Vietnam rises 9 places in business environment ranking

According to the annual report on the ease of doing business index in 2017 (Doing Business 2017 report) recently published by the World Bank (WB), Vietnamwill rank 82nd out of 190 economies assessed, up 9 places compared to 2016.

Illustration photo.

This year, Vietnam improved in some criteria such as: Access to electricity increased by 5 places to 96th on the ranking. The criterion of protecting small investors increased impressively by 31 places to 87th. The criterion of paying taxes increased by 11 places to 167th. The criterion of international trade also increased by 15 places to 93rd. However, there were decreases in the following items: Establishing a business decreased by 10 places, Construction permits decreased by 3 places; Credit decreased by 3 places; Property registration decreased by 1 place; Strengthening contracts decreased by 1 place...

According to the report, four East Asia Pacific economies made it into the top 10 economies in the Doing Business rankings: New Zealand (ranked 1st), Singapore (ranked 2nd), Hong Kong Special Administrative Region, China (ranked 4th) and South Korea (ranked 5th). Notably, Brunei and Indonesia were among the top 10 fastest-improving countries in the world in this year’s rankings, with Brunei rising 25 places from 97 to 72 and Indonesia rising 15 places from 106 to 91.

According to Doing Business, a total of 45 reforms were implemented in 17 out of 25 economies in the East Asia - Pacific region in the past year, helping to improve the business environment there. Of these, Vietnam is the economy that has implemented 3 reforms.

While the East Asia-Pacific region has seen improvements in the business environment, challenges remain in the areas of: Starting a Business, Trading Across Borders and Enforcing Contracts. For example, it takes 57 hours to complete export procedures, compared to an average of 12 hours in high-income OECD countries.

The ranking of the business environment is based on 10 criteria: Starting a business; Applying for a construction permit; Accessing electricity; Registering property; Borrowing capital; Protecting small investors; Paying taxes; Trading internationally; Enforcing contracts; and Dealing with insolvency.

According to Construction