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Ho Chi Minh City
Wednesday, October 20, 2021

Some 19,000 enterprises suspend operations in HCMC in H1

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HCMC – As many as 18,743 companies in HCMC suspended their operations in the first half of this year due to the impact of the Covid-19 pandemic.

Of which 3,400 were dissolved, some 7,100 faced a temporary suspension and almost 4,000 others had to give up their business addresses, according to data from the HCMC Tax Department.

The majority of these companies are located in districts 1 and Tan Binh and up to 98.15% of them are in the private sector. Among them, the firms that have been operating for three to nine years accounted for more than half.

Retailers were the hardest hit among the affected businesses, making up over 38% of the total, followed by firms operating in the fields of processing, manufacturing, construction and real estate.

However, the number of newly-established firms during the period was equal to those forced to halt their operations. Eight new firms registered large amounts of capital, more than 2,800 companies resumed operations and 166 others moved to the city from various provinces and cities.

Most of the newly-founded firms operate in the trading and retailing industries, while the others are real estate developers and technology firms, chiefly located in districts 1 and 7.

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