79,000 Businesses Victims of Vietnam’s Economy

Vietnam’s Chamber of Commerce says ten times as many companies went out of business during 2011 (79,014) as were established (7,611), a stark indicator of the turbulent times from which the country’s economy is now starting to recover.

Vietnam ended last year with 622,977 companies still standing.  The majority of those that dissolved were joint stock companies and most of the remainder were sole proprietorships and other limited liability companies.

Meanwhile, the World Bank says Vietnam dropped several positions to 98th among the world’s 183 economies in the world, while the World Economic Forum ranks Vietnam 65th in competitiveness out of 142 countries, a decline of six positions.

But things appear to getting better as Vietnam has started to tame one of the world’s highest inflation rates — and improve the availability of credit for business growth.

More on creative destruction in Vietnam’s economy 


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