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Newly-established enterprises increase year-on-year
More than 32,300 enterprises with a total registered capital of VND194.9 trillion (US$9.28 billion) were set up in the first five months this year, according to statistics from the Ministry of Planning and Investment.
The number of newly-established enterprises in the first five months inched up by 1 per cent against the same period last year, however, the total registered capital was down by 5 per cent, the ministry said, attributing it to economic difficulties and the escalation of input costs on the back of rising global prices.
In May alone, more than 5,500 enterprises were set up, with a total registered capital of VND40.2 trillion ($1.91 billion).
The ministry estimates that the number of newly-established enterprises would reach 39,000 in the first half of the year, a 4 per cent increase against the same period last year. However, the total registered capital of the new firms would be only roughly VND232 trillion ($11 billion), down 5.4 per cent.
According to a recent survey by the Viet Nam Chamber of Commerce and Industry, up to two thirds of small and medium sized enterprises are either unable to borrow from banks or find it extremely difficult. Lending interest rates of 20-25 per cent per year are generally too high for many businesses.
State Bank of Viet Nam Governor Nguyen Van Giau said that for new firms, it was difficult to obtain credit from banks, but for established enterprises, this was not a problem. Credit provision for established enterprises had increased by 6.2 per cent, he said.
"Up until May 23, the total credit provided to the economy had reached VND135.8 trillion ($6.47 billion) this year, 6.2 per cent more than the same period last year, and 1.2 times higher than the country's GDP growth," said Giau.
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