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
- Four- and five-star hotels to boom in Hanoi as tourism rebounds
- Vietnam’s manufacturing sector returns to growth in April
- Vietnam on track for Q2 export breakthrough, economist predicts
- Unlocking the tourism potential of Hanoi's suburbs
- Vietnam's tourism sees 58.2% increase in int’l visitors
- Expectations for Vietnam’s real estate market to flourish
- Training: key to enhancing competitiveness of Vietnam's tourism workforce
- Cooperation and investment: key to effective tourism promotion in Vietnam
- IT training urged to focus on semiconductors
- Hanoi Great Souvenir Fair 2024 to take place next week
Trending
-
Tran Thanh Man assigned to drive National Assembly activities
-
Vietnam news in brief - May 2
-
Four- and five-star hotels to boom in Hanoi as tourism rebounds
-
Trivial jobs: Hanoians strive to keep their old trades alive
-
Hanoi strives to ensure smooth high school exams
-
Carnaval Ha Long 2024 woos tourists with fireworks and drone light shows
-
Affordable, quality tours offered at Hanoi Tourism Festival 2024
-
Introduction of community tourism area in Hanoi herb kingdom
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
Liên kết hữu ích