Workers at a garment factory in Bạc Liêu Province. — VNA/VNS Photo

A record number of nearly 160,000 new firms were established in 2023, up 7.2 per cent year-on-year, the Ministry of Planning and Investment’s Business Registration Management Agency has reported.

The impressive figure was 1.2 times higher than the average of the 2017-22 period, and surged 4.6 per cent compared to the target set for the year, according to the agency.

Although the number of newly registered businesses in the first quarter saw a yearly reduction of 2 per cent to over 33,900, the figure was 1.02-fold higher compared to the average level recorded in the 2017-22 period.

In the following quarters, however, the number of newly-established firms surpassed the 40,000 mark thanks to the State's drastic solutions to remove difficulties for the business community.

Among these measures were reducing lending interest rates, stabilising the foreign exchange market, speeding up the disbursement of public investment, and implementing credit packages to assist industries. Others included exempting, reducing and extending payment of taxes, fees and land use fees, and extending e-visa validity period for tourists.

In the fourth quarter, nearly 43,000 new enterprises were set up, up 20 per cent year-on-year and marking a 1.3-fold rise compared to the average level for 2017-22, the agency said.

It added that the total registered capital of new enterprises improved over the quarters in 2023 from VNĐ310.3 trillion in Q1, VNĐ397.12 trillion in Q2 to VNĐ379.3 trillion in Q3 and VND434.48 trillion in Q4.

In the year, 58,412 businesses have resumed operations, bringing the total number of firms entering and re-entering the market to over 200,000, marking a yearly rise of 4.5 per cent or 1.3 times higher than the number of firms withdrew from the market. — VNS