Vietnam had 683,600 active enterprises in 2020: survey

Wednesday, 2022-01-12 11:05:52
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Manufacturing steel at Cuong Phat Steel Company (Photo: Phuong Dung)
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NDO - There were 683,600 active enterprises in Vietnam as of December 31, 2020, up 2.3% from 2019, according to a survey conducted by the General Statistics Office.

This was the slowest growth rate during the 2016-2020 period due to the severe impacts of the COVID-19 pandemic.

Specifically, the domestic private sector accounted for 96.5% of total enterprises while foreign-invested enterprises made up 3.2% of total enterprises.

Compared to 2016, their absolute numbers rose by 35% and 58.6%, respectively.

The number of state-owned enterprises dropped by 25.1% to nearly 2,000 during the 2016-2020 period, accounting for 0.3% of the total, as a result of equitisation and re-organisation.

The survey showed a marked shift in Vietnam’s economic structure from agriculture to industry and services.

The services sector recorded the largest number of enterprises with 68.2%, followed by industry and construction with 30.9% and agriculture with 0.9%.

An additional 2.3 million people joined the workforce at enterprises during the 2016-2020 period, raising the total number to 15.2 million, primarily in industry and construction.

Geographically, workers were mainly concentrated in the southeastern region and the Red River Delta.

At the end of 2020, Vietnam had nearly 5.2 household businesses, up 5.7% compared to 2016, while the number of cooperatives was estimated at 15,300, up 17.5% from 2016.