Vietnam moved up 14 places to rank 68th among 190 economies in the World Bank (WB)’s Doing Business 2018 report themed “Reforming to Create Jobs” (Photo VNA)
Hanoi(VNA) – Vietnam moved up 14 places to rank 68th among 190 economies in theWorld Bank (WB)’s Doing Business 2018 report themed “Reforming to Create Jobs”. In the previousreport, Vietnam jumped nine places to rank 82nd in 190 economies. Vietnam and Indonesia have implemented the mostreforms in the past 15 years, with 39 reforms each. Today, anentrepreneur in Vietnam’s southern economic hub of Ho Chi Minh City spends 22days registering a new company, compared to 61 days in 2003. The WB’s report alsoacknowledged significant improvements of Vietnam in the areas of gettingelectricity, getting credit, paying taxes, trading across borders, andenforcing contracts. “Vietnam increasedthe reliability of power supply by rolling out a Supervisory Control and DataAcquisition automatic energy management for the monitoring of outages and therestoration of service,” the report wrote. By adopting a newcivil code that broadens the scope of assets that can be used as collateral,the country also strengthened access to credit. The country also madepaying taxes easier by abolishing the 12-month mandatory carry forward periodfor VAT credit and by introducing and enhancing systems for filing and payingtaxes online. Exporting andimporting were also made easier with automated cargo clearance system andextension in the operating hours of the customs department. In addition, Vietnam,by adopting a new code of civil procedure and by introducing a consolidated lawon voluntary mediation, strengthened its regulatory environment and madeenforcing contracts easier, the report said. Doing Businesscaptures the effectiveness and quality of business regulations based on 11indicator sets, namely starting a business, resolving insolvency, enforcingcontracts and paying taxes, as well as trading across borders, protectingminority investors, getting credit and registering property, along with gettingelectricity, dealing with construction permits and labour marketregulation.-VNA
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Vietnam moved up 14 places to rank 68th among 190 economies in the World Bank (WB)’s Doing Business 2018 report themed “Reforming to Create Jobs” (Photo VNA)
