Nearly 160,000 new firms established in Vietnam in 2023

Nearly 160,000 new enterprises have been established in Vietnam in 2023, up 7.2% year-on-year, according to the Ministry of Planning and Investment’s Business Registration Management Agency.

The highest-ever figure is 1.2 times higher than the average of the 2017-2022 period, and up 4.6% compared to the estimate for this year.

After a year-on-year decrease of 2% recorded in the first quarter (33,905 new businesses), the numbers of newly-established firms in the following quarters have surpassed the 40,000 mark. In the fourth quarter, nearly 43,000 enterprises were set up, a year-on-year surge of 20.2%.

According to the agency, this year, the government, ministries, sectors and localities have carried out a range of measures to support businesses such as reducing lending interest rates, stabilising the foreign exchange market, speeding up the disbursement of public investment, and implementing credit packages to assist industries.

Other measures included exempting, reducing and extending payment of taxes, fees and land use fees, and extending e-visa validity period for tourists.

In the year, 58,412 businesses have resumed their operations, bringing the total number of firms entering and re-entering the market to 217,706, up 4.5% year-on-year.