The number of newly-established enterprises in the first five months of the year was 62,961, up 12.9% over the same period in 2021, according to the General Statistics Office (GSO).

Vietnam plans to strongly improve its business environment and rapidly increase the number of newly-established firms, according to a draft resolution on tasks and solutions to improve the business environment and national competitiveness in 2022.

Large retail firms are to gain even more market share this year as smaller competitors have been forced to exit the game after prolonged lockdowns and mobility restrictions during recent years, said industry experts.

As many as 59,800 businesses temporarily suspended or stopped their operations to await dissolution procedures and completed dissolution procedures in the first five months of 2021, up 23% year-on-year.

The number of new enterprises established in the first four months of 2021 rose 17.5% from a year earlier, the fastest growth since 2017, and it increased in all economic sectors, according to the General Statistics Office (GSO).