The figures represent decreases of 24% in number and 21.5% in capital as compared with the previous month.
The average capital of an enterprise reached VND9.5 billion, a month-on-month surge of 3.3%.
These firms signed up to recruit 80,500 workers, down 24.5% against the month before.
In May, 2,306 businesses resumed operations, down 29.7%, and 6,855 enterprises temporarily stopped operations, up 11.7%. Meanwhile, 834 others complete dissolution procedures, down 39.5% month-on-month.
The number of newly-established enterprises in the first five months rose by 3.5 percent year-on-year to 52,322 units, with total registered capital of VND516.9 trillion (US$22.77 billion).
The capital increased by 6.4% compared to the same period last year due to improving business conditions and registration procedure, the department said.
The average capital for an enterprise was VND9.9 billion (US$435,600), a year-on-year rise of 2.8%.
New enterprises have focused on sectors such as wholesale and retail, repair of cars and motorcycles, processing and manufacturing as well as construction.
Twelve sectors saw an increase in newly established enterprises in the first five months. The real estate trading sector had the highest growth in the number of new enterprises at 41.1 percent. The sector also saw the highest development in registered capital of new firms, accounting for some 29% of the total registered capital.
Sectors such as electricity production and distribution, real estate trading, finance-banking and mining led in terms of average registered capital per enterprise.
Meanwhile, in the first five months of this year, 13,267 enterprises resumed operations, a year-on-year reduction of 1.4%, while 15,974 enterprises temporarily stopped their operations, a year-on-year increase of 24%.