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Vietnam Today

WB releases Doing Business report

Released at: 23:42, 28/10/2015

WB releases Doing Business report

Report provides a close look at the ease of doing business in 189 countries.

by Son Ho

Vietnam has been ranked 90th out of 189 economies in the world on the World Bank Group’s annual Ease of Doing Business rankings, contained in the “Doing Business 2016: Measuring Regulatory Quality and Efficiency” report.

Vietnam implemented the most reforms in the region, with five positive reforms, followed by Hong Kong with four and Indonesia with three.

In “Starting a Business” Vietnam made getting a business underway easier by reducing the time required to have a company seal engraved and registered. In “Getting Electricity”, the time required for securing an electricity connection was cut by reducing delays and increasing efficiency in approving applications and designs for connections. In "Getting Credit", Vietnam guaranteed borrowers’ rights to inspect their credit data while the new credit bureau expanded borrower coverage, improving the credit information system.

In “Paying Taxes”, Vietnam made paying taxes less costly for companies by reducing the corporate income tax rate and made it easier by reducing the number of procedures and documents for filing VAT and social security contributions, introducing electronic filing, reducing the number of filings for VAT, and replacing quarterly filings of corporate income tax with quarterly advance payments. Vietnam also increased the rate for social insurance contributions paid by employers.

In “Resolving Insolvency”, Vietnam made the process easier by clarifying and simplifying provisions on liquidation and reorganization, modifying the standards for the commencement of insolvency proceedings, changing provisions on voidable transactions, regulating the profession of insolvency trustees, and establishing the rules for enterprise asset managers.

 

Field

2016 Rank

2015 Rank

Starting a business

119

125

Dealing with construction permits

12

12

Getting electricity

108

130

Registering property

58

58

Getting credit

28

36

Protecting minority investors

122

121

Paying taxes

168

172

Enforcing contracts

74

98

Trading across borders

99

74

Resolving insolvency

123

125

 

“Entrepreneurs in East Asia and Pacific are seeing reforms that cut across multiple sectors, from reducing barriers for opening a new business and making tax compliance easier, to improving regulations in the credit market and getting access to electricity,” said Ms. Rita Ramalho, Manager of the Doing Business project.

The WB announced that Vietnam ranked 93rd out of 189 with two reforms in the 2015 report. This marks an increase of three ranks for the 2016 report.

  • TAGS
  • World Bank

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