An additional 22,972 new enterprises were established in HCM City in the first seven months of the year with a combined registered capital of VND297 trillion (US$13 billion).

Although the number of newly established enterprises only increased 12.2 per cent over the same period last year, the registered capital increased 69.1 per cent, according to the HCM City’s Department of Planning and Investment.

In addition, 33,521 businesses registered to change the nature of their business in the period with a total additional capital of VND160.4 trillion ($7 billion), a rise of 10.6 per cent in the number of businesses and a surge of 40.5 per cent in additional capital compared to the same period last year.

In total, newly registered and supplemented capital of the enterprises in the city in the past seven months reached VND458 trillion ($20 billion), up 57.8 per cent over the same period last year.

Of the number of newly established enterprises, one-member limited companies have the highest proportion (58.4 per cent) with 13,406 enterprises, followed by two-member limited companies (28.4 per cent) with 6,527 enterprises, joint-stock companies (11.8 per cent) with 2,710 enterprises, private enterprises (1.4 per cent) with 326 enterprises and three joint-venture companies (0.01per cent).

By sector, real estate has the most newly established businesses (39 per cent) with total registered capital of VND116 trillion ($5.1 billion).

In addition, the retail, automobile repair and motorbike industries also accounted for a high proportion (17.7 per cent) with total registered capital of VND52 trillion ($2.3 billion).

According to the Department of Planning and Investment, HCM City is continuing to implement many solutions to support and encourage household businesses to convert into enterprises.

To date, 849 household businesses have been transformed into enterprises in the city, mostly in Districts 5, 6, Binh Thanh and Binh Chanh. — VNS