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Vietnam Jumps 14 Places in World Bank Ease of Business Ranking

Vietnam has improved considerably in terms of the ease of doing business within the country, according to a new World Bank report.

Dan Tri reports that in the international organization's Doing Business 2018 report, Vietnam jumped 14 spots to rank 68th out of 190 countries in this sector. Over the last 15 years the government has implemented 39 reforms aimed at streamlining business regulations, tied for the most with Indonesia. 

The report notes that in 2003, the average businessperson in Saigon spent 61 days and 31.9% of their per capita income registering a new company. Now, those figures are 22 days and 6.5% of per capita income. 

The news source shares that the World Bank's rankings are compiled using a composite score that takes into account regulations covering eleven indicators, including construction permits, achieving access to electricity, receiving credit, and paying taxes.

Specific changes that helped Vietnam move up in the rankings include increased reliability of the power supply and strengthened access to credit thanks to a broader set of assets that can be used for collateral.

Singapore and Hong Kong received the best scores in the region, placing second and fifth, respectively.

Meanwhile, Dan Tri also reports that over 11,000 businesses were established in Vietnam last month, up nearly 30% from September. The registered capital of these companies amounted to VND119.2 trillion (US$5.3 billion), an increase of 48% from the previous month.

[Photo via ILO in Asia and the Pacific]

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