Vietnam Leaps 9 Notches in Business Environment Ranking: WB

Vietnam has climbed nine steps in the World Bank’s annual ease of doing business report.


                                A flower street vendor in Hanoi. Photo: Datviet.vn

Vietnam has achieved the 82th position in the World Bank’s Doing Business 2017 ranking, marking a seven-step improvement from last year, as the government strives to make the country’s investment climate more attractive.

In comparison with other regional countries, Vietnam comes after Malaysia (23), Thailand (46) and China (78), but before Indonesia (91), the Philippines (99) and Laos (139).

According to the annual report, Vietnam made advances in five indicators, which are Getting electricity, Protecting minority investors, Paying taxes, Trading across borders and Resolving Insolvency.

However, World Bank researchers recorded deterioration in the remaining five fields namely Starting a business, Dealing with construction permits, Registering property, Getting credit, and Enforcing contracts.

                                                            Source: World Bank

Vietnam is among countries in the East Asia and Pacific region that made at least three reforms last year.

The Vietnamese government made paying taxes easier and less costly by streamlining the administrative process of complying with tax obligations and abolishing environmental protection fees.

In addition, the government made trading across borders easier by implementing an electronic customs clearance system. Progress was recorded when it comes to Protecting minority investors.

However, the report showed that Vietnam made starting a business more difficult by requiring entrepreneurs to receive approval of the seal sample before using it.

Tuan Minh / BizLIVE