Over 79,000 companies dissolved in 2011

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VietnamNet English - 70 month(s) ago 22 readings

Over 79,000 companies dissolved in 2011

VietNamNet Bridge – According to the Vietnam Chamber of Commerce and Industry (VCCI), 79,014 companies were dissolved last year; 7,611 of them were established in the same year.

By the end of 2011, there were 622,977 companies in Vietnam but 79,014 were dissolved. Of this number, there were 2,082 private enterprises, 15,748 one-member limited liability companies, 18,826 limited liability companies with at least two members, 41,357 JS companies.

In 2011, Vietnam had 77,548 newly established businesses and 7,611 closed the same year.

According to the World Bank’s Doing Business 2012, Vietnam lost eight grades in 2011 to stand at 98th in the ranking list of 183 economies in the world. Tax revenue saw the strongest fall, 22 grades, to rank 151st.

According to the World Economic Forum’s Global Competitiveness Report 2012, Vietnam ranks 65th out of 142 countries, losing six grades compared to 2010.

Deepak Mishra, the WB’s chief economist in Vietnam, said that the rate of privatization and the role of private firms have been improved in recent years. The non-state economic sector works better than the state-owned sectors but they are still below the common level of businesses in the world.

Mr. Mishra said that Vietnam was among countries with the highest growth rates in the world for 20 years. However, in 2011, the Vietnamese economy’s growth was below the average of the Association of Southeast Asian Nations. In 2010, Vietnam’s growth is below the average of Asia.

However, the Vietnamese economy is expected to be better this year. A survey shows that this year 1 percent of companies may have to close, 15 percent will have to narrow business scale, 32 percent plan to expand operation and 52 percent will maintain their business as 2011.

Nam Nguyen

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