Vietnam - Vietnam ranking down in World Bank business report

Vietnam's position plunged eight notches to 98 in a freshly released International Finance Corporation (IFC) and World Bank report on the overall ease of doing business around the world despite its effort to protect investors.

IFC, a member of the World Bank Group, explains in its Doing Business 2012: Doing Business in a More Transparent World report that the slump is due partly to strong reforms in many other economies and the country’s poor performance on the two indicators: “Paying taxes” (down 22 notches) and “Resolving insolvency” (down 12 notches).

It says Vietnam has strengthened investor protections by requiring higher standards of accountability for company directors.

The report shows a total of 245 business regulatory reforms were implemented across 125 economies – 13 percent more reforms than in the previous year.

In the meantime, 29 economies are shown to have implemented insolvency reforms, up from 16 the previous year and 18 the year before.

This year’s report includes indicators on getting an electrical connection, an area that has cost Vietnamese firms much more time and expense than in other countries, the Saigon Times Online newspaper says.

Singapore led on the overall ease of doing business, followed by Hong Kong SAR, China; New Zealand; the United States; and Denmark.

The Republic of Korea was a new entrant to the top 10.

IFC and the World Bank says China, India, and the Russian Federation are among the 30 economies that improved the most over time.

The report have been annually published since 2004 to assess regulations affecting domestic firms in 183 economies and ranks the economies based on such areas as starting a business, resolving insolvency, trading across borders, among others.

TUOITRENEWS

Business & Investment Opportunities

YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.