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MOF says more businesses die young
Sixty five percent of the 10,350 businesses which got dissolved and bankrupted in the first quarter of the year were fledgling businesses which were established just one or two years ago.
Businesses die young
The latest report just released by the Ministry of Finance showed that the economic difficulties have pushed a lot of businesses against the wall. While the number of newly set up businesses has been decreasing, the number of businesses, which have got dissolved, bankrupted or halted operation, has been increasing.
More than 18,700 businesses were set up in the first quarter of the year, a decrease of 10.2 percent in comparison with the same period of the last year. Meanwhile, the number of businesses reporting the halt of operation for definite time was approximate to the number of newly set up businesses.
Especially, the number of dissolved and bankrupted businesses was very high in the first quarter, reaching 10,350, up by 14.8 percent over the same period of the last year. Of this, 65 percent of businesses had been operating for just one or two years until the time of dissolution.
Statistics showed that 23.1 percent of the bankrupted businesses were the ones established one year ago, and 41.9 percent were set up two years ago. This shows that young businesses find it hard to survive the current difficulties.
Also according to the ministry, most of the businesses, which have halted operation for definite time and stopped production, are the ones in the fields of real estate and construction. Meanwhile, mining industries, real estate, finance, banking, insurance and construction were the business fields which saw the sharpest decrease in the number of newly set up businesses.
The noteworthy thing, according to the Ministry of Finance, is that most of economic sectors saw the turnover decreasing sharply in comparison with the same period of the previous year (15/21 main business fields). Construction, for example, had the turnover down by 26 percent, trade (retail, wholesale) down by 22 percent, production 9 percent, meal and restaurant services by 8 percent.
The total sales turnover of goods and services in the first quarter of 2012 dropped by 7 percent if compared with the same period of 2011, of which state owned enterprises saw the sharpest decrease of 14 percent. Meanwhile, foreign invested enterprises had the turnover increasing by 24 percent.
Since businesses have been unprofitable, the Ministry of Finance has reported the falls in domestic tax and export tax collection. It said that the tax collection from domestic sources was low at 140,813 billion dong, just equal to 96 percent of the same period of 2011, adding that this was for the first time it saw the decrease in the receipts from domestic sources.
The VAT collected in the first quarter of the year was 33,096 billion dong, which, though representing a 6 percent increase in comparison with the same period of 2011, was the lowest increase in comparison with the first quarters of recent years (26.2 percent in 2011, 35.6 percent in 2010).
Unpaid tax on the rise
By the end of 2011, the tax debts to be collected had accounted for 6.95 percent of the tax sum paid to the state budget. The tax debt had increased by 28.5 percent by the end of February in comparison with December 31, 2011.
Some production and business fields had the VAT tax debts increasing sharply in comparison with the same period of 2011, including real estate, transport, electricity and gas production and distribution, agro-forestry, seafood, mining, hotel services.
vietnamnet
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