Vietnam is ranked 99 out of 189 economies in the World Bank (WB) Doing Business 2014 report released on October 29, signalling that the country should do even more to improve its position on the list.

Since 2005, Vietnam has implemented 21 reforms making it easier for local firms to do business, according to the report.

It is noted that Vietnam strengthened investor protection and improved access to credit to facilitate business activities between July 2012 and June 2013.

Specifically, the country introduced greater disclosure requirements for listed companies in cases of partly-related transactions and granted the first private credit bureau licence following the issuance of a decree in 2010, said the report.

The annual Doing Business report released by the World Bank Group and the International Finance Corporation analyses regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and resolving insolvency.

The report is based on 10 indicators and covers 189 economies.-VNA