VN ranked 69th in Doing Business 2019
14:38 | 01/11/2018

VGP – Viet Nam scored 68.36 points and ranked 69th out of 190 economies in doing business, according to the World Bank.

 

The international lender on October 31 published Doing Business 2019: Training for Reform report.

Even though Viet Nam scored 68.36 points, higher than the performance last year (with 66.77 points), the country slipped one notch from 68th to 69th place. As a result, in ASEAN, Viet Nam was left behind by Singapore, Malaysia, Brunei, and Thailand. 

In Viet Nam, improvements were made to make it easier to start a business, pay taxes, and enforce contracts, pay taxes, and start a business. According to the WB, Viet Nam made starting a business easier by publishing the notice of incorporation online and by reducing the cost of business registration. Viet Nam made paying taxes easier by no longer requiring hard copy submission of the value added tax return and allowing joint payment of the business license tax and value added tax. Vietnam also made paying taxes less costly by reducing the employer’s contribution to the labor fund. Viet Nam made enforcing contracts easier by making judgments rendered at all levels in commercial cases available to the public online.

According to the report, economies in East Asia and the Pacific continued their strong reform agendas, carrying out 43 reforms in the past year to improve the ease of doing business for domestic small and medium enterprises.

Of the region’s 25 economies, two are among the world’s top 10 ranked economies – Singapore (in 2nd place) and Hong Kong SAR, China, which moves up one spot to 4th place. And, China is among this year’s top 10 improvers.

Since Doing Business began in 2003, Starting a Business has been the most common area of reform in East Asia and the Pacific. As a result, the average time to start a business in the region has been almost halved to 28 days, from 50 days in 2003, and the cost has been significantly reduced from 59% of the income per capita in 2003 to 19% now./.

By Kim Anh 

 

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