Vietnam has dropped one place to rank 99th out of 185 economies in "Doing Business 2013" report released by the World Bank (WB) and International Finance Corporation (IFC) on Tuesday.

According to the report, Vietnam has implemented institutional and regulatory reforms in most of indicators measured by the report. From June 2011 to June 2012, Vietnam has improved business environment through regulatory reform to facilitate the establishment of businesses in the country.

The country is high evaluated in indicators of dealing with construction permits (rank 28th), getting credit (rank 40th), enforcing contracts (rank 44th), registering property (rank 48th), according to the report.

Victoria Kwakwa, WB's country director for Vietnam, said at the launching ceremony that the report is one of WB's key reports focusing on analyzing the impacts of business regulations applied to domestic's small-and-medium enterprises.

Vietnam has performed a series of reforms in recent years to improve the business environment. However, the country still needs more efforts to be on a par with other economies in the region, said Kwakwa.

Doing Business 2013 is the 10th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it.

The report calculates the indicators of starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and employing workers.