Number of firms in Viet Nam surges by over 50%

A production line at Hong Linh Vinatex Joint Stock Company Fiber Factory in the central province of Ha Tinh. — VNA/VNS Photo Hoang Nga Nearly 517,900 businesses were operating in Viet Nam in 2017, an increase of 51.6 per cent from the figure recorded in 2012, according to the general economic census announced by the General Statistics Office of Viet Nam (GSO) on September 19. Despite the strong growth in the number of enterprises, there were just over 10,000 large companies, accounting for a mere 1.9 per cent of the total. The rest were small- and medium-sized firms. The southeastern region was home to nearly 216,000 businesses, accounting for 41.7 per cent of all companies operating in the country. The GSO said that the results of business operations and production in 2016 were better than in 2011, with net revenue recorded at VND17,850 trillion (US$793.7 billion), 71 per cent higher than that five years earlier. Net revenue during 2011-2016 surged 11.4 per cent or VND1,400 trillion ($62.2 billion). The non-State business sector had the largest earnings, making up 55.9 per cent of the total net revenue recorded in the business sector. Head of the GSO’s Industry Statistics Department Pham Dinh… Read full this story

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