First quarter sees 16 percent rise in business closures

vietnam-retail-cashier.png

Around 23,800 are temporarily closed, up 28.2 percent, and more than 5,000 have permanently ceased to do business, a 26.4 percent increase, while 11,300 others are completing dissolution procedures.

The majority are small, newly-established companies that were vulnerable to the impacts of the Covid-19 pandemic.

Some 29,300 enterprises were established during the quarter, down 1.4 percent, and 14,700 others resumed operations after temporarily closing.

A survey of the manufacturing sector by the GSO found 68.6 percent of firms saying their business situation is better than in the previous quarter, and 85 percent believing it would improve next quarter.

The majority said strong competition was the main factor affecting their business. Other factors included low demand, resource crunch, raw material shortage, and lack of human resources.

Only 27.8 percent of firms reported an increase in the number of domestic orders from the previous quarter, and 25 percent said there was an increase in exports.


About Retail News Asia

Retail News Asia is committed to providing local and global retailers with the latest news from the Asian retail market on a daily basis.

We have resources for everyone from independently owned business owners to online-only retailers and major chains expanding their reach throughout the Asian market. Retail News is “the news source” with over 50 weekly posts and 13,6 million readers.


CONTACT US

CALL US ANYTIME

Most read



Retail updates

Stay up to date of the lates updates and retail news from Asia.








X