Vietnam ranked 79th out of the 141 countries in law compliance cost index this year, referred to as B1 index, up 17 places from 2018, said the Ministry of Justice on October 16.
According to the Global Competitiveness Report 2019announced by the World Economic Forum on October 8, Vietnam’s B1 index reached3.4 out of 7 points, up 0.3 points from 2018.
In compliance with the Government’s Resolution No.02/NQ-CPdated January 1, 2019 on major measures to improve business environment andnational competitiveness 2019 with orientations to 2021, the ministry hasworked with other ministries, agencies and localities to improve Vietnam’s lawcompliance cost index as assigned by the Government.
The index is the result of collecting survey feedback on thelevel of creating favourable or difficult conditions for firms to abide bylaws, with 1 as the lowest and 7 the highest point./. VNA