Hanoi granted business registration licenses to more than 2,280 newly-established enterprises with a total registered capital of VND33.7 trillion ($1.29 billion) in May, marking an impressive year-on-year increase of 53.3% in capital, according to a report from the Vietnam News Agency.

During the same period, 700 enterprises resumed operations, up 13.6%, while 1,489 suspended operations and 399 were dissolved.

Cumulatively, the capital city recorded 11,600 newly-established businesses in the first five months with a total registered capital of VND106.7 trillion ($4.08 billion), down 7.2% in number and 9.7% in capital year-on-year.

Apart from promoting business development, Hanoi has implemented a range of credit policies to support production and business activities.