Vietnam Slips One Place in World Bank’s Doing Business Index

Diep Nguyen

22:53 31/10/2018

BizLIVE -

Vietnam made three reforms over the past year in contract enforcement, tax payment and company establishment.

Vietnam Slips One Place in World Bank’s Doing Business Index
Today, World Bank (WB) released the report Doing Business 2019 in which economies are ranks based on the improvements made over the past year. 
China is among this year’s top 10 improvers, gaining more than 30 positions. It is now among the top 50 economies for the first time, at rank 46.
Malaysia made a notable improvement by regaining its place in the world’s top 20 economies, moving up nine places to 15th rank.
Of the region’s 25 economies, two are among the world’s top 10 ranked economies – Singapore (in2nd place) and Hong Kong SAR, China, which moves up one spot to 4th place.
The region’s lowest ranked economies are Myanmar (171) and Timor-Leste (178)
Other large economies in the region and their rankings are Indonesia (73), the Philippines (124), Thailand (27) and Vietnam (69).
Economies in the East Asia and Pacific region perform well in the areas of Dealing with Construction Permits (with an average rank of 79), Getting Electricity (also 79), and Getting Credit (80). For example, in the region, completing all the formalities to obtain electricity for a newly built warehouse takes on average 65 days and costs 625% of the per capita income, compared to 86 days and 1229% globally.
Important challenges remain in the areas of Starting a Business (average rank of 99), Trading across Borders (101) and Enforcing Contracts (104), although there is wide variation between economies in the region. Starting a new business takes one and a half days and costs 0.4% of income per capita in Singapore (ranked 3 globally in Starting a Business). However, it takes 174 days in Lao PDR (ranked 180 in Starting a Business) and it costs 47% of income per capita in Cambodia (185).

DIEP NGUYEN