Vietnam ranked 69th in WB’s ease of doing business ratings

Thursday, 2018-11-01 16:23:58
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According to the WB's Doing Business 2019 report, Vietnam has facilitated firms in starting business, paying taxes and enforcing contracts.
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NDO – Vietnam is ranked 69th among 190 economies in terms of the ease of doing business (EODB), one place lower than last year’s ranking, according to the latest World Bank annual ratings announced on October 31.

The “Doing Business 2019: Training for Reform” report measures regulations affecting ten areas, including starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

Accordingly, Vietnam’s EODB score this year is 68.36, 1.59 points higher than the score recorded in 2017, with its ten areas ranked between 21st (dealing with construction permits) and 133rd (resolving insolvency).

As evaluated by the WB, Vietnam has shown progress in reforming, contributing to facilitating businesses in starting business, paying taxes and enforcing contracts.

The top 10 economies in the WB's annual EODB ratings (Vietnam at 69th place).

Specifically, Vietnam has made starting a business easier by publishing the notice of incorporation online and by reducing the cost of business registration.

The country has also made paying taxes easier by no longer requiring hard copy submission of the value added tax return and allowing joint payments of the business license tax and value added tax. Vietnam also made paying taxes less costly by reducing the employer’s contribution to the labour fund.

In addition, Vietnam has made enforcing contracts easier by making the judgments rendered at all levels in commercial cases available to the public online.

In the WB’s annual EODB rankings, the top 10 economies are New Zealand, Singapore and Denmark, which retain their first, second and third spots, respectively, for a second consecutive year, followed by Hong Kong (China), the Republic of Korea, Georgia, Norway, the United States, the United Kingdom and Macedonia.