Nov 29, 2012

Vietnam - Nearly 20,000 businesses in HCM City stop business

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VietNamNet Bridge - Approximately 3,232 companies locked their corporate tax code; 4,984 others were fulfilling the procedures for locking it; and 5,021 firms suspended operation by the end of October.

According to the Department of Planning and Investment of Ho Chi Minh City, from January to October, a total of 19,698 enterprises carried out the procedures to stop doing business at the local taxation department. Specifically, 3,232 enterprises locked their tax code; 4,984 others were fulfilling the procedures for locking it; and 5,021 firms suspended operation.

The department said that it is expected that by the end of 2012, the number of newly established firms in the city will reach about 25,300, with a total registered capital of VND208 trillion ($9.9 billion). Over the same period, the number of enterprises decreases by 1% while the registered capital falls by 11%.

The number of enterprises changing the content of business registration is 35,928 (down 2% over the same period) with a total additional capital of VND276.7 trillion ($13.1 billion) (up 80%).

Earlier, a report on the socio-economic situation in 2013 and the plan for 2013 of the HCM City Department of Planning and Investment said that by November 5, 21,099 enterprises in HCM City were established, with a total registered capital of more than VND173.4 trillion, a reduction of 2% in number and 25% in registered capital compared to the corresponding period of last year.

In addition, approximately 29,940 business changed business registration contents (down 1% from the same period,) with additional capital of more than VND272.7 (an increase of 80%).

By November 5, 2,275 companies completed the dissolution procedures, an increase of 29%;  1,902 businesses suspended business, up 217%.

US$1 = VND21,000

Translated by S. Tung

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