23:57 (GMT +7) - Friday 16/11/2018

Vietnam Today

Vietnam ranked 69th in Doing Business 2019

Released at: 13:33, 01/11/2018

Vietnam ranked 69th in Doing Business 2019

Image source: World Bạnk Group

World Bank Group releases Doing Business 2019: Training for Reform report on October 31.

by Linh San

Economies in the East Asia and Pacific region continued their strong reform agendas, carrying out 43 reforms in the past year to improve the ease of doing business for domestic small and medium enterprises, according to the World Bank Group’s Doing Business 2019: Training for Reform report, released on October 31.

Of the region’s 25 economies, two are among the world’s top 10 - Singapore (second place) and Hong Kong SAR, China, which moved up one spot to fourth. China is also among this year’s top 10 improvers. With a single-year record of seven reforms in the past year, China advanced to 46th place in the global ranking.

Indonesia and Vietnam carried out three reforms each during the past year. In Indonesia, the reforms were aimed at easing the processes for starting a business, registering property, and improving access to credit. In Vietnam, improvements were made to make it easier to enforce contracts, pay taxes, and start a business. The country ranked 69th in Doing Business 2019.

“The East Asia and Pacific region has made significant progress in enabling entrepreneurship and private enterprise,” said Ms. Rita Ramalho, Senior Manager of the World Bank’s Global Indicators Group, which produces the report. “As the reform momentum continues building up in the region, those economies which lag behind have the opportunity to learn from the good practices adopted by their neighbors.”

A total of 43 reforms were implemented by 16 of the region’s 25 economies in the past year. For the third consecutive year, the region has more than 40 reforms. China has the second highest number of reforms per economy according to Doing Business 2019, with seven reforms. Malaysia implemented six reforms and made starting a business easier by introducing an online registration system for the goods and service tax, and it also made property transfer simpler by implementing an online single window platform to carry out property searches. Thailand made paying taxes easier by enhancing its online platform for calculating and filing corporate income tax. Other countries with multiple reforms are Indonesia, the Philippines, and Vietnam, all with three.

User comment (0)

Send comment