The World Bank report, “Doing Business in 2008”, ranks 178 economies on the ease of doing business measured by different indicators. The report sums up which economies have the most business friendly environment and Vietnam now ranks 91 out of 178 countries against a ranking at 104 in 2006 in ease of Doing Business.
Denmark’s Ambassador to Vietnam made the following comment on the positive findings in respect of improving the investment climate: “With an emerging market like Vietnam aggressively improving its business regulations, there has hardly been a better time to invest in Vietnam”.
Doing Business index highlights an important positive development in respect of access to credit where Vietnam improves an impressive 32 places from rank 80 in 2006 to 48 in 2007.
Vietnam made it easier for businesses to access credit by allowing general description of assets and obligations in collateral agreements as well as the use of future assets to secure debt. It adopted a new securities law that establishes a securities exchange and trading centre.
Vietnam also strengthened investor protections through a new enterprise law. The law requires that investors be involved in major company actions, increases disclosure for related-party transactions, and introduces fiduciary duties for company directors.
In Vietnam, the business sector is an important engine for growth and job creation and consequently poverty reduction. DANIDA supports this strategy through its Business Sector Programme Support (BSPS).
This BSPS works to improve – among others: the provincial business environment, labour conditions, international competitiveness for Vietnamese produce, interest representation for the business sector, commercial dispute resolution system and business research.
Link to the World Bank Doing Business 2008 report: http://www.doingbusiness.org