Despite a host of difficulties such as rising inflation pushing up raw material prices and consumer demand in certain export markets declining, the number of newly-registered enterprises and those returning to operations increased in the first nine months of this year and enterprises are confident about the ongoing recovery in production and business.

Figures from the Vietnam National Administration of Tourism show that domestic tourists reached an estimated 7 million in September, of which about 4.6 million stayed at least one night. The number in the first nine months totaled some 86.8 million, compared to 85 million in pre-pandemic 2019.

Enterprises in many industries are experiencing an impressive recovery. Manufacturing and processing, construction, trade, and services all posted notable growth in the first nine months. Industrial production has gradually recovered and almost regained the growth momentum from the years prior to the pandemic, with the Index of Industrial Production increasing 9.6 per cent in the period.

The commercial sector also saw major growth, of which the service industry accounted for a large proportion, which was down significantly in the same period last year because of Covid-19.

According to the Business Registration Administration at the Ministry of Planning and Investment, the number of newly-registered enterprises stood at 112,791 in the first nine months, the highest-ever in the period, up 31.9 per cent year-on-year, and exceeding the 112,698 enterprises withdrawing from the market.

Enterprises believe that production and business in the fourth quarter will be more stable and better.

Some 48.7 per cent are positive about the fourth quarter, with 33.9 per cent thinking the production situation will be positive and business output will be stable, while only 17.4 per cent see more difficulties on the horizon.

Mr. Le Trung Hieu, Deputy General Director of the General Statistics Office, said the reason why enterprises believe business will be better in the fourth quarter is that the economic recovery is becoming clearer, with more activity in construction, processing and manufacturing, and services.

“With the impressive growth in most service industries, the overall growth of the service sector in the first nine months reached 10.6 per cent - the highest rate in recent years”, he said.