The number of newly-established enterprises in January fell 16.6 per cent compared to January last year, to 10,800, according to the Business Registration Management Agency at the Ministry of Planning and Investment.

Total capital was VND99.1 trillion ($4.22 billion), down 48.5 per cent year-on-year.

The decline was attributed to the long new year and lunar new year (Tet) holidays resulting in less working time.

Some 4,500 businesses increased their capital, by VND279 trillion ($11.8 billion), while 15,100 enterprises resumed operations, up 146.8 per cent compared to December but down 21.2 per cent year-on-year.

Enterprises withdrawing from the market numbered 43,900, a year-on-year increase of 14.4 per cent.