Vietnam fell six spots in the World Bank's annual ease of doing business rankings.
The bank's 2015 ranking placed Vietnam to 78th out of 189 economies. Last year, it was 72nd.
Vietnam’s ranking remains far below Singapore (which tops the list) Malaysia and Thailand which are respectively ranked 18th and 26th, according to the World Bank Group’s Doing Business Report.
In terms of ease in paying taxes, Vietnam ranks 173rd, whereas Thailand ranks 62nd, Cambodia, 90th; and Laos, 129th.
It takes businesses in Vietnam 872 hours to make 32 tax payments every year--significantly above the regional average of 204 hours and 25.9 payments, respectively.
Starting a business takes an average of 34 days in Vietnam, while businesses in Singapore need only 2.5 days, and 27.5 days in Thailand.
The World Bank's Doing Business Report focuses on the regulation of small and medium-size domestic enterprises across 10 areas, including obtaining construction permits, establishing an electricity account, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.