According to the Ministry of Planning and Investment, there has been a rise of 29.4 per cent in the number of enterprises and 29.3 per cent in registered capital compared to the same period last year.

In February, the country had 7,864 newly-established firms, with a total registered capital of VND99 trillion, posting 44 per cent and 59 per cent year-on-year increases in terms of the number of companies and registered capital, respectively.

The average registered capital of each firm was VND12.6 billion last month, increasing 10.5 per cent from the same period last year.

The number of labourers in newly-established enterprises in February was 71,120, posting a 13.8 per cent year-on-year increase.

However, the number of new firms in February was reduced by 27.4 per cent compared to January due to the eight-day Tet (Vietnamese Lunar New Year) holiday.

More than 2,300 companies resumed their operations in February. While some 2,677 companies halted their operations or were awaiting dissolvement, 975 others completed the dissolvement procedures.

The average registered capital of each firm was VND10.5 billion in the two-month period, reducing 0.1 per cent from the corresponding period last year.

The number of labourers in new enterprises in the first two months of the year was 156,410, down 6.1 per cent from the same period last year.

More than 6,800 enterprises resumed their operations in the two-month period, representing a 13.8 per cent year-on-year decrease.

The number of businesses that halted their operations in the first two months of the year rose by 29 per cent to 11,191.

The new firms mostly focused on sectors such as wholesale, retail, repairing, automobile, construction, manufacturing, processing and consultancy.