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With 61.7 points, Vietnam has for the first time entered the group of economies with an average economic freedom index, becoming the 90th free economy in this year’s ranking.
Welding line for car chassis at Toyota Motor Vietnam Company, invested by Japan in Vinh Phuc. Photo: Danh Lam/VNA
According to the rankings released by the Heritage Foundation, this year is the first time that Vietnam’s economy has entered the group of “moderately free” economies, increasing by 2.9. points and up 15 places from last year (the group is hardly free).
The reason this index of the Vietnamese economy has been promoted is due to the improvement of the domestic financial situation. Vietnam ranks 17th out of 40 economies in the Asia-Pacific region and its overall score is higher than the regional and world averages.
According to the Heritage Foundation, Vietnam’s ranking could rise further if the Government takes additional action to liberalize investment rules and the financial sector.
Meanwhile, Taiwan (China) achieved the best ranking ever in the 27-year history of the index of economic freedom, rising 5 places to sixth place out of a total of 184 economies.
With a score of 78.6 out of 100, up 1.5 points from the 2020 index, Taiwan is classified as “nearly free” along with 78 other economies, ahead of Japan in 23rd and second place. Korea is in 24th place. China is in 107th place.
The Economic Freedom Index measures the free trade policy in economies around the world. This index measures 10 basic factors of each economy, published annually by The Wall Street Journal and the Heritage Foundation.
