Target of one million firms a tall order amid COVID-19 Businesses have to review their targets, strategies and activities to affirm their position and establish new supply chains. — Photo cafef.vn Figures from the General Statistics Office showed that nearly 37,600 new firms were established in Viet Nam, with registered capital of a combined VND445.2 trillion (US$19.1 billion) in the first four months of this year, down 13.2 per cent in number. In April, the country had more than 4,000 companies stopping operations, increasing 68 per cent from the previous month. The number of dissolved enterprises totalled over 3,000. The number of dissolved firms or those halting operations was up to 42,000. The reason was due to the COVID-19 pandemic, causing a downturn for both the global economy and Viet Nam. This has made firms face difficulties and had to go bankrupt. General Director Nguyen Bich Lam said the target of having one million new businesses in 2020 was extremely hard and even impossible. Lam said though the number of companies resuming operations increased by 2.1 per cent in the period, the number was much lower than that of the same period last year. If the country could maintain last… Read full this story
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