Hanoi (VNA)🅰 – Vietnam had more than 12,000 newly-establishedenterprises with a total registered capital of 103.7 trillion VND (4.44 billionUSD) in May, according to the General Statistics Office (GSO).

These figures were sharply down by 24.2% and 32.9% inthe number of newly registered enterprises and the registered capitalrespectively from the previous month, reflecting a downward trend in the business climateamong individuals and enterprises as difficulties and risks facing theeconomy may last long. Besides, 33,000 enterprises returned to operation,down 7.4% over the same period last year, bringing the total number of newlyestablished enterprises and those returning to operation in the five months periodto nearly 95,000, a fall of 3.7% compared the same period last year. On average,nearly 19,000 businesses were newly established and returned to operation everymonth. In the first five months of thisyear, there were 623 newly established enterprises in the agriculture, forestryand fishery sectors, down 31.8% compared to the same period last year; 14,800enterprises in industry and construction, down 8.2%; and 46,500 enterprises in theservice sector, up 1.4%. In general, in the period under review, therewere 55,200 enterprises temporarily suspending business, up 20.3% over the sameperiod last year; 25,500 halted operating and waited for dissolutionprocedures, up 34.1%; and 7,300 enterprises completed dissolution procedures, up6.5%. On average, 17,600 businesses withdrew from the market every month. Recently, the government issued a resolution dated April 21, 2023, on a number of key policies and solutions to supportbusinesses to proactively adapt, recover quickly and develop sustainably untilthe end of 2025. Besides, the central bank's reduction in interestrates is also a positive move to support businesses and stimulate credit demandto help the economy grow in the coming time along with the Government's fiscalpolicies. Many manufacturingenterprises also suggested that, in order to reduce costs for businesses, the government should continue to strengthen simplification and transparency ofcustoms procedures to reduce costs and increase predictability for businesses./.