HCM City welcomes more than 29,900 newly established firms

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.