Vietnam’s ranking could increase further if the government took additional action to liberalize investment rules and the financial sector.
For the first time, Vietnam’s economy broke into the moderately free category in the 2021 Index of Economic Freedom by the US-based Heritage Foundation, climbing 15 places compared to last year when it was classified in the group of having almost no economic freedom.
Vietnam is the 90th freest economy globally. Source: Heritage Foundation |
With the economic freedom score of 61.7, representing an increase of 2.9 points against last year ranking, the country’s economy made it to the 90th freest, “primarily because of an improvement in fiscal health,” stated the Heritage Foundation’s report.
Meanwhile, Vietnam is ranked 17th in the region, while its score was higher than both regional and world averages at 60.2 and 61.6, respectively.
According to Heritage Foundation, Vietnam’s ranking could increase further if the government took additional action to liberalize investment rules and the financial sector.
Heritage’s 2021 Index looks at 184 sovereign nations from every corner of the globe and demonstrates that economic freedom can improve the quality of life regardless of cultural or geographic settings.
The results were based on 12 economic freedoms and grouped into four pillars, including Rule of Law (Property Rights, Judicial Effectiveness, Government Integrity), Government Size (Tax Burden, Government Spending, Fiscal Health), Regulatory Efficiency (Business Freedom, Labor Freedom, Monetary Freedom), and Open Markets (Trade Freedom, Investment Freedom, Financial Freedom).
Singapore claimed the top spot for two consecutive years with 89.7 points and also ranked 1st among 40 countries in the Asia-Pacific region. It also remained the only country in the world that is considered economically free in every Index category.
Other fours economies in the top five included New Zealand, Australia, Switzerland and Ireland.
Other News
- FDI in Vietnam on the rise in Q1
- Vietnam takes strong actions to attract semiconductor investment
- Vietnam's favorable factors hold promise for real estate growth
- US urged to recognize Vietnam as a market economy
- MICE tourism: Vietnam's lucrative “golden market” unveiled
- Vietnamese data center market to hit $1.26 billion by 2030
- Vietnam seeks IAEA assistance in training skilled workforce in nuclear energy industry
- Hanoi hosts National Quality Award 2024
- Foreign investors to develop $2 billion chip manufacturing project in Vietnam
- Vietnam receives US$51.5 million from World Bank for forest emission reduction
Trending
-
Hanoi, a city of music in the making
-
Vietnam urges respect for international law in East Sea
-
Hanoi kicks off communication contest on Dien Bien Phu victory
-
French education group Odyssey keen on strengthening cooperation with Hanoi
-
Hanoi, Shanghai strengthen investment cooperation
-
UOB Painting of the Year Award opens doors to the world for Vietnamese artists
-
Grapefruit blossom perfume Hanoi's air
-
MICE tourism: Vietnam's lucrative “golden market” unveiled
-
Vietnam: Sleep Tourism on the rise
-
Liên kết hữu ích