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Friday, July 19, 2024

Vietnam advances in economic freedom index

The Saigon Times

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HCMC – Vietnam has climbed four spots to secure the 106th position among 165 countries and territories in the Economic Freedom of the World Index, released by Canada’s Fraser Institute on September 19.

Vietnam’s performance received recognition across several components of the economic freedom index.

In the government size category, the country ranked 83rd, with a slight decrease in score from 6.56 to 6.53. In the legal system and property rights category, Vietnam achieved the 77th spot, an increase from 4.96 to 5.15. This is the first time Vietnam’s score in this category surpassed five.

Regarding sound money, Vietnam secured the 128th position, with its score rising from 6.96 to 7.02. However, challenges remain due to restrictions on foreign currency ownership.

The nation made progress in international trade freedom, ranking 98th with its score rising from 6.4 to 6.52. In the regulation of the credit market, labor market, and business, Vietnam ranked 103rd, with a slight score improvement from 6.08 to 6.10.

The Fraser Institute worked with Vietnam’s National Economics University and the Market Solutions Research Center for Economic and Social Issues (MASSEI) in 2020 and early 2023 to assess the nation’s market economy based on the index. Following the assessment, experts could propose policy recommendations to further enhance Vietnam’s economic freedom.

Regionally, Singapore led the index, with other Southeast Asian countries’ rankings including Malaysia at 56th, Thailand at 64th, the Philippines at 70th, Indonesia at 74th, Cambodia at 78th, and Laos at 107th.

A notable change in the report was Hong Kong’s position. For the first time, Hong Kong did not lead the economic freedom chart, suggesting a potential decline in the coming years. The top positions were occupied by Singapore, followed by Hong Kong, Switzerland, New Zealand and the U.S.

The annual Economic Freedom of the World Index assesses the economic freedom of individuals—their ability to make their own economic decisions—by analyzing the policies and institutions of 165 jurisdictions.

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