More than 71,000 businesses were established in the first 11 months of this year.— Photo baoquangninh

HA NOI (Biz Hub)— More than 71,000 businesses were established in the first 11 months of this year, a 9.5 per cent increase over the same period last year, according to the Ministry of Planning and Investment.

However, total registered capital of the new companies declined by 15.4 per cent in comparison with the same period last year , reaching only VND360 trillion (US$17.1 billion).

Last month alone, over 6,800 new firms were established with total registered capital of VND37.5 trillion, increasing 14.6 per cent against the previous month.

The ministry also said that around 55,000 businesses shut down or suspended operations in the period, 8.4 per cent over the same period last year

The service sector is currently struggling because of the slow recovery of the world economy, coupled with domestic difficulties such as low purchasing power and decreasing goods prices. Accordingly, the Government has organised several events to promote tourism and approved development plans in various regions. Total retail and service revenue in the period reached VND2.386 trillion ($114 million), a 13 per cent increase over the same period last year.

The inventory index of the manufacturing and processing industry as a whole rose 9.4 per cent from the same period last year, an optimistic sign for the economy. The gradual recovery of businesses, especially foreign direct invested enterprises, boosted the State budget, which totalled an estimated VND657.6 trillion as of November 15 or 80.6 per cent of the annual target. — VNS