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Forbes downgrades Vietnam’s business environment
The US magazine ranks Vietnam 118 out of 128 countries, five spots down, based on factors like trade and monetary freedoms.
US business magazine Forbes has ranked Vietnam 118 out of 128 countries in terms of business environment, five spots lower than last year.
The ranking is calculated based on a variety of factors like trade freedom, monetary freedom, investor protection, personal freedom, tax burden, and corruption, in which Vietnam ranked 105th, 125th, 120th, 103rd, and 95th out of 128 countries and territories.
But it does well in some categories like innovation and technology, ranking 52nd and 69th.
Vietnam has a public debt to GDP ratio of 53.7 percent, according to the study.
Forbes said that its WTO membership has provided Vietnam an anchor to the global market and reinforced the domestic economic reform process.
But the global recession hurt Vietnam's export-oriented economy, with GDP growing at less than the 7 percent per annum average achieved during the last decade.
Vietnam ranks only ahead of countries like Chad, Zimbabwe, Bolivia, Cameroon, Burundi, and Venezuela, which is in last place. It lags behind all the Asean members who find a place in the rankings – Singapore is in fifth spot, Malaysia in 31st, Thailand in 56th, Indonesia in 74th, and Cambodia in 115th.
Denmark tops the list, ranking No.1 in personal freedom, second in corruption, and fourth in science and technology.
While Hong Kong ranks second, mainland China is in 90th spot, 27 spots lower than last year. China’s trade freedom ranks only 89th, monetary freedom 81st, and personal freedom 124th.
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