WB: VN ranks 99th in doing business

Although the report finds that Viet Nam has implemented 21 reforms - the highest number in East Asia Pacific - since 2005, the country's ranking has not improved much over the years.

"Viet Nam has undertaken important reforms during the past nine years to strengthen its business environment, but much work still needs to be done to sustain its competitiveness especially in adopting international best practices in regulating businesses," said Wendy Werner, investment climate advisory services manager for East Asia and the Pacific IFC, a member of the World Bank Group.

The report finds that Viet Nam has strengthened investor protection and improved access to credit to make doing business easier for local firms between July 2012 and June 2013.

Viet Nam has introduced greater disclosure requirements for listed companies in cases of related party translations. In addition, the country granted the first private credit bureau license following the issuance of a decree in 2010 that laid down the legal framework for establishing such bureaus.

However, Viet Nam made paying taxes more costly for companies by increasing employers' social security contribution rate.

(Source: News.chinhphu.vn)