Between June 2011 and June 2012, Vietnam improved its business enabling environment through a regulatory reform that makes it easier for local firms to start a business, according to a new IFC and World Bank report released on October 23.
Across the globe, Singapore continues to provide the world’s most business-friendly regulatory environments for local entrepreneurs. The Republic of Korea is among the top 20 in the global ranking on the ease of doing business and Mongolia is the region’s top improver for the year in this year’s Doing Business report.
The Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises finds that Vietnam has implemented a total of 18 institutional or regulatory reforms, in 8 of 10 areas of business regulation measured by the annual Doing Business report over the past eight years. The most recent reform made starting a business easier by allowing Vietnamese companies to use self-printed value added tax invoices.
“Helping Vietnam to improve its competitiveness is one of the World Bank Group’s priorities in Vietnam,” said Victoria Kwakwa, the World Bank Country Director for Vietnam. “Vietnam has implemented various reforms over the years to improve the business environment. However, the report findings also imply that more needs to be done to bring Vietnam to the level of other economies in the region.”
According to the report, other countries in the region have improved their business environments more rigorously than Vietnam.