HCM City welcomes more than 29,900 newly established firms

An additional 29,921 new enterprises were established in Ho Chi Minh City this year by September, with total capital exceeding VND396 trillion (US$17.4 billion).

hcm city welcomes more than 29,900 newly established firms hinh 0
Although the number of new firms rose only 13%, registered capital surged 84.5% year on year.

Some 44,087 enterprises registered to change their fields of business in the period with total additional capital of more than VND218 trillion (US$9.6 billion), up 11.2% in number of businesses and 49.6% in capital from last year.

Of the new firms, one-member limited companies made up the highest proportion (58.6%) with 17,546 enterprises, followed by two-member limited companies (28%) with 8,387 enterprises, joint-stock companies (11.9%) with 3,581 enterprises, and private firms (1.4%) with 404 enterprises.

In terms of sectors, real estate had the largest pool of newly established companies (39.5%) with total registered capital of nearly VND156.7 trillion (US$6.9 billion). The retail, automobile repair and motorbike industries also occupied a high proportion (16.2%) with total capital of more than VND64.3 trillion (US$2.8 billion).

In order to have 500,000 enterprises by 2020, the city is working to transform household businesses into enterprises. To date, nearly 1,400 home businesses have switched into companies.