Today: 30/01/2023 03:07:38 (GMT+7)

Business community is the fulcrum of Vietnam’s economic recovery

For the first time in history, Vietnam has recorded more than 100,000 newly established enterprises and returning businesses in the first six months of the year.

Detailed data shows new enterprises stood at 76,233, up 13.6%, while the number of companies resuming operation rose 55.6% to 40,667. Although the number of companies suspending or ending their operations is still rising, the net number of enterprises entering the market is still reaching 5,600 on average each month, which is also the highest rate in history.

Business community, fulcrum, Vietnam’s economic recovery, newly established enterprises,  new enterprises, double-digit figure

An agricultural firm in Lam Dong Province.

It is worth mentioning that the reopening of tourism has helped the number of new enterprises in the sector increase by a double-digit figure, creating many new jobs after a long period of job cuts.

Such impressive figures reflect the restored confidence of the business community after two years of being severely hit by Covid-19, but major difficulties remain, namely rising fuel costs and a limited supply of input materials, which are causing disruptions to production.

The circulation of goods in some markets has yet to return to normal, resulting in shortages of food, medicine, fertilisers, medical equipment and so on in the global supply chain, which in turn raises the manufacturing costs in many sectors.

Many sectors are still struggling to attract investment while the progress of some public-funded projects remains slow. Worker training and recruitment are also facing difficulties, especially the shortage of highly skilled workers.

While the Government’s economic recovery and development programme has produced a positive effect, the loan package for enterprises, household businesses and cooperatives is being implemented at a slow pace.

That the Vietnamese economy rose by a higher-than-expected rate of 7.7% in the second quarter and 6.42% in the first six months of 2022 was partly thanks to the contribution of the business community. When enterprises recover their business, it means higher government revenue, more jobs and improved incomes.

Vietnamese enterprises were resilient during the pandemic and are now regaining energy for growth again. At this pivotal moment, timely measures to remove difficulties in their operations and enhance their access to capital and market will accelerate their recovery. It is also the fulcrum for the Vietnamese economy to recover.

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Source: NDO

Business community, fulcrum, Vietnam’s economic recovery, newly established enterprises, new enterprises, double-digit figure
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