Nearly 34,000 new businesses were established in the first quarter of 2023 with total registered capital of over VND310.3 trillion ($13 billion), the General Statistics Office (GSO) has reported.

The figures represent falls of 2 per cent in number and 34.1 per cent in capital.

Over 23,000 existing enterprises resumed operations in the period, a year-on-year decline of 10 per cent.

Meanwhile, the number of businesses withdrawing from the market rose 17.4 per cent year-on-year to 60,241.

Of these, 42,858 registered for a temporary suspension of operations, up 20.1 per cent year-on-year, 12,766 ceased operations while waiting to complete dissolution procedures, up 5.8 per cent, and 4,617 were dissolved, up 6.5 per cent.