Doing business in Vietnam is getting easier, according to a survey recently released by the World Bank Group.
According to the 2017 World Bank report Doing Business: Equal Opportunity for All, Vietnam has climbed nine places from its previous rank in the global survey, jumping from 91 to 82 and indicating an improvement in the country’s business climate since last year.
The survey, conducted in 190 countries around the world, measures the actual effects of government policy among local businesses, exploring factors such as starting a business, dealing with construction permits, registering property, trading across borders, protecting minority investors and paying taxes.
Compared to other Southeast Asian nations, Vietnam remained on par with the regional average in most categories but excelled in areas like getting credit, enforcing contracts and dealing with construction permits, according to the World Bank’s country-specific data.
In the realm of paying taxes, however, Vietnam was the lowest-ranking country in the region. This category measures both the amount a business is expected to pay in taxes and the tax compliance burden placed upon businesses registered in that country.
Elsewhere in the region, Malaysia, Thailand and China ranked ahead of Vietnam in the global list, coming in at 23, 46 and 78, respectively. Behind Vietnam were Indonesia (91), the Philippines (99) and Laos (139). Globally, Singapore and Hong Kong ranked among the top 10 best economies in which to do business, while Indonesia and Brunei were recognized among the most improved economies, according to Tuoi Tre.
Now in its 14th edition, the World Bank’s Doing Business survey also incorporated new data into this year’s report, focusing specifically on the gender gap among those doing business in a given country. New information for the 2017 edition included male and female data for starting a business, registering property and enforcing contracts.
“Doing Business 2017 highlights the large disparities between high- and low-income economies and the higher barriers that women face to starting a business or getting a job compared to men,” the report states. “In 155 economies women do not have the same legal rights as men, much less the supporting environment that is vital to promote entrepreneurship.”
The gendered data for Vietnam, however, showed relative equality between the sexes, with no significant discrepancy between the ease with which male and female entrepreneurs do business in the country.
[Photo via Flickr user ILO in Asia and the Pacific]
