Viet Nam ranks 90 out of 189 in World Bank's business report

Workers in the Bluecom Vina, a 100 per cent investment capital of Korea company northern city of Hai Phong. The World Bank has ranked Viet Nam 90 out of 189 countries in its latest report on the ease of doing business globally released on Tuesday.- VNA/VNS Photo Danh Lam

In last year's report, Viet Nam stood at 78 in the ranking of 189 countries. However, the World Bank changed its survey methodology for the reports of 2015 and 2016. Under the new methodology, Viet Nam's position last year is 93, three places lower than this year.

The report shows that Viet Nam has made starting a business easier by reducing the time required to get the company seal engraved and registered.

Globally, Viet Nam stands at 119 in the ranking of 189 countries for starting a business, compared to 125 of last year. Also, Malaysia ranked 14, Thailand 96 and China 136 this year.

Some procedures for starting a business in some countries take only one to four days, including making a company seal, which takes two to four days and registering the seal-sample at the Police Department costs one day while opening a bank account takes one day.

The country also ranks high in dealing with construction permits. According to the report, Viet Nam rank 12 out of 189 countries on the ease of dealing with construction permits.

According to data collected by Doing Business, dealing with construction permits in Viet Nam requires 10 procedures, takes 166 days and costs 0.80 per cent of the warehouse value.

Regarding Getting Electricity index, Viet Nam jumped 22 places from 130 last year to 108 this year.

The report showed that the utility in Viet Nam reduced the time required for getting an electricity connection by reducing delays and increasing efficiency in approving connection applications and designs for connection works.

Viet Nam also made progress in many fields, including Getting credit and Paying taxes, according to the report.

However, the country has fallen in some indicators, including Protecting Minority Investors and Trading Across Borders.

Singapore, New Zealand and Denmark are the top three countries in the ease of doing business ranking. This is the tenth year Singapore is at the top of the report.