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 the World Bank (WB)’s Doing Business 2018 report themed “Reforming to Create Jobs”.

In the previous report, Vietnam jumped nine places to rank 82nd in 190 economies.

Vietnam and Indonesia have implemented the most reforms in the past 15 years, with 39 reforms each. 

Today, an entrepreneur in Vietnam’s southern economic hub of Ho Chi Minh City spends 22 days registering a new company, compared to 61 days in 2003. The WB’s report also acknowledged significant improvements of Vietnam in the areas of getting electricity, getting credit, paying taxes, trading across borders, and enforcing contracts.

“Vietnam increased the reliability of power supply by rolling out a Supervisory Control and Data Acquisition automatic energy management for the monitoring of outages and the restoration of service,” the report wrote.

By adopting a new civil code that broadens the scope of assets that can be used as collateral, the country also strengthened access to credit.

The country also made paying taxes easier by abolishing the 12-month mandatory carry forward period for VAT credit and by introducing and enhancing systems for filing and paying taxes online.

Exporting and importing were also made easier with automated cargo clearance system and extension in the operating hours of the customs department.

In addition, Vietnam, by adopting a new code of civil procedure and by introducing a consolidated law on voluntary mediation, strengthened its regulatory environment and made enforcing contracts easier, the report said.

Doing Business captures the effectiveness and quality of business regulations based on 11 indicator sets, namely starting a business, resolving insolvency, enforcing contracts and paying taxes, as well as trading across borders, protecting minority investors, getting credit and registering property, along with getting electricity, dealing with construction permits and labour market regulation.-VNA