Vietnam has made considerable progress in terms of providing access to credit to become one of the top 25 global performers, according to the newly-released Doing Business Report 2020 produced by the World Bank.

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Under the annual report, Vietnam ranks 25 out of 190 economies, up seven positions over 2019, ranking second in Asia after Brunei.

The credit access index takes into account legal interest and credit information. Vietnam scored eight points for credit information, pushing the credit access score to 80 points in a 100-point framework, a rise of 5 points over 2019.

The WB recognised the National Credit Information Centre of Vietnam (CIC)’s efforts in integrating information from retailers in its report, helping credit institutions get more information to evaluate customers.

The report also noted that Vietnam has continued improving its public credit information to 59.4 percent of the adult population, up 4.6 percent over 2019.

According to the State Bank of Vietnam, the credit access index is a bright spot in the efforts to implement the Government’s Resolutions 01 and 02 on improving the business environment and enhancing national competitiveness.

The result shows the determination of the bank in directing credit institutions to create favourable conditions for people and businesses to access credit in a fair and transparent manner. It also manifest CIC’s endeavours to diversify alternative data resources, meeting the information demands of credit institutes.