Over 64,100 companies were launched and 16,700 others resumed operations in the period, according to the Business Registration Agency under the Ministry of Planning and Investment.
In July alone, the country has more than 9,600 startups and 1,800 enterprises getting back into business.
The startups in the first seven months have total registered capital of VND497 trillion ($22.2 billion), up 23.3 per cent and 54.7 per cent year-on-year, respectively. In comparison, this time last year the increases were 22.7 per cent and 22.4 per cent.
Additional capital of existing companies was much higher than the combined registered capital of new businesses, topping VND894.9 trillion ($39.9 billion). That means a total of VND1,391.9 trillion ($62.5 billion) in capital has been registered so far this year.
An enterprise registered average capital of VND7.7 billion ($343,443), up 25.4 per cent over the same period of last year.
Most sectors have experienced a business boom. Particularly, the number of new companies in real estate rose 108.7 per cent, followed by the health sector with 80.2 per cent, education and training 42.2 per cent, science and technology, consulting services, design, advertising, and other sectors 37 per cent.
In contrast, there were only 806 startups in the art, entertainment and recreation sector, down 31.2 per cent from the same period last year.
Registered capital in some sectors has also spiked. The real estate sector’s capital soared 301.8 per cent to VND120.3 trillion ($5.4 billion), mining up 264 per cent to VND19.8 trillion ($883.1 million), and information and communications up 207.1 per cent to VND16.5 trillion ($739 million).
However, registered capital in the construction sector dropped 14.5 per cent to VND70.15 trillion ($3.1 billion), and wholesale, retail, and auto and motorbike repair down 9.3 per cent to VND70.3 trillion ($3.1 billion).
The new enterprises are expected to employ around 744,300 people, up 0.13 per cent year-on-year. Of these, the processing-manufacturing sector is expected to hire 346,000 workers, wholesale, retail, auto and motorbike repair nearly 135,8890 workers, and construction more than 68,840.
According to the Business Registration Agency, 6,442 enterprises completed procedures for dissolution and 22,550 others suspended operations or shut down during the period.
