Vietnam’s business climate degraded in World Bank’s ranking

Among 190 economies surveyed, Vietnam reached 69.8 out of 100 points, ranked 70th. Last year, the Southeast Asian country was at 69^th position.

In this year's survey, World bank evaluates economies based on 12 criteria related to business activities, electricity access, assets registration, taxes payment procedures, and others.

According to the report, the reforms that make it easier to do business in Vietnam are capital borrowing and tax payment. Scores for these two criteria increased by 5 points and 6.1 points, respectively, compared to last year.

Photo: World Bank

“Vietnam upgraded the information technology infrastructure used by the General Department of Taxation, making the process of paying taxes easier for entrepreneurs,” report says.

Topping this year's rankings is New Zealand with 86.8 points. The next two positions are Singapore and Hong Kong (China). The United States and China, the two largest economies in the world, ranked 6th and 31st, respectively.

The positions of some countries in Southeast Asia are Malaysia (12), Thailand (21), Indonesia (73), Philippines (95), Brunei (66), Cambodia (144) and Laos (154).