The ranking is based on ten sets of data which measure reforms that make it easier for doing business in an economy.
Compared with last year, Vietnam has improved in five areas including starting a business, getting credit, paying taxes, resolving insolvency and getting electricity.
According to the World Bank’s Doing Business 2016 report, Vietnam made starting a business easier by reducing the time required to get the company seal engraved and registered.
The government also made paying taxes less costly and easier for companies by reducing the corporate income tax rate and streamlining procedures for filing value-added tax and social security contributions.
In addition, resolving insolvency became less painful with the government’s actions to clarify and simplify the process.
In other reforms, access to credit was improved thanks to the guarantee of borrowers’ right to inspect their credit data and wider borrower coverage of the new credit bureau.
Access to electricity also improved as the utilities providers in Vietnam were quicker in approving connection applications and designs for connection works, said the World Bank.
However, Vietnam’s indicators on trading across borders and protecting minority investors dropped one notch from the previous year, while the country’s ranks in other areas remained unchanged.
