Vietnam cut business taxes in 2008-2009, joining many other economies in East Asia and the Pacific in strengthening business regulations to help increase opportunities for local firms, according to a report.

Vietnam cut the corporate income tax rate from 28 percent to 25 percent and eliminated the surtax on income from the transfer of land, according to Doing Business 2010, the seventh in a series of annual reports by the World Bank (WB) and the International Financial Corporation (IFC).

The country also adopted new enterprise income tax and value added tax laws, increased competition in the logistics industry and applied new customs administration procedures as part of its World Trade Organisation (WTO) membership reform programme, reducing trade delays, the report stated.

However, the report ranks Vietnam 93rd in the world in terms of ease of doing business this year as against the 91st place last year.

Doing Business ranks 183 economies based on 10 areas of business regulations that track the time and cost needed by domestic companies to meet regulations such as starting and operating a business, trading across borders, paying taxes, or closing a business./.