JavaScript is off. Please enable to view full site.

Vietnam down one notch in World Bank Doing Business 2019 report

Saturday, November 03, 2018, 10:58 GMT+7
Vietnam down one notch in World Bank Doing Business 2019 report
Customer service office of Vietnam Electricity Corporation (EVN) is seen in this photo. Photo: Tuoi Tre

Vietnam drops one rank in the latest World Bank report that evaluates the ease of doing business in economies worldwide.

The “Doing Business 2019: Training for Reform” report, released by World Bank on Wednesday, investigated regulations that affect business activities in eleven areas.

According to the result, Vietnam descended from the 68th to the 69th spot among 190 economies measured in the report, despite the score increase from 66.77 points to 68.36 points.

The Southeast Asian country posted improvements in four out of eleven areas, including Getting Electricity jumping from 66th to 27th, Starting a Business up 19 places from 123rd to 104th, Registering Property up three notches, Enforcing Contract up one ranks.

This is the fifth consecutive year Vietnam saw a promotion in the Getting Electricity, being the economy making the best progress in this indicator in Southeast Asia.

The country came second in the region, fourth among eleven CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) countries in term of procedures and time to get connected to the electrical grid, and at the same level as developed countries like Singapore, Switzerland, and Denmark.

However, Vietnam’s rankings fell in six other indicators, including Paying Taxes down 45 ranks, Trading across Borders down six grades, Resolving Insolvency down four places, Dealing with Construction Permits down one spot.

In a discussion with Tuoi Tre (Youth) newspaper, Nguyen Dai Tri, deputy general director of the General Department of Taxation under the Ministry of Finance, said that some of the department’s reforms were not recognized by the World Bank.

Particularly, the time for a firm to comply with all tax regulations was cut down to 17 hours a year, notably shorter than other countries in the region, he elaborated.

The report also acknowledged that Vietnam simplified preregistration and registration formalities, and published online incorporation procedures to make it easier to start a business.

In addition, Vietnam reduced the employer’s contribution to the labor fund from one percent to 0.5 percent.

The country also made decisions rendered in commercial cases publicly available to make it easier to enforce contracts.

In the ranking, New Zealand, Singapore and Denmark retain their first, second and third spots in terms of the ease of doing business, respectively, for a second consecutive year.

Hong Kong, South Korea, Georgia, Norway, the United States, the United Kingdom and Macedonia followed behind in the top ten economies.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Bao Anh / Tuoi Tre News


Read more




Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news

Reverse culture shock in Vietnam

Fifteen minutes in a taxi was like an airplane trip halfway around the world, finishing disoriented in a far-off land, surrounded by the unfamiliar