(VOVworld)- Eliminating trade barriers, improving the business environment, and creating a transparent, level playing field are the main factors that helped Vietnam climb nine spots in the latest World Bank survey.

According to the Ministry of Planning and Investment, in October alone, more than 10,000 businesses with total capital of 3.6 billion USD were established in Vietnam. Approximately 2,000 businesses resumed their operation in October, 9.8% more than in the previous month. These results were attributed to the government’s efforts to improve the business environment. The government has mobilized all ministries, sectors, and localities to focus on reforming administrative procedures, eliminating trade barriers, and creating a level playing field and a favorable business environment.

Vietnam’s efforts have been acknowledged by the World Bank and other international economic organizations. Vietnam jumped from 91st to 82^nd  out of 190 economies measured in the “Doing Business 2016: Equal Opportunity for All” World Bank report. Vietnam’s improved ranking was thanks to improvements in cross-border trading, paying taxes, and protecting minority investors. Vietnam ranks 121^st out of 190 economies as a start-up environment, up 10 spots since last year. The World Bank found starting up a business in Vietnam easier because of simplified business registration procedures. Vietnam jumped from 178^th to 167^th in the tax payment procedures.

Other international organizations have had expressed positive views on Vietnam’s business environment. The HSBC reported that Vietnam has the potential to lead Asia in GDP growth rate thanks to increasing production and exports. The Asian Development Bank says trade is a highlight of Vietnam’s economy which has a large merchandise trade surplus, equal to an estimated 8.2% of gross domestic product (GDP). Japan’s Nikkei news agency, in its report on production in Southeast Asia, praised the improvement in Vietnam’s production. Moody’s gave Vietnam a B1 rating for its solid economic prospects.