Vietnam sees 3.4% rise in new businesses during Q4 ’24

Vietnam’s business landscape showed growth in the first four months of 2024, with over 51,600 new enterprises established, or a 3.4 per cent increase from the previous year, despite ongoing market exits, Xinhua reported on Wednesday.

The combined registered capital of these new companies reached nearly 508 trillion Vietnamese dong ($20.04 billion), showcasing investor confidence.

The services sector led the way with a 3.2 per cent increase in new firms, followed by industry and construction (four per cent) and agriculture, forestry, and fishery with (1.2 per cent).

A positive sign was the return of over 29,700 previously closed businesses, reflecting a 2.4 per cent rise compared to the same period last year.

However, the data also reveals ongoing market churn, as approximately 21,600 companies are estimated to have withdrawn from the market each month during this period.