HCMC Chief Orders Probe as Nearly 39,000 Firms Exit Market in Seven Months
Ho Chi Minh City's chairman Nguyen Van Duoc has ordered officials to investigate why more than 38,800 businesses withdrew from the market in the first seven months of the year, a figure significantly higher than the number of newly registered firms, according to Vietnamnet. The scale of the exodus from Vietnam's largest commercial hub has drawn wide public attention, as reported separately by 24h.com.vn, which noted the near 39,000 closures occurring in just seven months. The instruction comes as the city continues to post double-digit growth in several economic indicators, raising questions about whether the business exit wave reflects deeper structural strain beneath the headline growth figures, including administrative burdens, credit access difficulties, or sector-specific pressures following the recent merger of Ho Chi Minh City with neighboring provinces. City authorities have not yet detailed which sectors are most affected or whether the trend is concentrated among small traders, household businesses transitioning to formal enterprises, or established companies. The review is expected to feed into policy responses as Vietnam pursues an ambitious double-digit GDP growth target, a goal that depends heavily on a resilient domestic business base rather than FDI alone.