcome 230,500 more enterprises, both newly established and those resuming operations, in 2024, according to the General Statistics Office (GSO).

Vietnam to log 230,500 more businesses this year -0
At the Business Registration Management Agency's space serving business establishment procedures. (File photo VNA)

Accordingly, the number of freshly established firms is projected to rise by 2% year-on-year, reaching approximately 162,500. Concurrently, around 68,000 others will be back to operation, marking a 16% increase. The statistical agency’s forecast is based on the registrations of businesses in 2023 and the anticipated global and domestic economic outlook in the coming period.

According to the GSO, the country’s 2024 economic growth continues its positive recovery trend. Supportive policies enacted in 2023 are expected to have a more pronounced impact, with the driving forces of investment, consumption, tourism, and exports envisioned to continue their upward trajectory.

However, challenges persist as major economies and Vietnam’s trade partners and key investors are still experiencing slow and unsustainable recovery, coupled with weak consumer demand, increasing protectionism, and unfavourable global and regional developments. These factors are likely to strongly influence the Southeast Asian economy’s business and industrial activities, export-import operations, and investment attraction.

As a result, the number of businesses exiting the market this year is forecast to be higher than 2023, albeit at a significantly slower pace than during the COVID-19 period. According to the Ministry of Planning and Investment’s Business Registration Management Agency, this figure might reach around 178,000, up 3.5% annually.

To help businesses overcome challenges, GSO General Director Nguyen Thi Huong suggested the government continue to manage monetary and fiscal policies and other policies to ensure macro-economic stability, support economic growth, and stabilise monetary and foreign exchange markets, and the banking system.

Additionally, she urged the Government to vigorously promote growth drivers, improve institutional and legal frameworks, streamline administrative procedures, and facilitate robust digital transformation.

Economy

Measures needed to adapt to US tariffs: Experts
Economy

Measures needed to adapt to US tariffs: Experts

Economists underlined the need for Vietnamese Government and businesses to apply measures to adapt to the new tariff policy of the US to maintain growth during a meeting held by the Ho Chi Minh City Department of Industry and Trade on April 8.

Proposed VAT reduction expected to boost consumption, businesses' growth
Economy

Proposed VAT reduction expected to boost consumption, businesses' growth

The Ministry of Finance (MoF) has proposed a 2% reduction in value-added tax (VAT) from July 1, 2025 to December 31, 2026, expanding eligibility to include fuel, petroleum, and certain technology products and services. Experts have believed the measure will stimulate consumption, support businesses, and drive economic growth.

Aquacultural cooperation exemplifies Vietnam - Cuba relations
Economy

Aquacultural cooperation exemplifies Vietnam - Cuba relations

Floating fish cages on La Juventud reservoir in Palacios town, Pinar del Rio province, stand as a testament to the Vietnam – Cuba friendship as Vietnam's tilapia farming technology has transformed this region into a key aquacultural hub, contributing to the Caribbean nation’s food security.