A total of 48,300 enterprises with a total registered capital of 557.9 trillion Vietnamese dong (nearly 24.3 billion U.S. dollars) were set up in Vietnam in the first five months of this year, down 10.5 percent in quantity and 16.7 percent in capital from the same period last year.

Between January and May, there were 794 new firms in agriculture, forestry and fishery sector, up 5.6 percent over the same period last year, 13,800 firms in industry and construction sector, down 6 percent, and nearly 33,700 in the service sector, down 12.6 percent, according to the country's General Statistics Office on Tuesday.

The rise in firm formation is seen only in essential sectors that are less impacted by the COVID-19 pandemic, the office noted.

Between January and May, 21,700 firms, which had temporarily ceased operations due to different difficulties, resumed activities, posting a year-on-year increase of 10.5 percent. Meanwhile, another 26,000 enterprises have their operation temporarily ceased, up 36.4 percent, and nearly 6,100 enterprises were dissolved, down 4.8 percent.

Last year, Vietnam saw 138,100 enterprises established with total registered capital of over 1,730 trillion Vietnamese dong (75.2 billion U.S. dollars), up 5.2 percent in quantity and 17.1 percent in capital against 2018.