Viet Nam ranked 79^th 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.

Illustrative image (Photo: VNA)

According to the Global Competitiveness Report 2019 announced by the World Economic Forum on October 8, Vietnam’s B1 index reached 3.4 out of 7 points, up 0.3 points from 2018.

In compliance with the Government’s Resolution No.02/NQ-CP dated January 1, 2019 on major measures to improve business environment and national competitiveness 2019 with orientations to 2021, the ministry has worked with other ministries, agencies and localities to improve Vietnam’s law compliance cost index as assigned by the Government.

The index is the result of collecting survey feedback on the level of creating favourable or difficult conditions for firms to abide by laws, with 1 as the lowest and 7 the highest point.

(Source: VNA)