(VOVWORLD) - Many new businesses were established last month, with the COVID-19 pandemic contained and the national economy showing positive signs. Registered capital has increased sharply, too, showing growing confidence in the recovery and stability of the national economy.
The Ministry of Planning and Investment says more than 12,000 new businesses opened in October, 18.4% more than in September. In the last 10 months, more than 111,000 businesses with registered capital of nearly 600,000 USD each were set up in Vietnam, 14.4% more than last year. Most new businesses are engaged in electricity, water and gas production and distribution, agriculture, forestry, or fisheries.
In October, more than 5,000 businesses resumed production after temporary shut downs due to COVID-19. Most of these businesses are involved in retail sale, automobile repair, construction, manufacturing, hotels, restaurants, tourism, or real estate. Tourism, a sector that influence other sectors, has steadily recovered.
Bui Anh Tuan, Director of the Business Registration Management Department of the Ministry of Planning and Investment said: “ A growing number of new businesses is reported in many sectors, particularly in sectors hard hit by the epidemic like tourism, services, and transportation. Instead of waiting for foreign tourists, Vietnamese tourism businesses have focused on domestic tourism. State support has been a source of encouragement for businesses."
The COVID-19 pandemic has interrupted businesses around the world, especially small businesses. The Vietnamese government, ministries, sectors, and localities have implemented and will continue incentives to help small businesses recover and grow.