More than 14,000 businesses were established during August, a 14.05 per cent increase against July and up 17.9 per cent year-on-year, according to the Ministry of Planning and Investment’s Agency for Business Registration.

The number of businesses recovering operations in August was down 10.9 per cent month-on-month and 3.1 per cent year-on-year.

Of note, there were a total of 103,658 newly-established enterprises in the January-August period, a record level for the period, rising 2.3 per cent against the same period of 2022 and 1.2-fold higher than the average of 89,899 new enterprises in the period from 2018 to 2022.

Overall, the number of businesses entering and re-entering the market totaled 149,400 in the first eight months, a slight decline of 0.03 per cent year-on-year. Compared to the 2018-2022 period, however, the figure rose 1.2-fold, when 121,828 enterprises were established on average in the five-year period.

Sectors witnessing a rise in newly-established enterprises included education and training, healthcare and community services, employment services, tourism, rental of machinery, equipment, utensils and other supporting services, wholesale and retail sales of vehicles and vehicle repair, accommodation and catering services, and information and communications.