A total of 98,825 enterprises were established or resumed operations in the first five months of 2024, a year-on-year increase of 4.1%, figures from the Business Registration Management Agency at the Ministry of Planning and Investment (MPI) show.

The figure represents a 1.2-fold rise compared to the average in the same period from 2019-2023 (83,109).

Of the total, 64,758 were newly-established enterprises, with total registered capital of VND601.2 trillion ($23.6 billion), up 4.5% and 5.7% year-on-year, respectively.

Ten out of 17 industries saw increased numbers of newly established enterprises, compared to the same period in 2023. The transport and warehousing took the lead with a rise of 20.8%, while wholesale, retail, car and motorbike repair increased by 11.2%. The number of new enterprises in the electricity, water, gas production and distribution industries increased by 9.4%.

Meanwhile, the number of new enterprises in accommodation and food services reduced the most, by 15.1%, and health care and social assistance activities down 16.2%.

Among the newly-established businesses, 59,729 or 92.2% of the total,  are small-scale, with registered capital from each of less than VND10 billion ($392,000).