Vietnam recorded 10,800 newly established enterprises in January 2023, an increase of 0.7% over the previous month and a fall of 16.6% over the same period last year, the Ministry of Planning and Investment reported.

According to the report, there were a total of 15,100 enterprises returning to operation, up 146.8% and down 21.2% on-year, duly bringing the total number of newly-established enterprises and businesses returning to operation in January to 25,900 firms, marking an annual fall of 19.3%.

“Vietnam continues to be an attractive investment destination for many businesses. Despite the impact of COVID-19 pandemic and global crisis, foreign direct investment flows to Vietnam rose to a new record in the past few years. We are happy to support many foreign-owned enterprises from all over the world to identify business opportunities and to expand their business operation in the country,” said Sophie Dao, Partner of GBS – Global Business Services LLC, a business law firm in Vietnam.

GBS is making it easier to start a business in Vietnam by streamlining business registration service, the Associated Press (APNews) reported.

According to Sophie Dao, the service is now available on the website. The service supports foreign businesses to apply for multiple business and tax registrations. Package inclusions: Checking the availability of company name; Investment Registration Certificate (IRC); Enterprise Registration Certificate (ERC); Company’s Seal and Seal Registration Certificate and Company’s Tax Code; Opening Bank Account. It means that foreign businesses no longer need to contact multiple agencies to register.

FDI growth in Vietnam

FDI growth in Vietnam

The data by Ministry of Planning and Investment showed, 34,994 firms register to suspend business activities in January 2023 for a definite time, up 19.6% over the same period from last year.

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Throughout the reviewed period, as many as 6,841 enterprises stopped operating and were waiting for dissolution procedures, a drop of 3.4%, while 2,038 firms completed dissolution procedures, up 0.6% on-year.

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