Some 80,000 businesses in Vietnam withdraw from market

SGGP
Some 80,000 businesses in Vietnam has withdrawn from the market since the beginning of the year, highlighting the negative impacts of the Covid-19 pandemic on the corporate sector, said the General Statistics Office of Vietnam yesterday.
Some 80,000 businesses in Vietnam withdraw from market ảnh 1 Illustrative photo
The sectors with the largest number of businesses quitting the market included automobile and motorbike retail and repair with 4,220 businesses, the manufacturing and processing industry with 1,325 businesses, and the construction with 1,006 businesses. The remaining businesses having pulled out of the market are in the field of science, technology, consulting services, design and marketing, accommodation and eateries, employee services, tourism, and property businesses.
Besides, the market also recorded a decrease in both foreign investment into Vietnam and Vietnamese enterprises entering foreign markets. Specifically, by the end of July, the total foreign investment capital registered in Vietnam including newly registered capital, adjusted registered capital, and value of capital contribution and share purchase by foreign investors reached US$16. 72 billion, down 11.1 percent against the same period last year.
However, in terms of foreign direct investment capital into Vietnam alone, the growth rate was positive, reaching US$10.5 billion, up 3.8 percent against the same period last year. Regarding Vietnam's investment abroad in the first seven months of this year, there were 28 projects newly granted investment certificates with the total capital of the Vietnamese side was$145.3 million, down 29. 6 percent compared to the same period last year.

By Minh Xuan - Translated by Anh Quan

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