Nearly 160,000 enterprises were established in 2023, a year-on-year rise of 7.2 per cent and a record high figure, according to the Ministry of Planning and Investment’s Business Registration Management Department.

Total registered capital was estimated at over VND1.5 quadrillion ($62.5 billion).

The Department said this was record in newly-registered enterprises and nearly double the average in the 2017-2022 period. It was also 4.6 per cent higher than the annual target.

From the second quarter onwards, the government and the Prime Minister offered directions and issued many policies and measures to tackle obstacles facing the business community and boost production and trade, leading to an impressive recovery in the number of new enterprises, according to the Department.

As a result, an average of over 40,000 enterprises were set up in each quarter, it said.

Existing enterprises resuming operations after temporary closure totaled 58,412 in the year.