70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
Vietnam economy breaks into moderately free category for first time
Ngoc Thuy 16:37, 2021/03/08
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.

RELATED NEWS
TAG: economic freedom Heritage Foundation rule of law index
Other news
16:01, 2024/03/28
FDI in Vietnam on the rise in Q1
Singapore remains the top investor with a total investment capital of over $2.5 billion, up more than 51% from the same period last year.
04:55, 2024/03/27
Vietnam takes strong actions to attract semiconductor investment
Over 300 international businesses and 600 delegates attended the Vietnam Global Manufacturing 2024.
20:40, 2024/03/26
Vietnam's favorable factors hold promise for real estate growth
According to Savills, foreign investors are increasing their interest in retail and hotels and traditional segments such as residential and offices.
20:14, 2024/03/26
US urged to recognize Vietnam as a market economy
The US expresses its strong support for Vietnam's development in high-tech sectors, energy transition, climate change adaptation, and dealing with the legacy of war.
21:43, 2024/03/25
MICE tourism: Vietnam's lucrative “golden market” unveiled
Vietnam's MICE (Meetings, Incentives, Conferences, Exhibitions) tourism has been undergoing a qualitative and quantitative transformation in recent years, according to experts in the field.
18:57, 2024/03/23
Vietnamese data center market to hit $1.26 billion by 2030
A double-digit growth rate (around 11%) is forecast for the Vietnamese data center market until 2030.