German journal highlights Vietnam’s economic achievements
19:55 | 10/03/2023
No other country of the same size in the world has achieved such great achievements on the Index of Economic Freedom as Vietnam since 1995, highlighted German economic and financial news website wallstreet-online.de in a recent article.
A view of Ho Chi Minh City (Photo: baodautu,vn)
No other country of the same size in the world has achieved such great achievements on the Index of Economic Freedom as Vietnam since 1995, highlighted German economic and financial news website wallstreet-online.de in a recent article.
The Index of Economic Freedom is an annual index and ranking created in 1995 by the US-based The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world's nations.
According to the article, in the Index of Economic Freedom rankings for 2023, Vietnam is in the 72nd position among the 176 countries and territories with 61.8 points, 1.2 points higher than that recorded last year.
Vietnam ranks 14th out of the 39 the Asia-Pacific region countries and territories. Especially Vietnam's total results are above the world and regional average, it said.
Assemble electrical wiring systems for automobiles for export to the US market.(Photo: VNA)
However, the article underlined that Vietnam’s ranking is not as important as the change of the country's economy. Compared to other countries with similar size, none in the world has enjoyed a good degree of economic freedom like Vietnam since 1995, it said. The country’s economic freedom record rose 20 points from 41.7 points in 1995, it noted.
The Heritage Foundation commented that Vietnam's economy is becoming more and more market-oriented as it is gradually integrating into the global trade and investment system. Vietnam ranks high in "Fiscal Health" and "Government Spending", while posting average results in the field of "Business Freedom and Monetary Freedom", the article said.
According to the article, if Vietnam continues the "Doi Moi" (Renewal) initiated in 1986, the country will have a good chance to become one of the strong economies in the world.
Vietnam is currently one of the most dynamic countries in the world, with a vibrant economy offering great opportunities for hard workers and entrepreneurs. From a country that could not produce enough rice to supply its people before market reforms began, Vietnam has now become one of the world's largest rice exporters, as well as an exporter of important electronic products, the article underlined./.
The Organisation for Economic Cooperation and Development (OECD) and Vietnam on March 22 signed the world’s most wide-reaching international treaty for multilateral tax cooperation, the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC), bringing the total number of jurisdictions that participate in the convention to 147.
Minister of Planning and Investment Nguyen Chi Dung has voiced his hope that US enterprises will become the biggest investor in Vietnam to seize every cooperation opportunity in the countries’ development process on the basis of equality, mutual respect, and mutual benefits.
Economic cooperation should continue to be the focus of bilateral ties between Vietnam and the Republic of Korea, National Assembly (NA) Vice Chairman Nguyen Duc Hai said at his talks with Deputy Assembly Speaker of the RoK Chung Woo-taik in Seoul on March 20.