Vietnam jumped three notches in the latest World Bank survey that ranks economies worldwide by measuring their business environment, thanks to several reforms making it easier to do business in the Southeast Asian country.
Vietnam was ranked 90th out of 189 economies measured in the “Doing Business 2016: Measuring Regulatory Quality and Efficiency” report, the 13th edition of the World Bank’s flagship publication.
However, the modest ranking improvement still positions Vietnam behind many regional countries, such as Malaysia, standing at 18th, and Thailand, 49th, according to the report released on Tuesday.
Singapore is still the easiest city to do business, as it topped the list for the second straight year.
The Doing Business 2016 report measures regulations affecting ten areas of the life of a business, including starting a business, dealing with construction permits, getting electricity, registering property, accessing credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency, according to the World Bank.
The World Bank said Vietnam has conducted many reforms in the fields of starting a business, getting credit and electricity, paying taxes and resolving insolvency, which all made it easier to do business in the country.
Vietnam ranked 168th in terms of taxpaying, up four notches from the 2015 survey, as it managed to cut the time businesses have to spend on paying taxes to 770 hours a year, 102 hours fewer than the previous survey, according to the report.
The Southeast Asian country posted the strongest ranking change in regard to getting electricity, from 130th in the 2015 survey to 108th.
It now takes a business an average of 59 days to have electricity, instead of 115 days in the previous survey, according to the report.
The Doing Business 2016 report was conducted between June 2014 and June 2015, documenting 231 business reforms in the 189 economies surveyed worldwide, according to the World Bank.
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Vietnam jumspans three sspanots in World Bank Doing Business 2016 respanort
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