Around 8,590 new enterprises were established in February with total registered capital of VND67.26 trillion ($2.74 billion), figures from the Business Registration Management Agency at the Ministry of Planning and Investment show.

The figures represent a decline of 2.8 per cent and a rise of 2.6 per cent, respectively, compared to the same period last year.

However, the total number of newly-established enterprises in the first two months of the year rose 12.4 per cent year-on-year to over 22,120, with total registered capital of VND218.71 trillion ($8.9 billion).

Existing enterprises resuming operations in February reached 5,340, up 36 per cent year-on-year, bringing the number in the first two months to 18,970, a year-on-year increase of 4.4 per cent.

The first two months also saw over 49,270 businesses registering for a temporary suspension of operations, surging 27.1 per cent year-on-year.

Meanwhile, 10,030 enterprises ceased operations while waiting to complete dissolution procedures, up 6.5 per cent year-on-year, and 3,670 businesses were dissolved, up 14.5 per cent year-on-year.