Thousands of businesses winding up

A survey by the HCM City Business Association showed 83, out of 100 businesses, are currently struggling to stay afloat. — Reuters

HANOI: Nearly 43,000 businesses temporarily shut during the first quarter of 2023 – an increase of 20.1% compared with the same period last year, and 12,800 closed down permanently, according to a report by the General Statistics office.

Pham Dinh Doan, chairman of Phu Thai Group, said businesses would likely face greater challenges in the near future as the market had been experiencing lower demand for consumption on top of rising input costs and difficulty in securing capital. A survey by the HCM City Business Association showed 83, out of 100 businesses, are currently struggling to stay afloat.